Sen. Rand Paul, R-Ky., introduced legislation providing an alternative to House Speaker Kevin McCarthy and President Biden's debt limit deal on Tuesday.
Paul's bill would raise the debt ceiling by just $500 billion, forcing Congress to act in the near future to address America's debt problem with a more lasting solution. The bill would also impose automatic budget cuts to be imposed each year moving forward.
"Sixty percent of Americans say Congress should only raise the nation’s debt ceiling if it cuts spending at the same time. I would guess the Americans answering that poll meant real cuts in spending, not an annual increase of one percent above already bloated levels of COVID-19 spending," Paul wrote in a statement.
"Bold actions must be taken to defeat our mounting national debt, and my conservative alternative to the Biden-McCarthy deal gives us a real opportunity to get our fiscal house in order," he added.
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McCarthy and Biden unveiled the details of their agreement this weekend, and many more conservative members of the GOP have expressed frustration with the bill.
Members of the House Freedom Caucus are working to derail the legislation, and Sen. Lindsey Graham, R-S.C., has called the bill "absurd."
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"I will use all powers available to me in the Senate to have amendment votes to undo this catastrophe for defense," Graham wrote on Twitter. "I support raising the debt limit for 90 days to give us a chance to correct this disaster for defense."
"Have total disgust for political leaders’ decision to make it remotely possible to gut our national security apparatus at a time of great peril. Take this absurd idea off the table," he added.
Congress has less than a week to come to an agreement on a budget deal, lest the U.S. default on its debt for the first time in history.
