Centrists in House release bipartisan proposal to raise debt limit until year's end

April 19 (UPI) -- A bipartisan group of centrist lawmakers in the House released a plan Wednesday to raise the debt ceiling, providing another option to Speaker Kevin McCarthy's plan.

The Problem Solvers Caucus, a group of 64 lawmakers, released a short proposal that would suspend the debt limit through the end of the year and create a new commission to reduce the budget deficit.

"The debt ceiling and debt crisis demand a two-party solution," Rep. Brian Fitzpatrick, R-Pa., one of the co-chairs, said Wednesday in a statement, according to The Hill. "We must never allow our nation to default on our debt, we must never put our nation's full faith and credit at risk, and we must insist on responsible budget reform measures."

To endorse the plan, the group needs the support of three-quarters of the 64-member caucus.

Their proposal comes as McCarthy is set to announce the Limit, Save, Grow Act on Tuesday. That bill, which raises the debt limit by $1.5 trillion, would reverse discretionary spending for non-defense programs to fiscal year 2022 levels. It also would limit programs from growing more than one percent annually.

"Now that we've introduced a clear plan for responsible debt limit increase, they have no more excuse and refuse to negotiate," McCarthy said on the House floor, according to The Hill.

McCarthy said it also would reverse a $70 billion funding increase for the IRS, as well as scrap green energy tax credits.

"With the discussions that I've been in, I think that we can get 218," Rep. Bob Good, R-Va., said. "I think we're going to come up with something good out of the conference that cuts spending, makes significant reforms, and puts us a step closer towards fiscal stability as a country."

Senate Democrats repeatedly have said that they want a clean debt limit increase with no strings attached.