The House Republicans have proposed lifting the debt limit by $1.5 trillion or until March 31, 2024.

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."

tastytrade logo+
Get the best broker for options trading and earn Unusual Whales discounted! in cash with an eligible account deposit at tastytrade. Get an Unusual Whales bonus when you deposit $2000. Offer expires 3/31/25. Certain restrictions, terms and conditions apply.
Unusual Whales does not confirm the information's truthfulness or accuracy of the associated references, data, and cannot verify any of the information. Any content on this site or related pages are not intended to provide legal, tax, investment or insurance advice. Unusual Whales Inc. is not registered as a securities broker-dealer or an investment adviser with the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority (“FINRA”) or any state securities regulatory authority. Nothing on Unusual Whales should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any security by Unusual Whales or any third party. Options, investing, trading is risky, and losses are more expected than profits. Please do own research before investing. Please only subscribe after reading our full terms and understanding options and the market, and the inherent risks of trading. It is highly recommended not to trade on this, or any, information from Unusual Whales. Markets are risky, and you will likely lose some or all of your capital. Please check our terms for full details.
Any content on this site or related pages are not intended to provide legal, tax, investment or insurance advice. Unusual Whales Inc. is not registered as a securities broker-dealer or an investment adviser with the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority (“FINRA”) or any state securities regulatory authority. Nothing on Unusual Whales should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any security by Unusual Whales or any third party. Certain investment planning tools available on Unusual Whales may provide general investment education based on your input. You are solely responsible for determining whether any investment, investment strategy, security or related transaction is appropriate for you based on your personal investment objectives, financial circumstances and risk tolerance. You should consult your legal or tax professional regarding your specific situation. See terms for more information.