[Source.](https://thenewamerican.com/mccarthy-seeks-spending-cuts-in-debt-ceiling-compromise/) > Speaker of the House Kevin McCarthy (R-Calif.) spoke at the New York Stock Exchange on Monday, revealing a budget plan that would allow a debt-ceiling increase and keep the federal government from facing default. > “Here’s the plan: The House will vote on a bill to lift the debt ceiling into next year, save taxpayers trillions of dollars, make us less dependent on China, and curb high inflation — all without touching Social Security or Medicare,” McCarthy tweeted. > McCarthy outlined spending cuts that he knows Republican House Freedom Caucus members are demanding in exchange for voting to raise the federal government’s $31.4 trillion debt ceiling. The budget plan seeks to cut spending back to last year’s levels, and cap future spending growth at one percent a year over the next 10 years.