Limit, Save, Grow Act of 2023

Floor Speech

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Mr. LARSEN of Washington. Mr. Speaker, I rise to condemn H.R. 2811, the GOP's Default on America Act, which puts politics over people by making deep cuts that kill jobs, harm the economy and immediately impact families, seniors and small businesses in Northwest Washington. According to House Budget Committee and White House estimates, in my home state of Washington, the Default on America Act would:

Put 371,000 people at risk of losing Medicaid coverage;

Cut approximately $67 million in Title I funding for schools serving low-income children, impacting an estimated 420,000 students and reducing program funding to its lowest level in almost a decade;

Make college more expensive for at least 308,000 students who receive Pell Grants;

Threaten access to food assistance for 19,000 people;

Eliminate preschool and child care for at least 4,800 children;

Increase housing costs for at least 17,400 people;

Eliminate at least 6 air traffic control towers;

Cut at least 240 rail safety inspection days;

Repeal investments in cleaner, cheaper energy--threatening at least 800 clean energy and manufacturing jobs announced in Washington since the passage of the Inflation Reduction Act.

The Default on America Act would also undermine transportation safety, harm the environment and prevent communities from investing in critical infrastructure projects for the next decade.

By making the U.S. default on certain debt obligations, the extreme GOP plan would also downgrade the U.S.' credit rating and international standing.

According to House Budget Committee estimates, in Washington's Second Congressional District, defaulting on the debt would:

Kill about 7,300 jobs in Northwest Washington;

Jeopardize Social Security payments for 103,000 families in my district;

Put health benefits at risk for 295,000 individuals in my district who rely on Medicare, Medicaid or Veterans Affairs health coverage;

Increase lifetime mortgage costs for the typical homeowner in Washington by approximately $81,000;

Raise the costs of a new car loan for the typical American by approximately $800;

Threaten the retirement savings of more than 102,000 people near retirement in my district, eliminating $20,000 from a typical retirement portfolio.

Congress must put people over politics by ensuring the U.S. government meets its obligations while ensuring historic investments like the Bipartisan Infrastructure Law and the Inflation Reduction Act are fully implemented to create more jobs, lower costs and build cleaner, greener, safer and more accessible communities in the Pacific Northwest and across the country.

I call on my House colleagues to join me in voting ``No'' on the extreme GOP Default on America Act.

The material previously referred to by Mr. Ryan is as follows:

Mr. Ryan of New York moves to recommit the bill H.R. 2811 to the Committee on Ways and Means with instructions to report the same back to the House forthwith with the following amendment:

Strike all after the enacting clause and insert the following: SECTION 1. TEMPORARY EXTENSION OF PUBLIC DEBT LIMIT.

(a) In General.--Section 3101(b) of title 31, United States Code, shall not apply for the period beginning on the date of the enactment of this Act and ending on April 30, 2025.

(b) Special Rule Relating to Obligations Issued During Extension Period.--Effective on May 1, 2025, the limitation in effect under section 3101(b) of title 31, United States Code, shall be increased to the extent that--

(1) the face amount of obligations issued under chapter 31 of such title and the face amount of obligations whose principal and interest are guaranteed by the United States Government (except guaranteed obligations held by the Secretary of the Treasury) outstanding on May 1, 2025, exceeds

(2) the face amount of such obligations outstanding on the date of the enactment of this Act.

(c) Extension Limited to Necessary Obligations.--An obligation shall not be taken into account under subsection (b)(1) unless the issuance of such obligation was necessary to fund a commitment incurred pursuant to law by the Federal Government that required payment before May 1, 2025.

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