Washington, DC – Congressman Frank Lucas (OK-03) released the following statement after the U.S. House of Representatives passed H.R. 2811- the Limit, Save, Grow Act of 2023, a bill to address the debt ceiling and reduce federal spending. Lucas supported the legislation.
“America’s national debt today exceeds $31.7 trillion. More than $6 trillion of that debt was accrued within the last two years under the reckless spending of President Biden and Washington Democrats- the highest level of deficit spending in the history of our country. Simply put, our national debt is unsustainable and a symptom of Washington’s fiscal irresponsibility- but it’s not unfixable. Congress- and the Biden Administration and future administrations- has the ability to enact sensible reforms to programs and return fiscal responsibility to our country’s budget,” said Congressman Lucas. “House Republicans’ Limit, Save, Grow Act is a responsible act that reins-in and limits future federal spending, saves taxpayer dollars, and is a good faith effort to bring President Biden to the negotiating table.
“Republicans and Democrats alike understand we should never put the nation’s full faith and credit at risk and allow the United States to default on our debt. The failure to right-size federal spending and lift the debt ceiling would be recklessly irresponsible and would cause serious and unnecessary economic harm to our country, Social Security recipients, and veterans. Addressing the debt ceiling will require finding common ground. House Republicans have put forth a plan representative of the people we serve. Now Washington must act to cut wasteful spending, lift the debt ceiling, and return our fiscal house to order.”
The Limit, Save, Grow Act would suspend the debt ceiling through either March 31, 2024 or a $1.5 trillion increase from the current $31.4 trillion ceiling – whichever comes first. The Congressional Budget Office (CBO) finds the bill would save $4.8 trillion through FY 2033, with about $4.3 trillion of policy savings and $545 billion of interest savings.
The Limit, Save, Grow Act would return total discretionary spending to the Fiscal Year (FY) 2022 level in FY 2024 and cap annual growth at 1 percent for a decade thereafter; rescind unspent COVID relief funds; repeal most of the Inflation Reduction Act’s (IRA) energy and climate tax credit expansions; rescind the IRA’s increased Internal Revenue Service (IRS) funding; make changes to and improve energy, regulatory, and permitting policies; reform work requirements in several federal safety net programs; and prevent implementation of President Biden’s student debt cancellation and Income-Driven Repayment (IDR) expansion.
According to the Committee for a Responsible Federal Budget, a nonpartisan, non-profit organization committed to educating the public on issues with significant fiscal policy impact, while returning to 2022 levels would mean an 8 percent cut relative to this year, that reduction follows a 9 percent increase last year and a total increase of 37 percent since 2017. Returning spending to FY 2022 levels next year would leave 2024 spending:
- $215 billion above what President Obama proposed for 2024 in his final budget.
- $125 billion above what President Trump proposed for 2024 in his final budget.
- 25 percent, or $300 billion, above 2017 levels.