BGOV Bill Summary: H.R. 2811, GOP Debt Ceiling Plan (1)

The federal debt ceiling would be raised by $1.5 trillion or until the end of next March, whichever occurs first, under H.R. 2811, which also aims to cut federal spending.

The measure follows a months-long standoff between Republicans and Democrats over how to address the looming deadline — expected as soon as this summer — to raise or suspend the debt limit or risk a default. Republicans have insisted on pairing any increase with spending cuts, which Democrats oppose.

The measure would reduce discretionary spending by $130 billion for fiscal 2024 and limit future increases to 1% a year ...