House Republicans have introduced a bill that would open negotiations with the Biden administration to lift the nation's borrowing cap in exchange for cutting billions in federal spending and rolling back the president's policy priorities. The GOP leaders have presented this as an opening offer and a way to encourage the White House to come to the negotiation table. The legislation claims savings of $4.5 trillion to help fund the nation's mounting debt. Republicans suggested eliminating unspent COVID-19 relief funds to return around $50 to $60 billion to the government's coffers. Congress approved approximately $4.6 trillion in COVID-19 relief stimulus in 2020 and 2021, spending most of the money. Negotiations remain limited, with the United States having already hit its $31.4 trillion limit on borrowing that could lead to a financial crisis and recession in the country. Time is of the essence as the U.S. might run out of money in June to pay for its bills. Separately, President Biden and his top advisers will not accept any cuts with a debt-ceiling measure, which further complicates any attempts at reconciliation.