Senator Rand Paul Introduces Alternative Debt Limit Bill Amid Opposition from Both Parties

The bill would raise the debt ceiling by $500 billion, but would also impose automatic budget cuts each year moving forward.

Many Republicans are disappointed with the McCarthy-Biden deal, and some, like Lindsey Graham, have called it a "disaster" for defense.

The bill is facing opposition from some members of the House Freedom Caucus, but Paul argues that it is a "conservative alternative" to address America's debt problem.

The deadline to come to a budget deal is less than a week, and defaulting on the debt could happen for the first time in history.