Speaker McCarthy and House Republicans will restore fiscal sanity and hold Washington accountable with the Fiscal Responsibility Act. This legislation, which was only possible because House Republicans acted responsibly to pass a plan and force President Biden to the negotiating table, is being reported as a “Republican victory” consisting of “historic reductions in spending” which would rein in government overreach, limit inflationary spending, and lift Americans out of poverty. 
 
For months, President Biden recklessly demanded that he get a clean debt ceiling increase, and insisted on business as usual as to how Washington spends taxpayer dollars. 
 
Despite initially refusing to negotiate, Biden has ultimately caved to House Republicans as a result of a combined effort to rein in reckless spending and put our country on a better trajectory.
 
THE FACTS ABOUT FISCAL RESPONSIBILITY ACT:
1. Stop Out-of-Control Inflationary Spending
  • Cut spending year-over-year, including a rollback of non-defense discretionary spending to FY22 Levels; fully fund VA medical Limit topline federal spending to 1% annual growth for the next 6 years

2. Lift More Americans Out of Poverty
  • Enact consequential reforms to SNAP and TANF to save taxpayer dollars, get Americans back to work, and grow the economy

3. Claw Back Tens of Billions in Unspent COVID Funds
  • Slash $400M from the CDC “Global Health Fund” that sends taxpayer money to China and billions in other programs for the largest total rescissions package in history

4. Rein in Executive Overreach
  • Enact into law the first ever statutory Administrative Pay-Go to hold President Biden accountable for the full cost of executive rules and regulations, which should save taxpayers trillions

5. Cut Red Tape and Streamline Energy & Infrastructure Projects
  • Accelerate projects and cut costs with the first significant reform to NEPA since 1982

6. Slash Funding for Biden’s New IRS Agents
  • Nix the total FY23 staffing funding request for new IRS agents

7. Restart Student Loan Repayments
  • Require borrowers to be responsible for paying off their student loan debts, saving taxpayers an estimated $5B per month

8. Make Congress Work Again
  • Compel a functioning appropriations process by imposing a temporary 99% CR-level cap until all 12 appropriations bills are enacted

9. Protect Our Seniors, Veterans, and America’s National Security
  • Ensure full funding for critical veterans programs and national defense priorities, while preserving Social Security and Medicare 

10. Block Biden & Congressional Democrat Demands for New Taxes
  • Reject all of Biden’s $5 trillion in proposed new tax increases, new government mandates, and new federal programs