McCarthy Planning to Unveil One-Year Debt Ceiling Extension
- Debt limit would be extended to May 2024, avoiding US default
- Bill would pair spending cuts, regulations changes to increase
The US Capitol Building in Washington, DC.
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House Speaker Kevin McCarthy is preparing to unveil next week a plan that would suspend the nation’s debt ceiling for a year in return for spending concessions, according to people familiar with the talks.
The proposal, which would be an opening marker for negotiations with the White House and congressional Democrats, calls for a vote in the House in late May to suspend the debt ceiling until about May 2024, according to two people who asked not to be identified.