What's in the GOP bill to lift debt limit, cut spending
House Republicans are pushing their top priorities in a bill to raise the debt limit
By KEVIN FREKING
Published - Apr 26, 2023, 12:27 PM ET
Last Updated - Aug 08, 2024, 07:13 AM EDT
WASHINGTON AP" target="_self">(AP) — House Republicans are trying to exact a price from Democrats for agreeing to increase the nation's borrowing authority and prevent the government from defaulting on the obligations it has accrued over decades. They're arguing for their priorities and going after President Joe Biden's in a separate bill.
A look at key aspects of the legislation, which the House is expected to pass this week:
Limit federal spending
The bill would set federal discretionary spending at $1.47 trillion during the next fiscal year and allow it to increase only 1% annually from there, far below the rate of inflation in most years.
