Scalise says House GOP will roll out debt ceiling plan Tuesday

House Majority Leader Steve Scalise (R-La.) announced on Monday that House Republicans will introduce their plan to address the debt ceiling on Tuesday.

The official introduction will come one day after Speaker Kevin McCarthy (R-Calif.) first announced the plan during a speech at the New York Stock Exchange.

“You’re gonna see us roll out tomorrow the plan to address the nation’s debt ceiling while at the same time addressing Washington’s spending problem that got us into this mess, where President Biden has maxed out the nation’s credit card,” Scalise said at a news conference Monday evening marking 100 days of the House GOP majority.

“He’s done reckless spending, and we’re gonna be rolling out a plan to address that problem as well,” he added.

The plan, according to McCarthy’s remarks Monday morning, will aim to lift the debt ceiling into next year, limit federal spending and return discretionary funding levels to those from 2022. The Speaker also said the conference will push to “limit the growth of spending over the next 10 years to 1 percent of annual growth” without “touching Social Security or Medicare.”

Additionally, McCarthy called for stricter work requirements.

“The House will take a leadership position, and we will move to make the fiscal house of America more secure by passing a debt ceiling and sending it to Schumer,” McCarthy said during Monday evening’s news conference.

The movement from McCarthy and House Republicans comes as the summer deadline to raise the debt ceiling inches closer. The Congressional Budget Office in February said the U.S. could default on its loans as soon as July if Congress does not raise the borrowing limit.

Biden and McCarthy met on the issue in February — their only meeting on the topic so far — but progress has not been made on a path forward. House Republicans are pushing for spending cuts to be associated with a debt limit increase, but the White House has maintained that it wants a clean hike.

McCarthy’s plan is unlikely to receive support from many Democrats in the House or Senate, but it could serve as an opening marker for future negotiations on the matter.

On Monday morning, McCarthy rejected the possibility of the House passing a clean debt ceiling increase, which the White House has pushed for.

“Let me be clear: a no-strings-attached debt limit increase cannot pass,” he said. “But since the President continues to hide, House Republicans will take action.”