The United States House of Representatives’ passage of the Limit, Save, Grow Act of 2023 is a big Republican failure in addressing the debt ceiling. The debt ceiling would be raised above the current limit of $31 trillion by $1.5 trillion or through March 2024, whichever comes first. Notably, “official cost estimates have not yet been released,” so the projected paltry $480 billion annual spending reductions likely will be much less.
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