A group of conservative House Republicans on Tuesday unveiled a proposal to raise the debt limit through March 2017 that also calls for mandatory spending cuts.
The Republican Study Committee’s “Terms of Credit Act” would raise the debt ceiling by roughly $1.5 trillion — to a total of $19.6 trillion — through March 2017.
But the committee is setting a steep price for the debt limit increase. The bill would require congressional committees to produce legislation within 90 days that would cut more than $3.8 trillion in mandatory funding over the next decade. Mandatory funding covers programs like Medicare, Social Security and food stamps.