>House Approves GOP Debt Limit Bill
(Washington, DC) -- The House is approving Speaker McCarthy's bill to raise the nation's debt ceiling. The bill passed Wednesday includes pairing a package of spending cuts with a one-point-five-trillion dollar increase. It also limits growth of federal spending to one-percent annually and claws back billions of dollars of unspent COVID relief funds. Senate Majority Leader Chuck Schumer says the bill, however, will be dead on arrival in the Senate and President Biden has threatened to veto the bill. Democrats are calling on Republicans to raise the debt ceiling without conditions to avoid default and have separate budget negotiations. Congress needs to raise the limit in the coming months.