House Speaker Kevin McCarthy has released the text of the bill to raise the debt ceiling limit until 2025, a result of his negotiations with President Joe Biden this weekend.
The bill, the Fiscal Responsibility Act, increases defense spending and claws back unspent Covid relief funds. Lawmakers will be voting on the bill, which was released in advance of the X-date, when the federal government runs out of money and cannot pay its bills. Last week, Treasury Secretary Janet Yellen said that date is June 5.
Critics say the bill, which allows government borrowing of another $4 trillion that would be added to the existing $31.4 trillion debt, does not rein in the $80 billion appropriation that weaponizes the Internal Revenue Service against Americans.
House Republicans released a 10-point outline of the plan on Saturday:
The entire bill, released Sunday, is below:
