OnPolitics: As debt ceiling deadline looms, will McCarthy pass a plan?

As of right now, the U.S. could default on its obligation as early as this summer, according to the Congressional Budget Office.

Read in browser Read in browser On Politics Tue Apr 18 2023 Hi there OnPolitics readers. As we approach the looming debt ceiling deadline, House Speaker Kevin McCarthy, R-Calif., is looking to rally House Republicans behind a plan to raise the debt ceiling tied to long sought-after spending cuts. What we know: McCarthy said the proposal includes rolling back federal spending to fiscal year 2022 levels, limiting the growth of spending to 1% annually and establishing new work requirements for recipients of government aid. And while McCarthy is urging all 218 House Republicans to vote to pass the plan, the proposal is not expected to survive the Democratic-held Senate. However, it could help restart negotiations between McCarthy and President Joe Biden, who has refused to have any budget discussions with GOP lawmakers until the release of Republican plan details.  Why it matters: Without raising the debt limit, the country risks defaulting on payments, which would have national and worldwide economic consequences. If the federal government defaults on its payments, the consequences could include a stock market crash and a recession, experts say. As of right now, the U.S. could default on its obligation as early as this summer, according to the Congressional Budget Office.  🔎 Keep reading: Speaker McCarthy and House GOP race to unveil and unite behind debt ceiling proposal 💣 'A ticking time bomb': House Speaker Kevin McCarthy says House will vote on debt limit in 'coming weeks' 🏃‍♂️ In case you missed it: What happens if the US hits the debt ceiling? Here's what to expect if we reach debt limit. 📨 Get newsletter in your inbox: Don't miss our politics coverage. Sign up for OnPolitics. Trump, Christie hit DeSantis over Disney dispute: 'Political stunt' Former New Jersey Gov. Chris Christie and former President Donald Trump called out Florida Gov. Ron DeSantis over Disney saga. READ MORE Advertisement Supreme Court signals a rethinking of religious requests at work Religion vs. Sunday shifts: The Supreme Court heard arguments in a case about disputed Sunday shifts that could change the American workplace. READ MORE Here's why Rep. Ro Khanna is not running for a California Senate seat Rep. Ro Khanna chose to back Barbara Lee instead of running for the California Senate seat in 2024, saying the House is the "most exciting place." READ MORE Rep. George Santos campaign lost $3K in first three months of reelection bid The loss came because George Santos' campaign took in about $5,300 refunded another $8,400 to donors, according to records. READ MORE McConnell rejects Democratic plan to substitute Feinstein Senate Republican Leader Mitch McConnell says Democrats are looking to "ram through" a small number of extreme appointments to the federal bench. READ MORE Anti-abortion group urges Supreme Court to revive mifepristone limits The groups fighting mifepristone's approval asked the Supreme Court to revive restrictions on the drug, such as barring access to it through the mail. READ MORE Sign up for the news you want Exclusive newsletters are part of your subscription, don't miss out! We're always working to add benefits for subscribers like you. SEE ALL NEWSLETTERS ➔ SEE ALL NEWSLETTERS ➔ Advertisement Newsletters   |    eNewspaper   |   Crosswords Follow Us Problem viewing email? View in browser Unsubscribe  •   Manage Newsletters  •  Terms of Service  •   Privacy Policy/Your California Privacy Rights  •  Privacy Notice  •   Do Not Sell My Info/Cookie Policy  •  Feedback