May 30, 2023

By the Numbers: Nonpartisan Report Confirms Fiscal Responsibility Act Will Save Billions

The Congressional Budget Office (CBO) released its analysis of the Fiscal Responsibility Act (H.R. 3746), showing that the bill reduces the federal deficit by $2.1 trillion over the next 10 years, including $240 billion of lower interest payments on the debt. 

In other words: this is the largest deficit reduction bill in American history.

As Chairman Jodey Arrington (R-TX) said earlier today, the Fiscal Responsibility Act “takes an important step to getting our nation’s fiscal house in order by stopping Democrats’ reckless spending, reining-in the runaway bureaucracy, and reviving our economy through pro-growth, pro-work, pro-energy policies.”
Key Findings:

  1. Record Spending Reduction: The Fiscal Responsibility Act reduces non-discretionary spending by $40 billion in FY 2024, the largest non-defense reduction ever. 
  2. Incentivises Work and American Energy Independence: With a focus on helping Americans reconnect to work and streamlining the permitting process for our energy producers, this legislation will bolster the labor force and reduce energy prices. 
  3. Reverses Biden’s Blank Check: This bill is the biggest recission package in history—including cuts to monies for Biden’s student loan giveaway to the wealthy and slush fund for the IRS.

READ MORE: The Fiscal Responsibility Act, Budget Committee Summary and Overview. 
WATCH: Committee Member Rep. Estes Testifies at Rules Committee on the Fiscal Responsibility Act.
BY THE NUMBERS: The Fiscal Responsibility Act is the Largest Reduction to Non-Defense Discretionary Spending in American History.