April 26, 2023

Arrington: This Is Where the Reckless Spending Stops

Today, House Budget Committee Chairman Jodey Arrington (R-TX)  delivered the following remarks during House debate of H.R. 2811, the "Limit, Save, Grow Act," which is the House Republican plan to responsibly address the debt ceiling.

Click here to watch Arrington's full remarks.

Chairman Arrington's remarks as prepared for delivery: Mr. Speaker, I rise today in support of H.R. 2811, the Limit, Save, Grow Act. Over the last two years, President Biden has financed his radical agenda and vast expansion of the federal government with an unprecedented $10 trillion in spending – $6 trillion of which has been added to the national debt – the highest level of deficit spending in the history of our country. This unbridled spending spree has resulted in sustained record inflation, soaring interest rates, an economy in a recessionary tailspin, – and a nation on the brink of a catastrophic debt crisis. Mr. Speaker, the fiscal state of the nation is bleak, our national debt is unsustainable, and the outlook grows more uncertain by the day. For 100 years, the debt ceiling has served as a check on our accumulating debt and its impact on the financial health of our nation. No responsible leader can look at the rapid deterioration of our balance sheet or the unsustainability of our deficit spending and stand idly by defending the status quo. Mr. Speaker, this isn’t a Republican problem or a Democrat problem – it’s America’s problem. It’s a mathematic reality that requires real leadership from both sides of the aisle before it’s too late. House Republicans’ debt ceiling proposal is an important first step to getting our fiscal house in order and a good faith effort to bring the President to the negotiating table. Our plan will reduce deficit spending, save taxpayers $4.8 trillion, and begin extinguishing the flames of our current cost of living crisis. First, we limit federal spending by reining-in and right-sizing the federal bureaucracy. Our bill will reduce FY24 discretionary spending levels by 9% – $130 billion – returning us to the same spending levels we were operating under just four months ago. Going forward, we will cap the growth of discretionary spending by 1% annually over the next ten years, reducing wasteful Washington spending by over $3T. Put simply, this bill would require Washington to do what every American has been forced to do as a result of Biden’s spending-induced inflation: tighten our belts and change our spending habits. Second, we save taxpayer dollars by reversing some of the Democrats’ reckless spending:

  • Reclaiming tens of billions unspent COVID funds.
  • Defunding the President’s army of 87,000 IRS agents.
  • Repealing special interest tax breaks for the largest Green Energy corporations.
  • And, rescinding President Biden’s unconstitutional student loan bailout.

Third, this legislation will grow the economy by returning to pro-growth, pro-work, pro-energy policies that will unleash American prosperity once again. It stops the assault on US energy production and restores American energy dominance. It reins in Biden’s unprecedented barrage of regulations – a major drag on our economic recovery, an unbearable burden on our small businesses, and lower wages and higher cost of goods for working families. And, it breaks the cycle of poverty and government dependence for generations of Americans by restoring commonsense, Clinton-era work requirements for able-bodied adults. It’s time to get America back to work, turn this economy loose, and let the tide of prosperity lift all boats. We have put forth a plan worthy of the people we serve. Now, we must put aside political small-mindedness and rise to meet the enormous challenge facing our great nation. If we fail to meet this moment, we risk being the first generation in history to leave our children with a weaker America, fewer opportunities, and a lower standard of living. Let me be clear: we will pay our creditors and protect the good faith and credit of the United States, but we will not give this president or any politician a blank check to bankrupt our country. This is where the reckless spending stops.  This is where we speak up for our children. This is where we fight together to save the country. I urge my colleagues to support H.R. 2811, and I reserve the balance of my time.