A sensible debt ceiling solution

By U.S. Rep. Bruce Westerman
R-Arkansas

Our nation has a serious debt problem, which goes hand in hand with our government’s irresponsible spending. The out-of-control cycle of federal spending has gone on for far too long, and it’s why we hit the debt ceiling…again. I’ve repeatedly said that we can’t just continue to raise the debt ceiling without making proactive spending changes. If you run up the bill on your credit card, a reasonable person doesn't just get another one to max out; but that’s what President Biden and radical Democrats want to do with America’s economy.

House Republicans finally said enough is enough, and we came up with a sensible solution to address the debt ceiling while also addressing Washington’s spending problem. Meanwhile, President Biden and his team have given our nation’s debt problem the same attention they’ve given the crisis at the border – they’re ignoring it and hoping it goes away. Rather than prioritizing our fragile economy, the President has remained focused on his political agenda and has failed to negotiate with Speaker McCarthy.

Debt ceiling negotiations are not new, and the President has a proven history of supporting and engaging in negotiations over the debt limit. He did so during his time in the Senate and while he was Vice President. We have an excellent opportunity to work diligently across the aisle to reduce unnecessary spending and strengthen our economy. It’s a shame that the President and far-left Democrats refuse to come to the table.

House Republicans always prioritize the American people and our economy, so we took action. I have never voted to raise the debt limit before, because there wasn’t responsible legislation that provided sensible, proactive solutions to get our country back on the right fiscal track. But now, House Republican leadership introduced such a plan, the Limit, Save, Grow Act, and I was proud to cosponsor it and pass it through the House. This bill could save taxpayers a minimum of nearly $5 trillion over the 10-year budget window and put the brakes on our annual spending.

Unfortunately, the left-leaning media has spread false information about the Limit, Save, Grow Act making devastating cuts to critical programs in our country. I assure you, despite the misinformation floating around, this legislation will not hurt veterans or seniors and will not cut mandatory veterans’ benefits, defense spending, Social Security, or Medicare. Instead, the Limit, Save, Grow Act prioritizes all Americans by restoring fiscal responsibility in our country without defaulting on our debts.

Our plan would end the era of reckless Washington spending. It establishes spending levels for Fiscal Year 2024 that mirror the Fiscal Year 2022 levels, while allowing for 1% annual growth for the next ten years. That means we’d be spending the same amount of money in October 2023 that we were spending in October 2022. No serious person would call that a dramatic, drastic, thoughtless cut. In addition to limiting spending, this plan would reclaim unspent COVID funds and save taxpayers over $50 billion. The pandemic is officially over, and so-called ‘COVID funds’ are sitting dormant and should be rescinded without delay – that’s what this plan will do. This plan will also defund Biden’s army of 87,000 IRS agents, repeal ‘Green New Deal’ tax credits, and prohibit President Biden’s student loan giveaways to the wealthy.

I’ve remained dedicated to delivering common-sense, science-based solutions to Americans. This is why H.R. 1, the Lower Energy Costs Act, is included in our plan. Unleashing American energy will undoubtedly boost the American economy while, at the same time, lowering the cost of gas and utilities for hardworking Americans.

In exchange for these pro-growth, cost-saving policies, the debt limit would be responsibly lifted through March 31, 2024, or by $1.5 trillion, whichever occurs sooner. This is what it looks like to prioritize the American economy. The Limit, Save, Grow Act of 2023 has passed out of the House, and now the ball is in the Senate’s court. House Republicans have proven we are serious about getting our country back on track. It’s time for Senate Democrats and President Biden to follow suit.