House Republicans are committed to a sensible debt ceiling solution that will strengthen the American economy, protect American families, and save taxpayers over $4.5 trillion over the next 10 years.
After two years of out-of-control government spending by Joe Biden and extreme Democrats, the United States debt has increased to $31 trillion. That's more than the entire U.S. economy.
This is unsustainable and House Republicans are committed to a reasonable, responsible, and sensible solution to our nation’s debt crisis that would limit Washington’s irresponsible spending, save taxpayer dollars, and grow the American economy.
Today, House Republicans outlined our plan to vote on a bill to lift the debt ceiling into next year, save taxpayers over $1 trillion in the first year and over $4.5 trillion over the next 10 years, make us less dependent on Communist China, and curb high inflation—all while protecting Social Security and Medicare benefits for seniors.
HOUSE REPUBLICANS ARE COMMITTED TO A RESPONSIBLE DEBT CEILING INCREASE:
1) LIMIT FEDERAL SPENDING:
End the Era of Reckless Washington Spending
Reckless Washington spending has caused record inflation, rising interest rates, supply chain shortages, and instability in the banking system. Our plan would establish spending levels for FY24 at FY22 levels–where the government was operating just 4 short months ago–and allow for 1% annual growth over the next 10 years.
SAVINGS: Approximately $3.6 trillion
2) SAVE TAXPAYER DOLLARS:
Reclaim Unspent COVID Funds
Thanks to House Republicans, the pandemic is now officially over. If so-called “COVID” funding has sat dormant for over two years, clearly it no longer needs to be spent and should be rescinded without delay.
SAVINGS: Approximately $50-60 billion
Defund Biden’s IRS Army
As House Republicans did on Day 1 of our majority, we will fight for hard-working Americans by eliminating funding for the 87,000 new IRS agents charged with shaking down families and small businesses.
SAVINGS: Approximately $71 billion
Repeal “Green New Deal” Tax Credits
President Biden’s uncapped green energy tax credits and subsidies represent a massive corporate giveaway–including for wealthy Americans who can already afford expensive electric vehicles–that will distort the market and cause energy and utility prices to soar for everyday consumers.
SAVINGS: Approximately $271 billion - $1.2 trillion
Prohibit Biden’s Student Loan Giveaway to the Wealthy
President Biden’s egregious executive action would direct 70% of the benefit to those in the top half of the income spectrum–while forcing the 87% of adults without student loans to pay for the 13% who do.
SAVINGS: Approximately $465 billion
3) GROW THE ECONOMY:
Strengthen the Workforce and Reduce Childhood Poverty
Right now, there are more job openings than people looking for work, in part because the Biden Administration has weakened some of the very work requirements that then-Senator Biden previously supported. By restoring these commonsense measures to assistance programs, we can help more Americans earn a paycheck, learn new skills, and reduce childhood poverty.
SAVINGS: Approximately $110-$120 billion
Prevent Executive Overreach and Restore Article I
The REINS Act would help Congress block efforts by Presidents of both parties to spend money outside of the normal process and impose massive new costs on the American people, which President Biden has abused to the tune of $1.5 trillion in unilateral executive actions.
Lower Energy Costs and Utilities
House Republicans’ H.R. 1 would unleash reliable, cleaner American-made energy, tap our abundant natural resources, cut red tape for project permitting, reduce our dependence on China and foreign adversaries, and lower the cost of gas and utilities.
4) A RESPONSIBLE DEBT LIMIT INCREASE
In exchange for these pro-growth and cost-saving policies, the debt limit would be responsibly lifted through March 31, 2024 or by $1.5 trillion–whichever occurs sooner–and be transmitted to the ever-so-robust legislative agenda of the United States Senate.
FAST FACTS; STRENGTHENING THE WORKFORCE AND ENDING CHILDHOOD POVERTY:
There is a workforce crisis in America that is fueling inflation, with nearly 10 million open jobs nationwide.
Work requirements help preserve taxpayer-funded resources for the truly needy.
These policies have led to millions of able-bodied adults getting off welfare and going back to work.
Work requirements are the most effective tools in lifting individuals out of dependency and into self-sufficiency, and improving lives.
Work helps end the cycle of dependency for children growing up in families on welfare.
This provision would add new workers to the workforce who would pay payroll taxes that support Social Security and Medicare, preserving those programs for future generations.
In states with work requirements, adults had their incomes more than double after leaving welfare.
Due to work requirements, 60 percent who have left welfare are working, employment rates among single mothers have increased dramatically, and child poverty has declined.
Work requirements will apply to able-bodied adults without dependents.
JOE BIDEN AND HOUSE DEMOCRATS’ FAILED TAX AND SPEND POLICIES CAUSED THIS DEBT CRISIS:
Since President Biden took office in January 2021, he and House Democrats have increased our 10-year spending trajectory by $10 trillion.
This includes ramming through their $2 TRILLION so-called "American Rescue Plan" that ignited the highest spike in consumer prices in forty years, including:
$400 billion for policies that reduced private sector employment such as expanding unemployment insurance benefits that too often paid Americans to stay home rather than go to work and dismantling the Child Tax Credit by removing work requirements.
Billions lost to fraud due to Democrats’ rejection of Republican safeguards.
Billions in inflationary waste and abuse, including: