House Speaker Kevin McCarthy (R-CA) announced on Monday that lawmakers would soon vote to raise the debt ceiling for one year and seek to slow spending increases for federal agencies.
The debt ceiling, a measure established by Congress that disallows the federal government from spending beyond the predetermined debt limit of $31.4 trillion, surpassed the threshold earlier this year. Treasury Secretary Janet Yellen warned lawmakers that she was forced to implement “extraordinary measures” to fund the government until early June, after which the government will default on obligations unless lawmakers suspend or raise the debt limit.
McCarthy said in remarks delivered before the New York Stock Exchange that House Republicans would “vote on a bill to lift the debt ceiling into next year” in the “coming weeks.” The legislation would return expenditures to fiscal year 2022 levels and limit annual spending growth to 1% over the next decade.