Watch live: White House press briefing

White House press secretary Karine Jean-Pierre is slated to speak with reporters Thursday afternoon in a press briefing.

The White House on Thursday bashed the long-awaited House Republican debt limit proposal that Speaker Kevin McCarthy (R-Calif.) announced on Wednesday, calling it a “blueprint to devastate hard-working American families.”

“MAGA House Republicans are holding the American economy hostage in order to take a hatchet to programs Americans rely on every day to make ends meet,” Jean-Pierre said.

The bill pairs a debt ceiling increase expected to last into next year with what McCarthy said would be about $4.5 trillion in savings generated in part by cutting Biden administration priorities.

President Biden announced on Thursday the U.S. will provide $1 billion for the Green Climate Fund, which pays for low-carbon and climate-resilient projects in developing countries.

Biden will also request $500 million over five years to support anti-deforestation efforts in Brazil, though Congress often does not allocate funds that the president requests.

The president will also call on other countries to take action, including in their overall goals as well as specific policy areas like electric vehicles.

The event is scheduled to begin at 1:00 p.m. ET.

Watch the video above.