Kevin McCarthy proposed Debt Ceiling Package

McCarthy Unveils $1.5T Debt Ceiling Package

Axios: House Speaker Kevin McCarthy proposed a debt ceiling increase on Wednesday of $1.5 trillion — paired with a package of spending cuts.

Why it matters: If McCarthy can get Republicans to pass the plan through the House — which is far from certain — he'll have something concrete in negotiations with the White House.

In a speech on the House floor, McCarthy said the plan includes the following spending cuts:

Setting discretionary spending at Fiscal Year 2022 levels
Capping spending growth at 1% a year
Pulling back unspent COVID funds
Repealing IRS funding legislation
House energy legislation called HR1
Ending President Biden's student loan forgiveness
Repealing some Inflation Reduction Act tax credits