McCarthy Proposes $1.5 Trillion US Debt-Limit Increase (2)

US Speaker Kevin McCarthy proposed a bill that would raise the US debt limit for about a year and cut federal spending, ahead of a planned House vote on the Republican proposal next week.

The 320-page plan would increase the debt ceiling by $1.5 trillion, enough to stave off a US payments default until March 31, 2024 at the latest. It also contains a host of conservative proposals that are non-starters with congressional Democrats and the White House.

The speaker hopes that, if the House can pass the proposal, President Joe Biden will then engage in talks to resolve the ...