WASHINGTON, D.C.(Press Release) – On Wednesday, U.S. Representative Dusty Johnson (R-S.D.) issued a statement following the passage of the Republican Limit, Save, Grow Act to ensure Congress reins in federal spending and avoids a default on the federal debt.
“We are $32 trillion in debt, and if President Biden refuses to negotiate, America will default on our debts in six weeks. Today, House Republicans went to work on both of those problems,” said Johnson. “The fiscal state of our nation is dire. Our plan will grow the economy, decrease unnecessary spending, increase opportunity for Americans, and allow the Treasury to pay back what we already owe. I fought to have a cap on federal spending and work requirements for welfare recipients included in this package, and I am pleased to see those priorities pass the House overwhelmingly.
“President Biden has ignored Speaker McCarthy for nearly 90 days – that’s not leadership. I encourage the President to get serious about our out-of-control debt and come to the negotiating table as soon as possible. The ball is in his court.”
- Since President Biden took office in January 2021, the 10-year spending trajectory has increased by $10 trillion.
- The Limit, Save, Grow Act:
- Sets Fiscal Year 2024 levels at Fiscal Year 2022 levels—where the government was operating just four months ago—and caps spending at 1% annual growth over the next 10 years.
- Eliminates funding for President Biden’s 87,000 new IRS agents.
- Reclaims nearly $60 billion in unused COVID-era dollars.
- Repeals “Green New Deal” tax credits and subsidies.
- Rolls back President Biden’s plan to forgive $465 billion in federal student loans.
- Strengthens welfare program work requirements for individuals without children or disabilities.
- Unleashes American energy projects by implementing H.R. 1.
- In exchange for these cost-saving policies, the debt limit would be responsibly lifted through March 31, 2024, or by $1.5 trillion.