Debt ceiling concerns loom as GOP prepares for vote.

A House Republican bill to raise the debt limit while cutting federal spending faces its first test as it is reviewed and marked up by the House Rules Committee. Republicans insist they will only vote to raise the debt ceiling if President Joe Biden and the Senate's Democratic majority agree to a long list of budgetary demands contained in the 320-page bill. Several new reports have suggested that a larger than expected drop in federal tax receipts this year may hasten the arrival of the so-called X-date, the projected date the Treasury Department will exhaust the emergency measures it is taking to prevent a federal debt default.