House Speaker Kevin McCarthy’s legislation to raise the federal debt limit by $1.5 trillion in exchange for $4.5 trillion in spending cuts is getting praise from at least one prominent nonpartisan budget watchdog.
The Committee for a Responsible Federal Budget released an analysis Friday of the House GOP’s 320-page debt limit bill. The think tank found that upon first look the legislation appears to make good on its promise to improve the nation’s “dreadful fiscal outlook” best summed up by the more than $31 trillion national debt.
“This bill is not sufficient to bring our debt to manageable levels but is a realistic and extremely welcome first step,” said CRFB President Maya MacGuineas. “This is a reasonable proposal, which would generate significant savings at a time when the nation desperately needs them.”
House Republicans are proposing to raise the debt limit until May 31, 2024. In exchange, they want to cut federal spending by $130 billion for the upcoming fiscal year and limit future budget growth to 1% annually over the next decade.
GOP lawmakers also want to rescind at least $90.5 billion unspent COVID-19 relief and cancel President Biden’s student loan forgiveness program. The CRFB estimates the latter will
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