‘Reasonable’: Kevin McCarthy’s debt limit proposal earns praise from nonpartisan budget hawk -
The Committee for a Responsible Federal Budget released an analysis Friday of the House GOP’s 320-page debt limit bill. The think tank found that upon first look the legislation appears to make good on its promise to improve the nation’s “dreadful fiscal outlook” best summed up by the more than $31 trillion national debt.
The legislation also repeals major portions of Mr. Biden’s $739 billion climate change law, including $80 billion in IRS funding and more than $200 billion in green-energy tax credits. Also in the bill are an overhaul of the nation’s energy-permitting laws and provisions requiring congressional approval for any new regulations with an economic impact of more than $100 million per year.The CRFB estimates that rescinding the $80 billion in new IRS funding would add $100 billion to the deficit over the next decade by “allowing more tax cheating.” Likewise, the budget watchdog estimates the bill’s energy provisions will add $430 million to the deficit over the next decade.
Hardline Republicans within the House Freedom Caucus are opposed to raising the debt limit at all, saying the focus should be explicitly on cutting spending. More than a dozen GOP lawmakers are on the fence about the bill. Mr. McCarthy can lose only four votes on any legislation before having to rely on Democratic votes for passage.“They’ll either produce the votes and pass a bill out of the House next week, or they won’t,” said House Minority Leader Hakeem Jeffries, New York Democrat. “I’m pretty confident that not a single member of the House Democratic Caucus is going to support their extreme proposal.
“MAGA House Republicans are holding the American economy hostage in order to take a hatchet to programs Americans rely on every day to make ends meet,” said White House press secretary Karine Jean-Pierre. The Committee for a Responsible Federal Budget released an analysis Friday of the House GOP’s 320-page debt limit bill. The think tank found that upon first look the legislation appears to make good on its promise to improve the nation’s “dreadful fiscal outlook” best summed up by the more than $31 trillion national debt.
The legislation also repeals major portions of Mr. Biden’s $739 billion climate change law, including $80 billion in IRS funding and more than $200 billion in green-energy tax credits. Also in the bill are an overhaul of the nation’s energy-permitting laws and provisions requiring congressional approval for any new regulations with an economic impact of more than $100 million per year.The CRFB estimates that rescinding the $80 billion in new IRS funding would add $100 billion to the deficit over the next decade by “allowing more tax cheating.” Likewise, the budget watchdog estimates the bill’s energy provisions will add $430 million to the deficit over the next decade.
Hardline Republicans within the House Freedom Caucus are opposed to raising the debt limit at all, saying the focus should be explicitly on cutting spending. More than a dozen GOP lawmakers are on the fence about the bill. Mr. McCarthy can lose only four votes on any legislation before having to rely on Democratic votes for passage.“They’ll either produce the votes and pass a bill out of the House next week, or they won’t,” said House Minority Leader Hakeem Jeffries, New York Democrat. “I’m pretty confident that not a single member of the House Democratic Caucus is going to support their extreme proposal.
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