Speaker McCarthy, who initially tried to sell the deal by saying Republicans made no concessions, released the bill late Sunday on Memorial Day weekend. You can read it below. The Fiscal Responsibility Act of 2023 will suspend the debt ceiling for roughly two years in exchange for bigger government and a decrease in the increase in spending. Unfortunately, without a debt ceiling, Democrats can substitute borrowed money for lost revenue.
Rand Paul tweeted. “Fake conservatives agree to fake spending cuts. Deal will increase mandatory spending ~5%, increase military spending ~3%, and maintain current non-military discretionary spending at post-COVID levels. No real cuts to see here. Conservatives have been sold out once again!”
We are keeping all the wild trillions spent under COVID. Democrats and the media are mostly pleased and surprised at how well they did.
They have included no enforcement mechanism to enforce any of it.
Maybe it’s the best they can do? They don’t have a lot of leverage. It bothers me when they tout it as something it’s not.
We mustn’t forget that Biden holds all the cards and has turned his back on America. He’s the America Last president. He is to blame.
The GOP Statement
The bill, dubbed the Fiscal Responsibility Act of 2023, will suspend the debt ceiling for roughly two years in exchange for a slew of spending clawbacks and other reforms. Treasury Secretary Janet Yellen most recently projected that the government has until June 5 before it could start running dry on cash to meet its obligations if no debt limit hike occurs.
“The American people elected House Republicans to stop the out-of-control inflationary spending that has broken family budgets. Today, we secured a historic series of wins worthy of the American people,” McCarthy, Majority Leader Steve Scalise (R-LA), Majority Whip Tom Emmer (R-MN), and Chairwoman Elise Stefanik (R-NY) said in a joint statement. “We cut spending year-over-year for the first time in over a decade while fully funding national defense and veterans’ health benefits, include the largest rescission in history by clawing back billions in unspent COVID funds, and achieve consequential work requirements to welfare programs to lift Americans out of poverty and grow the economy. We enact for the first time into law ‘Pay-Go’ rules for the Executive Branch, which forces the Executive Branch to find dollar-for-dollar savings in the government for costly rules and regulations, so that executive overreach is reined in and held accountable. And in order to help grow our economy and lower costs for the American people, we streamline the process for permitting in America and begin to prune an overgrown federal bureaucracy that has expanded during the Biden administration.
“The Fiscal Responsibility Act does what is responsible for our children, what is possible in divided government, and what is required by our principles and promises. Only because of Republicans’ resolve did we achieve this transformative change to how Washington operates.
“We are just 140 days into this Republican majority. And we’re just getting started.”
The debt ceiling bill can be read here or below.
BILLS 118hrPIH Fiscalrespon… by Maura
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