As our nation inches closer to a dangerous potential default on its debt, lawmakers in Washington are grappling with the best path forward. Americans are counting on us to act — and to no one’s surprise, House Republicans are doing just that.
Last week, Speaker Kevin McCarthy unveiled House Republicans’ sensible debt limit solution to strengthen our economy, protect hardworking Americans, and save taxpayers $4.5 trillion over the next decade. Our plan, the Limit, Save, Grow Act, provides reasonable measures that avoid defaulting on our nation’s debt and get our economy back on track.
The first critical piece of our legislation tackles the out-of-control spending problem that continues to burden you and your family with soaring inflation. Our plan would revert back to pre-inflationary Fiscal Year 2022 spending levels while also allowing for 1% growth per year over the next 10 years. By reining in Washington’s runaway spending, House Republicans’ bill will help save Americans roughly $3.6 trillion and provide an essential first step in restoring fiscal sanity to the federal government.
Additionally, our Limit, Save, Grow Act claws back some of the most expensive policies enacted by President Biden and Congressional Democrats. These include reclaiming unspent COVID funding, defunding Biden’s IRS auditing army, repealing Green New Deal tax credits from the so-called “Inflation Reduction Act,” and blocking the President’s student loan transfer scheme. All of these misguided policies come with hefty price tags that inevitably afflict American taxpayers, which is precisely why we must use this opportunity to deliver much-needed relief. For example, prohibiting President Biden’s egregious executive action to “cancel” student loan debt will save Americans approximately $465 billion.
Undoubtedly, any plan to address the debt ceiling must also work to grow our broken economy that has been beleaguered by President Biden’s Big Government Socialist agenda. Our plan includes essential provisions, such as strengthening workforce requirements for welfare programs, which work toward this goal. In addition, the Limit, Save, Grow Act includes two major pieces of legislation already passed by House Republicans, the REINS Act and the Lower Energy Costs Act. These policies will limit the Biden Administration from implementing costly executive actions and unleash domestic energy production. Together, these measures will help grow our economy by pulling millions of Americans out of poverty, reducing inflationary unilateral actions, and diminishing our dependence on foreign adversaries.
Clearly, House Republicans have a plan to address the debt ceiling.
Meanwhile, the White House and Senate Democrats continue to play politics, as they appear more interested in recklessly inching toward financial ruin than negotiating in good faith with House Republicans on a fiscally responsible, sensible solution.
Please know that I will continue working with my colleagues on this matter, and I look forward to supporting the Limit, Save, Grow Act when it comes to the House floor in the coming days.