As we previewed previously (and has now been reported), Speaker McCarthy and the House Republican Leadership team are outlining a proposed legislative package for raising the debt limit at this morning’s GOP Conference meeting.
Finalized text could theoretically be made public later today, though the details remain dependent on the feedback Leadership receives throughout the day from Members. The goal is for Whip Emmer to conduct a whip check this week, assuming the initial Member feedback is positive and the text can be finalized. This could result in a vote on the House Republican debt limit proposal as soon as next week. But given House Republicans’ four-vote margin and the fact that no House Democrats will support the measure, this timeline is incredibly fluid.
That said, the expedited timeline does speak to the increasing urgency House Republicans are placing on reaching a legislative compromise to the debt limit prior to a breach.
NOTE: The list of major provisions included in the package continues to track with what we sent on Sunday evening (and is copied below). The only change has been the inclusion of reversing President Biden’s student loan forgiveness program. That leaves the scope of the work requirements, repeal of the IRA green energy tax credits, and the duration vs. dollar amount increase as open items that are subject to Member feedback.