The U.S. House of Representatives recently passed the Limit, Save, Grow Act and is calling on President Joe Biden to proceed with the measure.
The bill aims to get wasteful spending under control and promote additional economic growth. It consists of provisions such as suspending the debt limit until March 31, 2024 – or until the debt increases by $1.5 trillion – establishing discretionary spending limits, rescinding certain unobligated funds, nullifying executive actions and regulations for canceling federal student loan debt, repealing or modifying tax credits for renewable and clean energy, establishing new work requirements for Medicaid and expediting the permitting process for various energy projects.
"It's time for President Biden to put partisanship aside and come to the table to negotiate with Republicans to avoid default and get America's fiscal house in order," Rep. Patrick McHenry (R-N.C.), chairman of the House Financial Services Committee, said in a statement.
Republicans assert that the bill will promote fiscal responsibility, reduce the deficit and create jobs, while Democrats criticize its potential impact on social programs and the environment.
"Unlike the Inflation Reduction Act, the Limit, Save, Grow Act ... actually does what it says it does," U.S. Rep. Jason Smith (R-Mo.), chairman of the Ways and Means Committee, said. "It puts real limits on future spending so that we begin to turn the ship back in a more fiscally sound direction."
House Republican leaders, including Speaker Kevin McCarthy and Majority Leader Steve Scalise, issued a statement after the passage of the Limit, Save, Grow Act. They claim the bill is a commonsense approach to tackling the country's debt crisis and will put an end to Democrats' excessive spending while strengthening important programs like Medicare and Social Security. They also criticize Biden and the Democrat-run Senate for ignoring the debt problem and "crafting lazy political attacks" instead of solutions.