What’s in the House G.O.P. Debt Limit Bill

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.

While the two sides could soon begin talks, Mr. Biden is unlikely to accept few, if any, of Mr. McCarthy’s proposals. Here is a look at what is in the bill.

Rescind unspent Covid-19 relief funds

Republicans proposed rescinding pandemic relief funds that have not yet been spent, which they estimated would return about $50 billion to $60 billion to the government’s coffers.

In 2020 and 2021, Congress approved about $4.6 trillion in stimulus funding, which was intended to help the country recover from the effects of the coronavirus pandemic. Most of that money has been spent.

Article source: https://www.nytimes.com/2023/04/20/us/politics/republican-debt-limit-bill.html