House Republicans have released their long-awaited plan to avoid a debt crisis and end the standoff with White House.

The 320-page “Limit, Save, Grow Act of 2023” introduced on Wednesday by the GOP leadership would raise the U.S. Debt Limit by $1.5 trillion, or until March 31st 2024, whichever is first. Republicans are seeking a range of commitments and spending cuts aimed at stimulating economic growth as a compromise.

Speaker Kevin McCarthy (R – CA) made remarks on the House Floor, explaining that legislation led by Budget Chair Jodey Arrington – R-TX – seeks “to responsibly raise the debt ceiling into next year while providing more than $4.5 trillion of savings to American taxpayers.”

McCarthy stated that the proposal will limit government spending and return discretionary expenditures to the pre-inflationary fiscal year 2022 level, then limit spending growth to 1% each year.

“Our plan makes sure that adults without dependents can earn a salary and acquire new skills.” McCarthy stated that by restoring common sense measures we can help Americans earn a salary, learn new skills and reduce childhood poverty. It will also preserve Medicare and Social Security, because more people are paying into them.”

The proposal includes a list of significant cuts. These include the cancellation of unobligated funds for coronavirus and the repeal of “green” energy credit credits. The proposal also outlines crackdowns against student debt relief and SNAP benefits.

Experts have warned that a default could occur this summer, which would cripple the U.S. economic system. Treasury Secretary Janet Yellen informed Congress in January that in order to continue paying its bills in the short-term, the United States would need to take “extraordinary” measures.

It remains to be determined how far the House proposal will go. Republicans have a narrow majority in the House and the top Democrat has already stated that he doesn’t support the GOP leadership.

House Dems are working to prevent a catastrophe default that will harm everyday Americans,” House minority leader Hakeem Jeffries, (D-NY), tweeted on Tuesday. “Extreme MAGA Republicans do not have the votes necessary to pass their irresponsible plans.” It’s time for the right-wing drama to stop and a clean increase in the debt ceiling.

The bipartisan Problem Solvers Caucus has released its own one-page proposal, which briefly mentions suspending the debt limit, creating a fiscal panel and interim controls on deficit stabilization, as well as adopting budget reforms. Conservative lawmakers have also made demands. For example, they want to “unwind” the Inflation Reduction Act that President Joe Biden championed.

The Senate is controlled by Democrats and will vote on whatever the House decides. Since Biden’s meeting with McCarthy over two months ago, the White House insists that the debt ceiling shouldn’t be subject to any conditions.

Karine Jean-Pierre, White House Press secretary, told reporters that McCarthy was taking economic hostages in a dangerous way in the hours leading up to the House GOP’s proposal.

Biden, using his official Twitter account on Wednesday, argued that Republicans were not focused on “fiscal disciplina” but instead “finding more ways to squeeze out America’s middle-class.” It’s called the MAGA economic plan, and it links GOP lawmakers with former President Donald Trump.

McCarthy still said the Senate lacked a plan, and that now the House GOP proposal has been introduced, it is up to Biden to come to an agreement.

The speaker stated that “President Biden had a choice to make: either come to the table, stop playing political games, or refuse to negotiate and risk being the first president in American history to default.”