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House Republicans Unveil Bill to Raise Debt Ceiling, Cut Spending
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WASHINGTON—House Republican leaders unveiled legislation Wednesday that would curb government spending and pare back some of President Biden’s signature initiatives in exchange for an increase in the government’s debt ceiling.
The proposal—dubbed the Limit, Save, Grow Act—would set discretionary spending levels for the coming year at fiscal 2022 levels and limit spending growth to no more than 1% a year, Speaker Kevin McCarthy (R., Calif.) said in a floor speech.
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