McCarthy releases full text of bill to extend debt limit and reduce spending

House Speaker Kevin McCarthy on Wednesday released the full text of the bill to extend the nation's debt limit for one-year and reduce federal spending.

"By limiting government spending, we will reduce inflation and restore fiscal discipline in Washington," McCarthy said on the House floor. "If Washington wants to spend more, it will have to come together to find savings elsewhere – just like every household in America does."

If the legislation clears the GOP-led House, it faces an uphill battle in the Democratic-led Senate.

Both President Biden and Senate Majority Leader Chuck Schumer have been vocal in their opposition to connecting spending cuts to a debt limit increase. House Appropriations Committee Ranking Member Rosa DeLauro, a Connecticut Democrat, said the bill would increase the "likelihood of going from one debt limit and government shutdown fight to the next."

The full House GOP debt limit legislation, formally referred to as the Limit, Save, Grow Act of 2023, can be read here.