2023’s first quarter economic report showed a decline in the U.S. GDP growth rate to 1.1 percent, making clear the lasting impact severe inflation has had on our economy. The damage done by reckless and wasteful spending emphasizes the importance of fiscal responsibility and pro-growth policies. This is especially true as our nation’s debt crisis remains unresolved and we barrel toward reaching our debt ceiling.
This week, the Limit, Save, Grow Act – a bill to bring some fiscal sanity back to Washington – passed the House with my support. While no one bill will solve our fiscal challenges, the Limit, Save, Grow Act is a starting point. I am hopeful the bill will lead to good faith negotiations between Congress and the president. In 2011, then Vice President Biden criticized those with a “my way or the highway approach” to these sorts of negotiations saying, “you have to compromise.” Unfortunately, President Biden has said he will not negotiate with Congress on the debt ceiling, an irresponsible approach that – if not abandoned – will lead to lasting damage to the full faith and credit of our country. Even Democrats are encouraging the president to come to the table to find a path forward.
The Limit, Save, Grow Act responsibly addresses the debt ceiling and includes significant savings—an estimated $3.6 trillion over 10 years – and puts our country on a better trajectory. We do this by cutting wasteful spending, reclaiming the IRS funding intended to increase audits on families and small businesses, stopping the Green New Deal, getting Americans back in the workforce, and ensuring we pay our debts without compromising our ability to compete and advance American energy dominance.
The American Enterprise Institute has estimated more than 40 percent of COVID relief payments ended up in fraudulent hands, and it concerns me greatly that more attention hasn’t been paid to these fraudulent payments. The Limit, Save, Grow Act would also reclaim unspent COVID relief funds, delivering on House Republicans’ commitment to a government that’s accountable.
With the support of many of my Midwestern colleagues, we were able to ensure the bill was amended to preserve important biofuels tax credits. Biofuels are an important part of our all-of-the-above energy portfolio and help lower costs for consumers and increase U.S. energy independence. Furthermore, the industry creates and supports good-paying jobs across the country, especially here in Nebraska.
The debt ceiling exists for a reason – as a lever to address spending – and addressing it requires good faith, bipartisan cooperation.
Washington must confront America’s debt crisis, and I’m grateful House Republicans were able to construct a plan to do so without compromising our ability to meet our financial obligations. The House is doing its part – now it’s time for President Biden to come to the negotiating table.