On April 26, the U.S. House of Representatives passed a bill to raise the government’s $31.4 trillion debt ceiling that includes sweeping spending cuts. The bill, which passed 217-215, isn’t expected to pass the Senate. In addition, President Biden has said he’ll veto it. The “Limit, Save, Grow Act” would increase the debt limit by $1.5 trillion or until the end of March 2024, whichever comes first. The bill includes $4.5 trillion in cuts, repeals green energy tax credits and claws back $80 billion given to the IRS as part of a previously enacted law. It would reduce spending to 2022 levels, then cap growth at 1% a year and toughen work requirements for some antipoverty programs.
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