McCarthy rolls out one-year debt limit extension with spending limits

House Speaker Kevin McCarthy on Wednesday officially announced his one-year debt limit extension with spending reductions.

On the House floor, McCarthy, a California Republican, in announcing the plan also said President Biden is ignoring the national debt.

He pointed to Biden traveling to Maryland to speak rather than meet with congressional leaders on the debt ceiling.

McCarthy also argued that Senate Majority Leader Chuck Schumer is missing in action on the debt and spending issues.

"He's giving America's debt the southern border treatment: Ignore it and hope that it goes away," he said.

McCarthy said the "Limit, Save, Grow Act of 2023" includes $4.5 trillion in spending reductions over 10 years.

He also said the bill would prevent Biden from carrying out his student loan forgiveness "giveaway" to the wealthy. 

"Limited government spending 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 and find savings elsewhere just like every single household in America."

Schumer criticized McCarthy's plan for not extending the debt limit further.

"Amazingly, one of the few specifics [Speaker] McCarthy has presented is his terrible idea to kick the can down the road for just one year and undergo the same crisis again," the New York Democrat said. "Why would anyone want to undergo this crisis again, again and again?"