House Speaker Kevin McCarthy is prepared to announce a plan the following week that would extend the country's debt ceiling for a year in exchange for expenditure cuts. According to two persons who requested to remain anonymous, the plan calls for a vote in the House in late May to extend the debt ceiling until around May 2024. This would serve as the starting point for negotiations with the White House and congressional Democrats.

GOP vs Biden: GOP bill seeks to suspend ceiling until May 2024

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GOP vs Biden: GOP bill seeks to suspend ceiling until May 2024