Republican McCarthy to unveil plan to lift US debt ceiling by $1.5 trln -sources

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Republican McCarthy to unveil plan to lift US debt ceiling by $1.5 trln -sources
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U.S. House Speaker Kevin McCarthy on Wednesday plans to unveil a plan to raise the nation's debt ceiling by $1.5 trillion, two sources said, as Republicans dig in on a standoff with Democrats over the government's borrowing limit.

growth at 1% per year in exchange for raising the $31.4 trillion limit, a House Republican aide said.

The U.S. federal government has already reached its $31.4 trillion borrowing limit and by this summer is expected to hit a point where it will no longer be able to meet its financial obligations. Without action by the divided Congress, that would trigger a historicA source who was briefed on McCarthy's proposal but not allowed to speak publicly, said the speaker would propose a $1.5 trillion increase in the limit.

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