The GOP's $4.5 Trillion Debt Limit Plan and Biden's First Big Choice.

House Speaker Kevin McCarthy achieved a major victory by passing a debt ceiling bill that would lift the federal borrowing allowance by $1.5 trillion over the next year in return for nearly $5 trillion of deficit reduction over the next ten years. This forces President Biden to the negotiating table sooner than he and his team think, even if they don't agree with the Speaker's bill. McCarthy also engineered H.R.1, the "Lower Energy Costs Act," that will reopen the fossil fuel spigots that are so important to reducing inflation and increasing growth.