House Republicans passed the Limit, Save, Grow Act last night, which would increase the debt ceiling until the end of March next year, at most. The act would also reverse several proposals enacted by President Joe Biden, including relief for federal student loan debt and newly allocated funding for the Internal Revenue Service. It would impose new work requirements on federal programs meant to help the poor and make broad cuts to government spending, ultimately reducing the federal budget deficit by an estimated $4.8tn over 10 years.
Democrats strongly oppose the act, calling it the Default on America Act or DOA, and believe it will not pass in the Senate. President Biden has promised to veto it as well.
White House Communications Director Ben LaBolt issued a statement criticizing Speaker McCarthy for making a deal with the most extreme MAGA elements of his party through the Cut Growth Act overnight deals. LaBolt stated that the deal would result in accelerating taking food assistance from hundreds of thousands of older Americans and not making changes to provisions that would strip away health care services for veterans, cut access to Meals on Wheels, eliminate health care coverage for millions of Americans, and ship manufacturing jobs overseas.
LaBolt accused House Republicans of selling out hard-working Americans to defend their top priority: restoring the Trump tax cuts for the wealthiest and corporations, which would cost over $3 trillion. He added that President Biden would never sacrifice opportunity and economic security for working and middle-class families to pay for tax cuts for the wealthiest and corporations.
LaBolt emphasized that budgets are a statement of values, and House Republicans have made it clear who they are fighting for.
Despite opposition, Republicans hope that passing the act will force Biden to negotiate with House speaker Kevin McCarthy to raise the debt ceiling, which the president has refused to do. The clock is ticking towards early June, when the US government could potentially default on its debt if a solution is not reached.
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