The newly released House GOP resolution proposes a $4 trillion debt ceiling increase while allocating $4.5 trillion in new deficits for the tax-writing Ways and Means Committee. This move aims to extend tax cuts that many Republicans argue are crucial for economic growth.

The proposal includes $4.5 trillion in tax cuts, $1.5 trillion in spending reductions, $300 billion for immigration and military efforts, and a debt limit increase. If approved, these measures would help Republicans push significant legislation through Congress along party lines.