House Republicans Introduce Bill To Raise Debt Ceiling, Cut Spending

April 20, 2023

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On Wednesday, House Republicans led by Speaker Kevin McCarthy revealed the Limit, Save, Grow Act of 2023, which aims to raise the debt ceiling while lowering the U.S. national deficit.

According to a Breitbart report, the bill would raise the debt limit by $1.5 trillion and would likely extend the limit through March 2024, while also aiming to reduce federal spending by $130 billion over the next year.

Some of the things the package would include are:

Implement the Regulations from the Executive in Need of Scrutiny (REINS) Act, which would limit the regulatory state
Repeal "market distorting green tax credits"
Enact H.R. 1, the Lower Costs Energy Act, which is a broad energy reform bill
Rescind unobligated coronavirus aid money
Repeal the almost $80 billion in funding to hire 87,000 IRS agents made available through the Inflation Reduction Act
Block "unfair" student loan giveaways

McCarthy along with Majority Leader Steve Scalise (R-LA), Majority Whip Tom Emmer (R-MN), Budget Committee Chairman Jodey Arrington (R-TX), and Conference Chair Elise Stefanik (R-NY) wrote in a statement:

The American people expect and deserve serious, sensible action to address our soaring national debt. Unfortunately, President Biden has avoided taking any action even though he added $6 trillion to our nation's debt burden in two years and caused historic inflation that continues to hurt families and small businesses. The President seems to have no interest in negotiating a responsible debt limit increase. What President Biden is demanding is irresponsible.

President Biden's reckless spendign created record inflation, made us more dependent on China, and undermined Social Security and Medicare. We must address record spending now. If we don't America will be weaker and families will be worse off.

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The Limit, Save, Grow Act of 2023 was introduced by House Republicans after Biden refused to negotiate with McCarthy regarding a solution to raise the debt ceiling while also reining in uncontrollable spending under the President's administration.

Author

Jen Snow

Jen Snow is a former paralegal turned freelance writer who has a passion for foreign affairs. When not writing, she can be found curled up with her dog and a good book or outside playing in the Florida sun.