Republican House Speaker Kevin McCarthy announced on Sunday that the House will vote on his spending and debt bill this week. McCarthy’s proposal includes $4.5 trillion in spending cuts and a $1.5 trillion increase in the $31.4 trillion US debt limit. Failure to raise the debt ceiling could result in a US default on its financial obligations and negatively impact the global economy. Although Democrats and the Biden administration are expected to reject the proposal, McCarthy called it a starting point for negotiations between the two parties. Financial markets have shown concern about the standoff, and McCarthy invited President Biden to join Republicans in discussions on the issue. Democratic Senators Amy Klobuchar and Dick Durbin urged negotiations between Biden and McCarthy but emphasized that the conversation should focus on the budget resolution and appropriations process, separate from the question of the debt ceiling.