GOP rushes to pass debt ceiling bill amidst potential pitfalls and pushback from Biden.
House Republicans are preparing a proposal to raise the debt ceiling for a year while cutting federal spending and reversing some of President Biden's priorities, including student debt cancellation. The plan is likely to fail in the Democratic-led Senate and would be vetoed by Biden. The GOP proposal could raise the debt ceiling into 2024, covering roughly $2 trillion in spending, and reduce spending at federal health-care, education, science, and labor agencies to levels adopted in the 2022 fiscal year, amounting potentially to a roughly $130 billion cut. The country could face the prospect of default as soon as June 5, according to Treasury Secretary Janet L. Yellen.