GOP devises plan to challenge Democrats on debt ceiling.

House Republicans plan to propose a plan to lift the federal debt ceiling and cut government spending when Congress returns this week. The proposal would need to be negotiated with Biden's Democrats, who control the Senate, before it could become law. The White House has dismissed the Republican proposals as unrealistic. Nonpartisan forecasters have warned the federal government could face a historic default this summer if Congress fails to act. McCarthy's speech, which Republicans say is intended to draw Wall Street's support for negotiations on spending, could spark movement after months of inaction.