Tonight, House Republicans will deliver a historic win for the American people, reining in Joe Biden and extreme Democrats after their reckless spending spree pushed America to the brink of an unprecedented default. After nearly 100 days of refusing to engage with Speaker Kevin McCarthy and the House Republican Majority, Joe Biden finally caved, negotiated, and agreed to a deal that includes the largest deficit reduction in history.
Across the nation, Biden and Democrats’ reckless spending has put a major financial strain on American families. Under the Biden Administration, Democrats have increased our national debt to a staggering $31.4 trillion, amounting to a shocking $95,000 per American taxpayer. This burden will be passed onto America’s children and grandchildren, forcing them to pay the price of Biden and House Democrats’ excessive spending problem throughout their lifetimes. According to the Committee for a Responsible Federal Budget, a child born today inherits $4.6 million in debt, up from $1.5 million in 2014.
The Fiscal Responsibility Act reins in this reckless spending and restores fiscal sanity, ensuring Washington is held accountable for its out-of-control spending habits. For the first time in a decade, spending will be cut while preserving full benefits for our veterans and making critical investments in our national security. The deal claws back $29 billion in unspent COVID funds, the largest rescission in history, while simultaneously lifting Americans out of poverty by implementing consequential work requirements for welfare programs.
For the first time, “pay-go” rules will be implemented into law for the executive branch, holding Biden accountable for the full cost of his excessive executive rules and regulations, saving taxpayers trillions. The Fiscal Responsibility Act also streamlines the permitting process, allowing the United States to build more infrastructure, unleash more American energy, and lower costs for American families.
This legislation is the result of months of hard work from House Republicans, underscoring the need for a commonsense solution to the looming threat of default and the generational threat of staggering debt. Before the Department of the Treasury announced the June 5th debt default deadline, House Republicans had already passed the Limit, Save, Grow Act, proving mainstream media naysayers wrong that debt legislation could be passed with such a slim majority. Despite 60 percent of Americans agreeing any increase in the debt ceiling should be paired with spending cuts, Biden allowed the legislation to sit, vowing to veto while cowering from the negotiating table, and jet setting off to Asia instead of addressing the impending debt ceiling crisis.
Across the board, Democrat leaders from Biden to Schumer to Jeffries were slow to negotiate, calling for a clean debt ceiling package while being unable to pass it through the Democrat-controlled Senate. Instead, Democrats peddled misinformation to the media to try to distract from Biden’s clear lack of leadership. While Democrats continue to be in disarray, preferring political pageantry over solutions, House Republicans have stood together, passing a transformative fiscal package on behalf of the American people.
Since taking control of the House in January, House Republicans have delivered real legislative results day after day keeping promises to the American people, holding Biden and Democrats to task for ignoring the many crises of their own creation. The debt crisis is no different and the Fiscal Responsibility Act will transform the fiscal trajectory of the United States by putting the American people first, as should have been the case all along. House Republicans will continue to lead the legislative and policy agenda to save America.
Elise Stefanik, the House GOP Conference Chair, represents New York’s 21st Congressional District.
The views and opinions expressed in this commentary are those of the author and do not reflect the official position of the Daily Caller.