McCarthy and House GOP's Debt Ceiling Dilemma.

House Speaker Kevin McCarthy is urging House Republicans to unite behind a debt ceiling proposal that includes spending cuts and is expected to get a vote on the House floor in the coming weeks. The proposal, which has next to no chance of passing the Democratic-controlled Senate or earning President Joe Biden’s signature, could serve as a starting point for negotiations. The plan includes rolling back federal spending to fiscal year 2022 levels, limiting the growth of spending to 1% annually, and establishing new work requirements for recipients of government aid. The U.S. could default on its obligations as early as this summer, according to the Congressional Budget Office.