McCarthy Debt Limit Plan
It's a step in the right direction, but the fight isn't over
House Speaker Kevin McCarthy announced his plan to address our nation’s rapidly rising debt this week. In exchange for raising the debt limit by $1.5 trillion, the “Limit, Save, and Grow Act of 2023” would:
Cut federal spending by $4.5 trillion
Defund Joe Biden’s doubling of the IRS
Block Joe Biden’s student loan bailouts
Strengthen work requirements for the federal food stamp program
Cut Green New Deal spending programs
Reclaim unspent COVID funds
Implement the REINS ACT requiring Congress to approve major regulations before they can take effect
McCarthy’s plan is a good start, but more spending cuts and stricter work requirements for food stamps should be included.
Also, THIS PLAN IS NOT FINAL. Several moderate Republicans are already threatening to vote against it if it doesn’t include more spending for their liberal priorities. They want everything from green energy tax credits to state and local (SALT) tax deductions to ethanol and biodiesel subsidies.
“The Freedom Caucus plan is wagging the conference dog,” one House Republican said, referring to our members who pushed McCarthy to include our priorities.
We’re winning this fight, but conservatives need to hold strong and keep pushing. Many Democrats are already questioning President Biden’s refusal to negotiate on this issue. Now is not the time for House Republicans to go soft.