House Republicans Unveil Debt Ceiling, Spending Cut Package

House Speaker Kevin McCarthy (R-CA) and Republican leadership unveiled the Limit, Save, Grow Act of 2023, a bill that aims to raise the debt ceiling while tackling America’s national deficit, on Wednesday.

The Republican debt ceiling proposal would raise the debt limit by $1.5 trillion, which would likely extend the limit through March 2024. The bill aims to cut federal spending by $130 billion in the next year.

Among many other things, the debt ceiling plan would:

• Rescind unobligated coronavirus aid money
• Block “unfair” student loan giveaways
• Repeal “market distorting green tax credits”
• Repeal the roughly $80 billion in funding to hire 87,000 IRS agents made available thanks to the Inflation Reduction Act
• Implement the Regulations from the Executive in Need of Scrutiny (REINS) Act, which would curb the regulatory state
• Enact H.R. 1, the Lower Costs Energy Act, a sweeping energy reform bill

McCarthy, Majority Leader Steve Scalise (R-LA), Majority Whip Tom Emmer (R-MN), Conference Chair Elise Stefanik (R-NY), and Budget Committee Chairman Jodey Arrington (R-TX) said in a written statement:

The American people expect and deserve serious, sensible action to address our soaring national debt. Unfortunately, President Biden has avoided taking any action, even though he added $6 trillion to our nation’s debt burden in two years and caused historic inflation that continues to hurt families and small businesses. The President seems to have no interest in negotiating a responsible debt limit increase. What President Biden is demanding is irresponsible.

President Biden’s reckless spending created record inflation, made us more dependent on China, and undermined Social Security and Medicare. We must address record spending now. If we don’t, America will be weaker and families will be worse off.

House Republicans unveiled the Limit, Save, Grow Act of 2023 as President Joe Biden has refused to negotiate with McCarthy on a potential solution to raise the debt ceiling while tackling runaway spending under the 46th president.

WATCH: McCarthy Sounds the Alarm over National Debt: “Every Great Society Collapses When They Overextend”

McCarthy and the rest of the House Republican leadership said that the plan would work to curb the historic levels of inflation America continues to experience:

Since President Biden continues to hide, House Republicans will take action.

The Limit, Save, Grow Act will limit federal spending, save taxpayers trillions of dollars, grow our economy, and lift the debt limit into next year. This legislation will make us less dependent on the whims of the Chinese Communist Party and curb high inflation, all without touching Social Security or Medicare — because no one is hurt more by inflation than seniors.

“We owe it to the American people to save the economy, stand up for hardworking taxpayers, and return to a path to fiscal responsibility,” the House Republicans concluded in their joint statement. “President Biden has a choice: come to the table and stop playing partisan political games — or cover his ears, refuse to negotiate, and risk bumbling his way into the first default in our nation’s history.”