House Republicans drove the public narrative around the debt ceiling negotiations between President Biden and Speaker McCarthy, and the result is a historic series of wins for the American people.
The Fiscal Responsibility Act is already being hailed as a massive victory for Republicans by the media. The Wall Street Journal
Editorial Board noted that “by staying united, the House GOP forced concessions from Biden” in the debt ceiling negotiations. The New York Post’s
Editorial Board said, “McCarthy’s debt-limit deal is a win for Republicans and the nation.
CNBC called the Fiscal Responsibility Act a “Republican victory
.” Former Speaker Newt Gingrich declared that “Republicans win on the debt ceiling
reported that “Republicans got their wish for tighter work requirements for some Americans on federal benefits” in the Fiscal Responsibility Act and added that it would
rein in government overreach, limit inflationary spending, and lift Americans out of poverty and into the workforce.
reported that in “another concession to Republicans, the[ Fiscal Responsibility Act] rolls back $10 billion…in IRS funding approved in Biden's Inflation Reduction Act.”
MAKE NO MISTAKE:
The Fiscal Responsibility Act will restore fiscal sanity and hold Washington accountable.
THE FACTS ABOUT FISCAL RESPONSIBILITY ACT:
1. Stop Out-of-Control Inflationary Spending
2. Lift More Americans Out of Poverty
- 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
- For the first time in over a decade, our federal government’s discretionary spending will be less next year than this year.
- Cuts over $2 trillion in government spending, while fully funding defense and veterans programs, Social Security, and Medicare.
- Cuts total spending in FY24, including a return of non-defense discretionary spending (excluding veterans benefits) to below FY22 Levels.
- Breaks funding parity between defense and non-defense with an immediate 11% cut on woke, weaponized bureaucracy, while increasing funds for national defense, veterans, and border security.
- This will be the largest deficit reduction bill in history.
3. Claw Back Tens of Billions in Unspent COVID Funds
- Enact consequential reforms to SNAP and TANF to save taxpayer dollars, get Americans back to work, and grow the economy
- Adjusts the age of existing SNAP work requirements from 18-49 (current law) to 18-54 for able-bodied workers without dependents (maintaining current law exemptions for parents, pregnant women, students, and those with disabilities).
- Reduces waivers and closes loopholes that states use to exempt their citizens from SNAP and TANF work requirements.
- While Democrats prefer dependency, Republicans are focused on incremental steps to improve our economy and the livelihood of those participating in it.
- SNAP is just as much about nutrition security as it is about financial security, and this bill moves us in the direction of making certain our work-capable adults have access to employment, career and technical training, and simply put, opportunity.
4. Rein in Executive Overreach
- Claws back $29 billion of unobligated, unspent COVID funds.
- Slashes $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.
5. Cut Red Tape and Streamline Energy & Infrastructure Projects
- 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
- In the first two and a half years alone, Biden’s executive actions have totaled OVER $1.5 trillion in spending.
6. Slash Funding for Biden's New IRS Agents
- Accelerate projects and cut costs with the first significant reform to the National Environmental Policy Act (NEPA) since 1982
- Codifies the “One Federal Decision” framework to set time limits on environmental reviews, allow developers to deal with a single federal agency, and reduce duplicative forms and reviews.
- Limits the scope of NEPA to reduce the federal government’s regulatory footprint.
- Will allow us to build more infrastructure, produce more energy in America, better compete with China, and lower costs for American families.
7. Restart Student Loan Repayments
- Nix the total FY23 staffing funding request for new IRS agents
- America has a spending problem, not a revenue problem. Tax revenues in 2022 were the second-highest ever outside of World War II. The FRA will ensure hard working Americans are not targeted by Biden’s IRS army.
8. Make Congress Work Again
- Require borrowers to be responsible for paying off their student loan debts, saving taxpayers an estimated $5B per month
- Since March 2020, 99 percent of federal student loan borrowers, regardless of income or ability to work, have not been required to make a student loan payment—not a single penny in three years. It is a nearly $200 billion spending spree predominately benefiting lawyers, doctors, and bankers who racked up their debt in graduate school.
- The Democrat's repayment pause steals from the poor to pay for the rich, fuels inflation, and ignores the rising cost of college.
9. Protect Our Seniors, Veterans, and America's National Security
- Compel a functioning appropriations process by imposing a temporary 99% CR-level cap until all 12 appropriations bills are enacted
10. Block Biden & Congressional Democrat Demands for New Taxes
- Ensure full funding for critical veterans programs and national defense priorities, while preserving Social Security and Medicare
- Reject all of Biden's $5 trillion in proposed new tax increases, new government mandates, and new federal programs