Republicans unite to save the US economy with bill imposing spending restraints

It’s the end of April and the US is approaching an unofficial debt limit cutoff in early June. The White House is demanding a debt ceiling increase with no conditions, which goes against the US’s history of attaching conditions to debt ceiling increases. The Biden administration might be waiting for the House Republicans to unite and agree on a unified plan before negotiating further. This would give them a “blame the GOP” narrative if they cannot agree and the nation defaults. What if the Republicans unite and pass a bill that increases the debt limit but attaches modest spending restraints? That would show their willingness to govern, strengthen Kevin McCarthy’s hand, and complicate the Democrats’ messaging about opposition disarray.

The Limit, Save, Grow Act would return discretionary government spending to 2022 levels, cap annual growth at 1% for a decade, and raise the debt ceiling until March 31, 2024, or until the national debt increases by $1.5 trillion. House Republicans are planning to hold a vote on the bill later this week, with the expectation that they must secure at least 218 votes, especially with all expected to vote against them. The House GOP leaders believe that this would place pressure on Biden to negotiate, but Senate Majority Leader Chuck Schumer is toeing the party line of a ‘clean’ debt ceiling increase with no conditions. The White House has referred to the Republican plan as a “ransom note,” which is a typical piece of Democratic demagoguery these days.

However, some Democratic congressmen are already breaking rank and urging Biden to negotiate. Senator Amy Klobuchar thinks Biden should negotiate on the budget, while other Democratic senators Mary Landrieu and Joe Manchin have applauded the McCarthy bill’s proposed spending cuts. Even up and coming House Democrats, such as Greg Landsman of Ohio, are urging Biden to sit down with McCarthy and negotiate.

Republicans are not demanding anything unreasonable, especially considering that the national debt has more than doubled since 2011. It was only $6 trillion back in 1997. Democrats need to wake up and start meeting Republicans in the middle. The debt limit must be increased, but it should also be paired with modest spending restraint to safeguard the country’s financial future.

Written by Staff Reports

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