Republicans propose single bill to raise debt limit

Congressional Republicans have come together on a plan to raise the nation's debt limit. This plan will also extend tax cuts, deregulate energy, and strengthen border enforcement. The goal is to combine all these elements into one bill that can pass with a simple majority in Congress. Senate Majority Leader John Thune and House Speaker Mike Johnson discussed the details at the White House. They believe there is agreement on the plan, which will use a process called budget reconciliation. This process allows the bill to move through Congress without needing a supermajority. Previously, Senate Republicans had different ideas, favoring two separate bills. One focused on renewing tax cuts from 2017, but that approach has changed. Now, they will work toward a single piece of legislation. House Republicans have already passed a large budget resolution, which includes raising the debt ceiling. This is urgent because the nation may run out of borrowing ability by mid-July if no action is taken. However, the Treasury's “extraordinary measures” will keep things manageable until then, according to experts. Johnson expressed optimism about cooperation between the Senate and House leaders. He emphasized the importance of uniting the package to maintain support from hardline GOP members. With the deadline approaching, Johnson is keen to move the bill to former President Trump’s desk before Memorial Day. The Republicans aim to act quickly to fulfill what they see as a mandate from the American people.