McCarthy Releases Details Of Compromise Debt Increase, Spending Cutting Package

Speaker Kevin McCarthy’s (R-CA) office released the full text of the compromise debt ceiling bill late Sunday, teeing up a likely Wednesday vote on its passage.
The bill, dubbed the Fiscal Responsibility Act of 2023, will suspend the debt ceiling for roughly two years in exchange for a slew of spending clawbacks and other reforms. Treasury Secretary Janet Yellen most recently projected that the government has until June 5 before it could start running dry on cash to meet its obligations if no debt limit hike occurs.
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