President Joe Biden is already set to veto a bill favored by House Speaker Kevin McCarthy (R-Calif.) to pair spending cuts with an increase to the federal debt limit.
Last week, House Republicans released their plan for a debt limit increase—the Limit, Save, Grow Act of 2023. The Republican bill allows the United States to add up to $1.5 trillion in additional debt until March 31, 2024. In exchange, Republicans say the legislation would provide more than $4.5 trillion in savings to American taxpayers.
On Tuesday the White House Office of Management and Budget (OMB) released a Statement of Administrative Policy, rejecting the legislation and vowing a veto from the president’s office if the bill passes in both the Republican-majority House and the Democrat-majority Senate. The Biden administration has repeatedly insisted on a “clean” debt limit increase, refusing any proposals to cut spending or reform government programs even as the United States has racked up approximately $30.5 trillion in debt….