House Speaker Kevin McCarthy on Wed. unveiled the GOP's proposed plan to raise the debt ceiling this summer.

The bill, AKA the Limit, Save, Grow Act, would raise the debt ceiling by $1.5T in exchange for $130B in spending cuts. (WP)

What happens if Congress doesn't raise the debt ceiling this year? The US would default on its debts—a historic first.

What's in the bill? (WP) •Repeal of $80B in IRS funding •New work requirements for welfare benefits

•Repeal of Biden's student debt forgiveness program •Repeal of $100B+ in unspent COVID aid

Will the bill pass? It's unclear: Republicans currently hold a slim four-seat majority in the House. (WP)

The bill is DOA in the Senate: Maj. Leader Chuck Schumer told reporters Tue. that he wanted a "clean debt ceiling." (NBC)