Arrington defends plan to raise debt ceiling, curb expenses
LUBBOCK, Texas (KCBD) - Lubbock Congressman Jodey Arrington appeared on Fox News Monday morning, defending the newly-revealed debt ceiling plan.
Arrington was selected as Chairman of the House Budget Committee for the 118th Congress earlier this year. In this role, he addresses many of the Unites States’ fiscal issues, including the debt ceiling.
During his interview, he spoke of House Speaker Kevin McCarthy’s Limit, Save, Grow Act. This plan would not only raise the debt ceiling by $1.5 trillion, but would limit spending over the next decade.
The new debt ceiling would be raised until March 31, 2024, or until spending reaches the new limit of $32.9 trillion. To accommodate these additional funds, government spending would be cut $4.5 trillion over the next ten years.
“There’s a number of common sense spending controls we could put into place, like President Biden had done in the past as senator and vice president, and I think the American people--who, by the way, have tightened their belt and changed their spending habits--expect their nation’s government and federal leaders to do the same,” Arrington stated.
The non-partisan congressional budget office confirmed the GOP’s plan would save nearly $5 trillion.
Although the plan begins to address the national debt issue, some reports are predicting adverse effects. A report from Moody’s Analytics states the plan would slow economic growth and increase the chances of a recession. It estimates about 780,000 jobs would be cut by the end of 2024, resulting in an unemployment rate of more than 4.5 percent.
It also rolls back domestic and non-defense spending allotted for 2023. This includes much of the Biden Administration’s plans for climate change and student lending. It limits future spending growth to one percent per year.
It would also roll back parts of the Inflation Reduction Act, a pivotal piece of legislature for the Biden Administration.
Arrington released the following statement:
Over the last two years, the Biden Administration’s reckless spending and failed economic policies have resulted in record inflation, soaring interest rates, and an economy in a recessionary tailspin – with the prospect of a catastrophic debt crisis looming on the horizon.
Unsurprisingly, this spending spree has sent us slamming up against the debt ceiling, which for 100 years has served as a check on our accumulating national debt and its impact on the financial health of our nation.
Let me be clear: we will pay our creditors and protect the good faith and credit of the United States, but it would be irresponsible to raise the debt ceiling without commonsense spending controls.
House Republicans have presented a debt ceiling proposal that will restore fiscal sanity in Washington before it’s too late.
This plan limits federal spending by reining in and right-sizing the federal bureaucracy; saves taxpayer dollars by reversing some of the Democrats’ reckless spending; and grows the economy by returning to pro-growth, pro-work, pro-energy policies, unleashing American prosperity once again.
Copyright 2023 KCBD. All rights reserved.