(Adds details)
WASHINGTON, April 19 (Reuters) - Republican U.S. House
of Representatives Speaker Kevin McCarthy on Wednesday plans to
unveil a plan to raise the nation's debt ceiling by $1.5
trillion, according to a source familiar with the plan.
The U.S. federal government has already reached its
$31.4 trillion borrowing limit and by this summer is expected to
hit a point where it will no longer be able to meet its
financial obligations. Without action by the divided Congress,
that would trigger a historic
default
that would shake the U.S. and world economies.
President Joe Biden's Democrats, who also control the
Senate, have been at loggerheads with Republicans for months
over next steps on the limit, with the White House insisting
Congress lift the borrowing limit without conditions, as it did
three times under Biden's Republican predecessor, Donald Trump.
(Reporting by Richard Cowan; Editing by Scott Malone and Nick
Macfie)
