Rep. Malliotakis Comments On Passage Of House Republicans Plan To Rein In Federal Spending, Raise Debt Ceiling

Malliotakis on Passage of House Republicans’ Plan to Rein in Federal Spending: “It’s Time for Biden to Come to the Table”

(WASHINGTON, DC) – Congresswoman Nicole Malliotakis (NY-11) released the following statement regarding the passage of House Republicans’ Limit, Save, Grow Act of 2023, their plan to responsibly increase the debt ceiling and reduce the federal deficit by $4.8 trillion over the next ten years.

“In the two years that President Biden and the Democrats had complete control of our federal government, they went on an unsustainable spending spree creating the highest inflation in forty years and adding trillions to our national debt. Instead of increasing the debt limit to pay for their mess in December, Democrats left Republicans to pick up the pieces. Our Limit, Save, Grow Act outlines our priorities to limit government spending, reduce our debt and implement pro-growth fiscal policies. Now it’s time for the Senate and the White House to come to the table and negotiate in good faith to prevent a default and implement a responsible economic plan.”

WATCH MALLIOTAKIS’ REMARKS ON THE LIMIT, SAVE, GROW ACT OF 2023 BELOW:

Specifically, the Limit, Save, Grow Act of 2023 will:

• • Limit future spending by returning discretionary spending to pre-pandemic levels while maintaining a strong national defense and protecting Medicare and Social Security

 

• • • Reduces excessive government spending by setting FY24 discretionary spending at FY22 levels (estimated $131 billion in immediate savings)
    • Caps growth of discretionary spending at 1% per year for the next ten years while maintaining current funding for national defense, veterans, and national security (estimated $3.6 trillion savings over ten years)
    • Protects funding of our national defense and makes no cuts to Medicare or Social Security

 

• • Save taxpayer money

 

• • • Claws back unobligated COVID funds (roughly $50 billion in immediate savings)
    • Defunds the Democrats’ massive expansion of the IRS (estimated $71 billion in immediate savings)
    • Repeals federal spending on Green New Deal tax credits (at least $271 billion in savings)
    • Prohibits the illegal Biden student loan bailout (estimated $465 billion in savings)

 

• Grow the economy and workforce by increasing American energy production, reducing federal regulatory burdens, and instituting reasonable work requirements for able-bodied citizens who receive federal benefits
  • Includes the REINS Act to require Congressional approval of any federal regulation that has an economic effect of at least $100 million, spurring economic growth and reducing the burden on small businesses and families
  • Institutes reasonable, Clinton-era work requirements on SNAP, TANF, and Medicaid to lift people out of poverty, grow the workforce, and reduce federal entitlement spending (estimated $120 billion in savings)
    • Adjusts the age of existing SNAP work requirements from 18-49 (current law) to 18-55 (maintaining current law exemptions for parents, pregnant women, students, and those with disabilities)
    • 19-55 year-olds on Medicaid will be required to work, volunteer, or enroll in a work training program for at least 80 hours per month (with the same SNAP exemptions)
    • Eliminates gimmicks that states exploit to exempt TANF recipients from work requirements under current law
  • Includes the Lower Energy Costs Act to increase domestic energy production and exportation, reduce regulatory burdens, and reform permitting across all sectors of the economy (including $20 billion in immediate savings by repealing the Green New Bank)

Banner Image: US Capitol Building, Washington, DC. Image Credit – Louis Velazquez