The Republicans have yet to release a budget but their debt limit plan proposes $4.5 trillion in cuts, including student loan forgiveness.
The worst US House Speaker in history happens to be GOP leader Kevin McCarthy. His "Limit, Save, Grow Act" would return discretionary spending to Fiscal Year 2022 levels, limit the growth of spending to 1 percent a year, and limit other government spending. These cuts would be tied to a $1.5 trillion increase of the debt ceiling.
Mind you, the Republicans did nothing to stop the former guy every time he raised the debt ceiling or when they proposed tax breaks for the rich that were supposed to pay for themselves.
The nation’s debt ceiling is the maximum amount the U.S. government can spend on its existing obligations, including Social Security and military salaries. Treasury Secretary Janet Yellen notified Congress at the start of this year that the U.S. could default on its debt as soon as June.
POTUS replied to McCarthy by reaffirming he won't negotiate the debt ceiling, which he's argued should be raised by Congress without parameters, like it has under past presidents including Donald Trump.
"Guess what? He's attempting to try to make it happen now," Biden said in remarks at a union hall in Accokeek, Maryland, minutes after McCarthy unveiled his plan. These are cuts to programs the average American counts on, while the GOP keeps benefits for those at the top.