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Washington, D.C. – Today, Congressman Michael Guest voted in favor of the Limit, Save, Grow Act of 2023 that would lower government spending and avoid a government default on its debt obligations. The legislation passed the House of Representatives 217-215 and awaits action in the United States Senate.
“Two years of reckless spending has driven our nation to the edge of a debt default and has created an inflation crisis that has cut the real wages of all Americans,” Congressman Guest said. “This legislation tackles both problems by cutting wasteful spending while avoiding a debt default crisis that would cripple our economy. This is the first step in rebuilding a strong economy and putting our nation back on the right track to fiscal responsibility. I encourage President Biden and Senate Democrats to consider this important legislation immediately. Any delay or continued political posturing would jeopardize our nation’s fiscal and financial wellbeing in the coming months.”
The legislation would cut spending by establishing Fiscal Year (FY) 2024 spending levels at FY 2022 levels and allow for 1% growth over the next 10 years. Additionally, it would reclaim unspent COVID-19 response funds, defund the provision in the Inflation Reduction Act (IRA) to hire an additional 87,000 IRS agents, repeal uncapped “Green New Deal” tax credits, and lower energy costs through the provisions outlined in H.R. 1. The Limit, Save, Grow Act protects funding for America’s national defense, veterans, Medicare, and Social Security.
The Congressional Budget Office’s (CBO) report on the legislation showed that it would reduce the deficit by about $4.8 trillion over the next 10 years. The CBO estimates that the deficit for 2023 will be $1.4 trillion — or 5.3 percent of Gross Domestic Product (GDP) — and is expected to rise to 6.9 percent of GDP by 2023. As of April 26, 2023, the current national debt stands at nearly $31.5 trillion.
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