House Republicans Seek $3-4 Trillion in Cuts and Revenue to Raise Debt Ceiling

Spread the love

House Republicans discuss one-year debt ceiling plan

In the United States, House Republican leaders are in talks to increase the debt ceiling for a year with cuts and revenue raisers. The objective is to place a bill on the House floor in May that could pass the narrowly divided chamber and send a clear signal to President Joe Biden that any legislation raising the debt ceiling must have strings attached. According to sources involved in the negotiations, the action is intended to strengthen the GOP’s negotiating position with the White House in the high-stakes dispute.

GOP searches for consensus on a plan

During the two-week recess, top House Republicans have been communicating with their rank-and-file members to find consensus on a plan that has been under development from the GOP’s so-called five families, representing the various ideological wings of the conference. However, Republicans are not yet united on the emerging plan. Some of the more conservative members have pushed for more measures, and some of the more moderate members have raised concerns over proposed changes to Medicaid. But GOP lawmakers expect internal discussions over a Republican-led plan, which are continuing Sunday, to intensify when lawmakers return to Washington this week after recess.

Republicans believe passing their own bill would force the White House to negotiate

Even if House Republicans can pass their own plan, it has no chance of passing the Democratic-led Senate. However, House GOP leaders believe passing their own bill would force the White House to negotiate a package of spending cuts in exchange for raising the debt ceiling. The White House and Senate Democrats have said that the debt ceiling should be approved without any conditions and have challenged Republicans to produce a plan if they won’t move on a clean increase.

GOP plan could face challenges

Among the provisions under consideration in the GOP plan are rolling back domestic discretionary spending to fiscal 2022 levels, rescinding funding for certain programs enacted to provide Covid-19 relief, and imposing new work requirements for Medicaid beneficiaries. Republicans are also considering an overhaul to the federal regulatory process by giving Congress new power to reject rules imposed by the administration. Plus, the GOP believes it can raise new revenue through provisions that would make it quicker to greenlight major energy projects. However, the GOP plan could face challenges as some of its more conservative members want more measures, while others have raised concerns over proposed changes to Medicaid.

Image source: ©Daniel Acker/Bloomberg

Additionally, you can find more news on:

Views:1021 2
Website | + posts

Yustika Kusuma Putri, she is social media marketer from Indonesia. I currently work as a Media Manager in Technologie Omicrom Sendas inc.
I'm passionate about staying up-to-date with the latest news and trends. I believe that being informed about what's happening in the world is essential to making informed decisions, both in business and in life.
That's why I'm excited to share my insights and provide you with updated information on these topics.

Spread the love