McCarthy's Debt Ceiling Plan: One-Year Increase Tied to Spending Cuts.
Speaker Kevin McCarthy proposed a one-year debt ceiling increase paired with spending cuts and policy changes, which would lift the debt ceiling into the next year in exchange for freezing spending at last year’s levels while enacting stricter work requirements for social programs and a host of regulatory rollbacks. The plan, which would be dead on arrival in the Senate, would set the stage for yet another fiscal confrontation just as the presidential campaign hits a critical period.