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| What’s in the House G.O.P. Debt Limit Bill | What’s in the House G.O.P. Debt Limit Bill |
| (about 3 hours later) | |
| WASHINGTON — House Republicans unveiled a bill that would cut billions in federal spending and roll back some of President Biden’s policy priorities in exchange for lifting the debt ceiling for one year. | WASHINGTON — House Republicans unveiled a bill that would cut billions in federal spending and roll back some of President Biden’s policy priorities in exchange for lifting the debt ceiling for one year. |
| After trying and failing to coalesce lawmakers around a budget blueprint of their own, Republican leaders have instead framed the legislation as an opening offer to Democrats and a way to get the White House to come to the negotiating table. | After trying and failing to coalesce lawmakers around a budget blueprint of their own, Republican leaders have instead framed the legislation as an opening offer to Democrats and a way to get the White House to come to the negotiating table. |
| Mr. Biden has insisted that Republicans raise the debt limit without any conditions and said that he would not meet with them to discuss spending cuts until they passed their own fiscal plan. | Mr. Biden has insisted that Republicans raise the debt limit without any conditions and said that he would not meet with them to discuss spending cuts until they passed their own fiscal plan. |
| Speaker Kevin McCarthy said he would put the new legislation, which Republicans claim would save the nation about $4.5 trillion, to a vote this week. | Speaker Kevin McCarthy said he would put the new legislation, which Republicans claim would save the nation about $4.5 trillion, to a vote this week. |
| Negotiations have so far been frozen, and time is running short: The United States, which has already hit a $31.4 trillion cap on how much money it can borrow, could run out of money to pay its bills as soon as June. | |
| That could have catastrophic effects, potentially leading to a global financial crisis and a painful recession in the United States. |