House Republicans passed their debt ceiling plan Wednesday, which tied $4.5 trillion in spending cuts to raise the ceiling until May 2024. What is the House Republican debt limit plan? Stay in the conversation on politics: Sign up for the OnPolitics newsletter Heightened pressure could soon mount on lawmakers and the White House to come to some sort of agreement, or else let the country default on its debts for the first time in history. is projected to run out of cash to pay its obligations sometime in early June. The clock is ticking for Congress to raise the debt ceiling, as the U.S. They produced a ransom note," Jeffries said in a press conference, dismissing the House GOP plan – which includes $4.5 trillion in spending cuts – as anything close to a budget. "We are still waiting for House Republicans to produce a budget. If there was any sense the passage of a House Republican debt limit plan could move the needle on debt ceiling brinksmanship in Washington, House Minority Leader Hakeem Jeffries, D-N.Y., reassured reporters Friday that President Joe Biden and congressional Democrats will not settle for anything less than a clean debt ceiling increase. Watch Video: House passes GOP debt ceiling plan, sending stern message to Joe Biden
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