Their proposal has gained support within the Republican caucus, but Senate Democrats have not yet signaled they would include it in any package that raises the debt ceiling above the $14.3 trillion level set by Congress last year. The Obama administration has said the U.S. could hit the $14.3 trillion debt level as soon as March 31, and they are pushing Congress to raise the limit soon. As of Friday, federal debt subject to the limit stood at $14.008 trillion.
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The Hatch/Cornyn plan would, among other things, mandate total budgetary outlays for any fiscal year not exceed revenues; cap federal spending at 20% of GDP; prohibit revenue raising moves that aren’t approved by two-thirds of the House and Senate.
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