What is the House GOP debt limit plan? 

The House GOP debt limit plan aims to prevent a government shutdown by suspending the debt limit until December 2022.

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The plan was introduced by House Minority Leader Kevin McCarthy.

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It seeks to prioritize debt payments and reduce discretionary spending.

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The GOP argues that the Democrats' proposed spending bills would increase the debt limit by trillions of dollars.

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They believe that the debt limit should only be raised in conjunction with spending cuts or fiscal reforms.

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The plan has faced criticism from Democrats who argue that it would jeopardize the government's ability to pay its bills and obligations.

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Some Democrats have proposed suspending the debt limit altogether, citing the economic impact of a potential default.

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The Treasury Department has warned that the US government will run out of cash by October if the debt limit is not raised.

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The House GOP plan does not have the support of all Republicans, with some pushing for a more aggressive stance on spending cuts.

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Senate Republicans have also proposed their own debt limit plan, which would require a three-fifths vote to raise the limit.

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The House GOP plan is unlikely to pass in the Democrat-controlled House of Representatives.

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The debt limit has been raised many times in the past, with both parties using it as a political bargaining chip.

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Failure to raise the debt limit could have serious consequences for the US economy and global financial markets.

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The debt limit is a legal cap on the amount of debt that the US government can issue to fund its operations.

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It was last suspended in 2019 and reinstated in August 2021 at $28.4 trillion.

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