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WASHINGTON House Speaker Kevin McCarthy released a debt limit bill Wednesday that he hopes to pass with Republican support, triggering a frantic push to gather the votes in his narrow majority.

We are introducing the Limit, Save, Grow Act of 2023, McCarthy, R-Calif., said on the House floor, adding that it would responsibly raise the debt limit into next year and save trillions of dollars.

The proposal to avert default would be tied to conservative policies, including cutting federal spending to 2022 levels, limiting growth to 1% per year, repealing enhanced IRS enforcement funding, undoing President Joe Biden's student debt forgiveness and rescinding unspent pandemic relief funds, McCarthy said.

McCarthy told reporters it will lift the debt ceiling by $1.5 trillion or extend it through March 31, 2024, whichever comes first. The 320-page bill, published moments after his speech, will be led by House Budget Chair Jodey Arrington, R-Texas, the speaker said.

It's not clear the plan will get the votes to pass the House. It is the biggest test for McCarthy since his long battle to become speaker.

Republicans have a narrow majority and can afford only four defections before the legislation collapses, with Democrats expected to vote against it en masse. McCarthy said he hopes to put the bill to a House vote next week and expressed confidence it will pass.

Were going to work through it, but yeah, were going to get there, he said. I never give up. Well get them.

McCarthys move represents an attempt to pressure Biden to make policy concessions in order to avert a calamitous debt default as early as June. Biden has refused to negotiate and said Congress should allow the U.S. to pay its bills without conditions, a position McCarthy has blasted as irresponsible.

Even if McCarthys bill were to pass the House, Senate Majority Leader Chuck Schumer has said its dead on arrival in the Democratic-controlled chamber, telling reporters on Tuesday that a clean debt ceiling is the way to go.

But if the House passes a measure, that could raise the pressure on Senate Democrats to craft their own competing bill.

Biden, Schumer and House Minority Leader Hakeem Jeffries spoke by phone Tuesday and the three agreethat we wont negotiate over defaultand Republicans should pass a clean billlike they did three times in the previous administration, the White House said.

A memo Tuesday by Goldman Sachs economic research team said the debt limit deadline could come earlier than it had expected.

While the data are still very preliminary, weak tax collections so far in April suggest an increased probability that the debt limit deadline will be reached in the first half of June, the memo read. We have been projecting that Treasury could operate without a debt limit increase until early August.

The Treasury Department has set a June 5 deadline for Congress to extend the debt limit or risk default for the first time in U.S. history.

Sahil Kapur is a senior national political reporter for NBC News.

Kyle Stewart is an associate producer covering Congress for NBC News.

Garrett Haake and Alexandra Bacallao contributed.

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McCarthy releases Republican bill to lift debt ceiling. Its not clear it has the votes. - NBC News