On the recordApril 26, 2023
I include in the Record a report from Moody's Analytics titled: ``The Debt Limit Drama Heats Up.'' Speaker McCarthy's proposed legislation would increase the debt limit by $1.5 trillion or until March 31, 2024, whichever comes first. In exchange, it would cut government spending by $4.5 trillion over the next decade and implement a number of consequential changes to fiscal policy (see Table 1 and Chart 3). The most significant spending cuts would come by setting fiscal 2024 discretionary spending equal to fiscal 2022 spending levels.
