McCarthy Pledges to Slash Bureaucracy and Raise Debt Ceiling with Spending Cap

House Speaker Kevin McCarthy has announced that House Republicans will soon vote on a bill to raise the debt ceiling and significantly scale back budgets for non-defense federal agencies. The measure would slash discretionary spending at domestic agencies to their fiscal 2022 levels, leading to dramatic cuts of more than 20%. The forthcoming bill would cap annual spending growth to just 1% for the next decade. McCarthy criticized President Biden for refusing to negotiate over the nation’s debt limit, which the Treasury Department is set to hit later this summer.