>What’s in the bill?

Passing the bill, however, is just the first step for Republicans, and it’s not clear when Biden would sit down again with McCarthy.

>The package raises the nation’s $31.4 trillion debt limit by an additional $1.5 trillion. But the plan also states that if the new debt limit is not breached by March 31, 2024, then Congress must again increase the borrowing authority by that date, proposing to reignite a major fiscal battle in the middle of a presidential election year.

>In their “Limit, Save, Grow Act,” House Republicans propose sizable cuts to domestic programs and intend to spare the Pentagon’s budget, returning funding for federal agencies to 2022 levels while aiming to limit the growth in spending to 1% per year. The nonpartisan Congressional Budget Office said that the bill would trim government deficits by $4.8 trillion over 10 years.

>As part of the 320-page bill, the GOP also proposes to block Biden’s plan to grant student loan forgiveness, repeal green energy tax credits and kill new Internal Revenue Service funding enacted as part of the Inflation Reduction Act. The measure would also impose new proposals to give Congress more power to halt regulations from the executive branch. The plan would also expedite new oil drilling projects while rescinding funding enacted to respond to the Covid-19 pandemic.

>Wrangling the diverse conference to coalesce around the bill is the biggest test yet for McCarthy, who just hit 100 days in the role after a tumultuous journey to capture the gavel.

>This story and headline have been updated with additional developments.

https://www.cnn.com/2023/04/26/politics/debt-ceiling-house-vote-negotiations/index.html