GOP proposes $1.5T debt limit increase, urges Biden to negotiate.

House Speaker Kevin McCarthy has unveiled a GOP proposal to increase the debt limit by $1.5tn or until the end of March 2024, whichever comes first, and cut government spending. The bill includes $4.5tn in savings by cutting discretionary spending to fiscal year 2022 levels and limiting the growth of future spending, reclaiming unspent COVID-19 funds, cancelling President Biden's student loan forgiveness program, rescinding new funding for the IRS and enacting work requirements for federal aid programs, among other provisions. McCarthy called on President Biden to begin talks ahead of a summer deadline to avoid a default, but the White House has called on Republicans to pass a "clean" debt ceiling increase with no spending cuts attached.