Republican House Speaker Kevin McCarthy has vowed not to allow an increase in the $31.4 trillion legal limit on federal borrowing without an agreement from President Joe Biden's Democrats in Congress to rein in federal spending. Failing to lift the debt ceiling could trigger a default on the federal government's debt that would take a heavy toll on the American and probably world economies. Vought, whose plan also calls for $150 billion in cuts, said Democratic control of the Senate makes limited austerity more politically realistic. Another Budget Committee Republican, Freedom Caucus member Ralph Norman, described in general terms a debt-ceiling playbook, backed by other conservatives, that aligned with Vought's plan. McCarthy spokesman Mark Bednar said federal spending growth was "entirely unsustainable, and House Republicans were elected to bring it to an end."

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