WASHINGTON – House Republican Conference Chair Cathy McMorris Rodgers (R-WA) released the following statement today after the Joint Economic Committee issued a report concluding that the House Republican plan to increase the debt limit will significantly reduce our nation’s deficit by fostering economic growth.
“This report is welcome news for hardworking Americans all across this country. For too long, the American people – and especially our children – have been held hostage to a vicious cycle of federal spending that only threatens our future with more debt and more deficits. Our economy continues to struggle, and what our middle-class families need are real pro-growth reforms and policies that keep reckless federal spending under control.
“House Republicans have a plan to provide just that. This report confirms that our Spending Control & Economic Growth Act will create jobs and grow our economy, as well as reduce our federal deficit. We remain committed to this plan, because all Americans deserve a secure economic future.”
NOTE: According to the report from the Joint Economic Committee, “The Spending Control and Economic Growth Act includes a host of pro-growth policy reforms that would address some of the biggest challenges and opportunities in the American economy. While the scoring models that the CBO and JCT use will not account for it, this legislation, if enacted, would boost economic growth. This increased economic output would lead to higher revenue for the federal government and reduce the need for federal borrowing. Using CBO’s own growth-to-deficit reduction estimation, the Spending Control and Economic Growth Act would produce a significant increase in federal revenues and contribute to the Speaker’s goal of reducing federal budget deficits by more than the federal debt ceiling is increased.”