House Republicans’ Debt Limit Bill Features $1.5 Trillion Increase

House Republicans’ go-it-alone debt limit bill pairs a debt ceiling increase expected to last into next year with what Speaker Kevin McCarthy (R-Calif.) said would be about $4.5 trillion in savings generated in part by cutting Biden administration priorities.
The bill released on Wednesday — dubbed the Limit, Save, Grow Act — aims to raise the debt limit by $1.5 trillion or through March 31, 2024, whichever comes first.
It proposes reverting discretionary spending caps to fiscal 2022 levels while limiting growth to 1 percent annually over the next decade. While Republicans have long said the discretionary spending cuts would not target defense spending, nothing in the bill explicitly protects defense spending, leaving that spending up to appropriators.
Read the source article at thehill.com