Republican House Speaker Kevin McCarthy has proposed increasing the debt ceiling for one year in exchange for sweeping budget cuts that would likely result in less federal money for housing, education, healthcare and the environment. McCarthy also pushed for tougher work requirements for recipients of SNAP, the Supplemental Nutrition Assistance Program, and to expand domestic mining and fossil fuel production. McCarthy outlined his plan in a speech at the New York Stock Exchange on Wall Street.

Speaker Kevin McCarthy: “Before we borrow another dime, we owe it to our children to save money everywhere. Our proposal will examine wasteful Washington spending and executive overreach in all forms.”

The White House slammed Speaker McCarthy’s proposal, warning it would impose devastating cuts on families and take healthcare and food assistance away from millions of people.