SPRINGFIELD, Mass. (WWLP) – House Speaker Kevin McCarthy has released his plan to raise the debt limit with 46 days to go until the Treasury Department’s deadline.

This bill would extend the debt limit to $1.5 trillion, or to March 31st, whichever comes first. McCarthy said it would save trillions of dollars compared to the democratic plan, with cuts to federal spending, pulling back on funding to boost IRS enforcement as well as dropping President Joe Biden’s student debt forgiveness plan.

Congressman Richard Neal told 22News he does not like McCarthy’s proposal, “It’s ill considered and ill advised. I think that he’s ignoring the fact that Republicans voted for more defense and they voted for pandemic relief and that’s how this budget deficit spending came about.”

It’s unclear at this time if McCarthy has the votes to pass the bill. Treasury Secretary Janet Yellen warned if Congress does not extend the debt limit by June 5th, it could cause serious damage to the economy.

However, Congress has never defaulted on the debt limit in all of U.S. history.