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House Freedom Caucus to draw battle lines on reconciliation fight after presenting plan to Trump

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The conservative House Freedom Caucus is preparing to release a proposal for Republicans ' planned conservative policy overhaul that would raise the debt limit by two years or roughly $4 trillion .

The plan being unveiled on Thursday would call for border security, defense, and steep spending cuts to be included in the first bill.

Those cuts would then be used to offset tax breaks being extended in the second bill, Fox News Digital is told.

President-elect Donald Trump has said he favors the one -bill approach, but would be open to two .