GOP conservatives unveil debt ceiling hike that comes with steep price

by REBECCA SHABAD | CBS NEWS  |  published on October 21, 2015

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.

  • Paul Boore

    Cut Medicare and food stamps as well as SS to those who never paid in…but that is not a TAX revenue based account – that is a worker paid account and should NEVER have been put onto the table as a bill payer account.

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