House Speaker Kevin McCarthy said he expects the lower chamber to vote this week on his proposal to raise the U.S. debt ceiling by $1.5 billion to prevent a default until the end of March 2024, Bloomberg reported Sunday.
“We will hold a vote this week and we will pass it,” McCarthy said of the proposal during an interview on Fox News.
The speaker’s measure seeks to generate $4.5 trillion in savings over a decade by reducing discretionary spending by $130 billion in 2024, according to the report.
CNN reported that McCarthy’s proposed “Limit, Save, Grow Act” would limit spending growth to 1 percent annually and bring back federal funding to 2022 levels. If enacted, the measure would spare the Department of Defense’s budget and set new work requirements for the Medicaid program.
However, the proposal would block green energy tax credits and new funding for the Internal Revenue Service as part of the implementation of the Inflation Reduction Act.