House GOP proposes massive spending cuts in debt limit bill.

House Speaker Kevin McCarthy has proposed a plan to raise the US debt ceiling by $1.5tn, but the proposal comes with a long list of demands from House Republicans that Senate Democrats and the White House strongly oppose. The legislation would save $4.5tn over a decade, according to McCarthy, though official cost estimates have not yet been released. The proposal includes spending cuts to federal agencies, blocking President Joe Biden’s student loan forgiveness program, and beefing up work requirements in food stamps and adding them to Medicaid. The bill also seeks to rescind unobligated funds from the Covid-19 relief packages that Congress passed to respond to the pandemic.