What's in House Republicans' bill to lift the debt ceiling and cut spending?

Washington — House Speaker Kevin McCarthy and Republican lawmakers on Wednesday unveiled their plan to raise the debt ceiling and cut government spending ahead of the looming summer deadline to avert a catastrophic and historic default by the U.S. on its debt obligations.

Called the "Limit, Save, Grow Act," the 320-page proposal would lift the debt limit by $1.5 trillion or until the end of March 2024. The measure, introduced by House Budget Committee Chairman Jodey Arrington, a Texas Republican, also details cuts in federal spending to the tune of $4.5 trillion, according to McCarthy.

The bill was announced by McCarthy amid stalled talks with the White House over the debt ceiling. The U.S. hit its borrowing authority in January, forcing the Treasury Department to begin using "extraordinary measures" to keep paying the bills. The Congressional Budget Office estimates those measures will be exhausted as soon as July, putting the nation at risk of a first-ever default without action from Congress. Some analysts have said the extraordinary measures could run their course even sooner.