Per Bloomberg:

House Republicans are planning to propose a bill that would raise the US debt limit by $1.5 trillion or extend it until March 31, 2024, in exchange for certain spending cuts. The proposal is expected to be put to a vote next week, and Speaker Kevin McCarthy is set to release details on Wednesday. However, it is uncertain whether the proposal has the required 218 votes to pass in the House.

While Representative Barry Loudermilk acknowledged that the plan may not include all the desired spending cuts, he emphasized the need for realism. Representative Tim Burchett has not yet committed to supporting the bill, but he may consider doing so after reviewing the text.

If the proposal passes in the House, Speaker McCarthy hopes that President Joe Biden will engage in negotiations to address the ongoing deadlock over raising the debt limit, which currently stands at $31.4 trillion. Failure to raise or suspend the debt ceiling could lead to a US default on payment obligations as early as June, an outcome that Treasury Secretary Janet Yellen has warned could result in economic and financial "collapse."

When questioned about the likelihood of the proposal passing, McCarthy responded enigmatically, saying, "It will be good theater for you."