June 2, 2023

Friend, 

The House passed the Fiscal Responsibility Act this week. I wanted to share my thoughts on this legislation with you. 

So What's Actually in the Debt Ceiling Deal? 

Washington is a mess, but for the first time in 11 years, Congress has passed legislation to reduce our government’s spending. I voted in support of this bill. The Fiscal Responsibility Act will responsibly lift the debt ceiling, limit the growth of future government spending, save taxpayers money, and grow the economy. It does this while protecting Social Security, Medicare, and our veterans. The bill follows these key principles. 

It claws back wasteful spending

Over the last decade, Washington has increased spending each year. In the last two years, one-party control in Washington allowed for trillions of dollars in additional spending to pass. The bill saves taxpayer dollars by clawing back unspent COVID funds. The pandemic is over. Roughly $28 billion of unspent COVID funding will be clawed back to save taxpayers money.

It limits the costs of regulations

Presidents have long abused executive powers to implement their policy goals, and unilaterally create costly rules and regulations. This bill will restrict that authority by providing the necessary spending guard rails to require any new rules by offset by savings elsewhere. For example, the Biden Administration has unilaterally imposed $1.5 trillion in costs on the economy and workers without Congressional approval. This requirement brings greater transparency and accountability to the Executive Branch. 

It includes work and job search requirements for able-bodied adults without children

We must get refocused on growing the economy and bringing down costs. For too long, Washington paid individuals not to work. I believe there is dignity in work and that most folks want to work. This legislation will significantly expand work and job search requirements and make it more difficult for states to weaken these requirements and strengthens enforcement. These provisions will help lift individuals out of poverty, increase our labor force, and grow the economy. 

It encourages energy and infrastructure improvements. 

Important permitting reforms for roads, bridges, pipelines, and ports are also included. These reforms create jobs, accelerate energy production, and save costs for infrastructure investments. Washington’s bureaucracy has increased delays and prevented important investment in our nation’s infrastructure. These permitting reforms will help bring down costs and bring greater efficiency to portions of the federal government. 

It restarts payments on student loans

At the start of the pandemic, a pause was implemented for student loan payments. Since the pandemic, this pause has been extended eight times, costing taxpayers roughly $5 billion per month. The bill ends this pandemic-era policy. 

It safeguards vital programs

In order to better protect programs that impact seniors and veterans, the legislation will require sensible spending cuts to non-defense related spending while maintaining spending for the promises like Social Security, Medicare, and veterans’ health care. By getting our fiscal house in order, the federal government will be in a better position to fund these vital programs like Social Security and health care for American heroes and seniors. 

It avoids default

As a result of the reckless spending of the last several years, the U.S. Government is set to reach our nation’s debt limit on June 5, 2023. I opposed that previous spending, but a default on our debt would wreak havoc on our economy. This legislation responsibly lifts the debt limit to avoid default. By responsibly lifting the debt limit and reasonably reducing our government’s spending, Washington can begin its much-needed return to fiscal sanity and stability. 

This bill is by no means a silver bullet to fix all that is wrong in Washington.  There is far more that needs to be done, but it does represent a step in the right direction. We are beginning to reduce spending in Washington, we are encouraging work, and taking real steps to reduce inflation. I’m committed to bringing back fiscal sanity and stability in Washington, and this legislation is an important first step. 

As always, feel welcome to share your opinion this legislation, and other pieces of legislation coming before the House of Representatives. 

On Wisconsin,

Bryan Steil
Member of Congress

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