Speaker slams Biden as he introduces plan to repeal IRS funding, end student loan forgiveness and pull back COVID funds
- The House Speaker says his plan will save $4.5T by capping spending at fiscal year 2022 levels in 2024, then limit growth to 1% per year
- The Limit Save Grow proposal includes a wide-ranging host of priorities– it would rescind unspent Covid-19 funds, ban student loan forgiveness
- It would get rid of some green tax credits, institute stricter work requirements for social programs
House Republicans are proposing to lift the debt ceiling by $1.5 trillion or extend borrowing until March 31, 2024 and Speaker Kevin McCarthy plans to hold a vote on the package by as soon as next week.
McCarthy said on the House floor the plan, led by Budget Chair Jodey Arrington, R-Texas, will save $4.5 trillion by capping spending at fiscal year 2022 levels in 2024, then limit growth to 1 percent per year.
President Biden almost immediately knocked the ‘Limit Save Grow’ act after McCarthy announced it in a floor speech.
‘Just two days ago, the Speaker of the House Kevin McCarthy went to Wall Street to describe the MAGA economic vision: massive cuts to programs you count on, massive benefits protected for those at the top. Folks, it’s the same old trickle-down dressed up in MAGA clothing,’ Biden tweeted.
‘America is not a deadbeat nation,’ Biden told a crowd in a Maryland speech Wednesday. ‘Take default off the table,’ Biden said in a comment directed at McCarthy.
Biden told McCarthy to pass a ‘clean’ debt ceiling without giving into the ‘wacko’ demands of his caucus.
