Limit, Save, Grow Act of 2023

Floor Speech

Mr. Speaker, my friends on the other side of the aisle will claim they are being ``fiscally responsible.'' Let's be clear. There never has been and never will be anything fiscally responsible about refusing to pay America's bills. Killing millions of jobs is also not fiscally responsible. Neither is knowingly unleashing a recession.

That is why even former President Trump said: ``I can't imagine anybody ever even thinking of using the debt ceiling as a negotiating [tool].''

Now, I had hoped that when the Speaker referred to the budget process and debt ceiling as ``apples and oranges,'' it meant my friends on the other side finally understood the real-world ramifications of their reckless brinkmanship, yet here we are.

Republicans' DOA act, the default on America act, will cut investments, crush job creation, and crash the economy.

Their default on America act must be DOA. There is no way Congress will agree to 10 years of destructive caps and the biggest single cut to nondefense programs in American history.

For what? In exchange for a few months of respite before we would have to go through this debt ceiling roller coaster all over again.

Mr. Speaker, when the American people hear what I just said, the biggest single cut to nondefense programs in the history of the American Government, they might be wondering what exactly that means.

Well, here are some specifics:

First, in total, we are talking about an immediate cut of at least $142 billion.

That would mean, for example, public safety. After recent near- misses, under this bill, 125 air traffic control towers would be shut down, impacting one-third of all airports. Following the disastrous derailments in eastern Ohio and West Virginia, rail safety jobs would be dramatically reduced, with 11,000 fewer safety inspection days and 30,000 fewer miles of track inspected annually.

Our communities would be less safe with the cut of Federal support to 60 local law enforcement agencies, 300 to 400 fewer local law enforcement positions, as well as approximately 11,000 fewer FBI personnel.

On health, amid a mental health and overdose crisis, nearly 1 million people facing a suicidal or mental health crisis would be unable to access support services through the 988 suicide and crisis lifeline, and tens of thousands of individuals could be denied admission to opioid use disorder treatment.

In terms of families and nutrition, with the looming rise of food insecurity, nutrition services such as Meals on Wheels would be cut for more than 1 million seniors.

How can we allow this to happen?

We simply cannot and must not.

Now, many of us on this side of the aisle who will be speaking will detail even more of the cuts that are included in this DOA, default on America act, but for now, Mr. Speaker, I reserve the balance of my time.

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Mr. BOYLE of Pennsylvania. Pelosi), Speaker Emerita of the House.

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Mr. BOYLE of Pennsylvania. Mr. Speaker, I remind my fellow Pennsylvanian, as well as all the Members of this House, that according to Moody's Analytics, the legislation that is in front of us ``would meaningfully increase the likelihood of recession.'' And lead to 800,000 job losses by the end of 2024.

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Mr. BOYLE of Pennsylvania. DeLauro), the ranking member of the Appropriations Committee.
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Mr. BOYLE of Pennsylvania. Mr. Speaker, just to be clear, to correct the Record, three times under former President Trump, the debt ceiling was increased.

Many of us on this side of the aisle voted for it, even though it was a President not of our own party. In those three debt ceiling increases, zero of them, zero included cuts to any government spending.

In fact, two of them included increases to government spending.

Mr. HIGGINS of New York. Mr. Speaker, I rise today in opposition to H.R. 2811.

Under President Biden, we have created 12 million jobs, including 800,000 manufacturing jobs, and unemployment is at a 54-year low.

The previous administration lost 3 million jobs in 4 years, including nearly 300,000 manufacturing jobs.

This irresponsible proposal on the floor today would tank our economic recovery and hurt hardworking families, and it would not be good for my western New York district.

Throughout the pandemic, this Congress worked together to keep families strong amidst unprecedented uncertainty. It is shocking how anti-family this bill is.

This bill will lead to less healthcare for parents and children. More kids will go to bed hungry because their parents can't afford food. It would cut healthcare for veterans, hurting not only them but their families and caregivers, as well.

Congress raised the debt limit nearly 80 times since 1960--the majority of those taking place under Republican Presidents.

It is time for the GOP to stop playing games with the livelihood of American families.

I ask my colleagues to join me in rejecting this proposal and instead pass a clean bill that prevents the first default in our Nation's history.

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Mr. BOYLE of Pennsylvania. Jackson Lee), a distinguished member of the Budget Committee.

Ms. JACKSON LEE. Mr. Speaker, no American, no patriot would stand on this floor representing the American people and argue for the default on America legislation.

To refuse to pay our bills is an insult to the men and women who swore to die for this country. You want to know why? Because it would cut 30 million visits from veterans at the veterans' hospitals and 81,000 jobs from the Veterans Health Administration.

It would increase the wait times for benefits like pensions and jeopardize the National Cemetery Administration caring for our cemeteries.

If you are in retirement, $20,000 could be lost out of your retirement. Is that patriotic?

In addition, you would cut grants for low-income students. You would cut and cause the expense of colleges to go up in Texas and around the Nation. In the 18th Congressional District you would jeopardize Social Security payments from $61,000, put public health benefits at risk for 242,000 people, and increase lifetime mortgage costs. You would raise the debt $1.74 trillion.

This is unpatriotic. It is not representative of what America stands for. Vote against a bill that strips food assistance from 4,000 Texans.

Mr. Speaker, as a Senior Member on the House Budget Committee, I rise today in strong opposition to H.R. 2811, the Limit, Save, Grow Act.

This reckless proposal would painfully impact the lives of millions of Americans by making disastrous cuts to programs that workers and families count on every day and by risking the full faith and credit of the United States.

The outrageous proposal sets the FY 2024 discretionary spending levels at no more than the FY 2022 level, which would require a total cut of at least $142 billion from the FY 2023 appropriations Act.

Cutting FY 2024 discretionary spending back to FY 2022 levels would endanger public safety, increase costs for families, undermine American workers, hurt our seniors, and weaken our national security.

Instead of investing in America, Republicans would rather focus on holding our economy hostage to advance unpopular and dangerous right- wing priorities.

The Republican default package is playing a brinkmanship game using the threat of economic catastrophe to try to force cuts in green energy investment, a rollback in enforcement against wealthy tax cheats, a war on poor people, and service cuts for taxpayers and Social Security beneficiaries.

Breaching the debt limit would provoke unprecedented economic damage and instability in the U.S. and around the world.

Every single American would feel the effects of a first-ever default:

An estimated 800,000 plus people would be out of work and the unemployment rate would double;

Social Security checks would be halted to 67 million Americans;

Medicaid services would be in peril, affecting 75 million people's health coverage;

The average worker close to retirement could see their retirement savings decrease by $20,000 due to Republican brinksmanship impacting the stock market.

Republicans suspended the debt ceiling three times under President Trump.

In fact, the massive Republican tax cuts over the last 25 years have cost $10 trillion to date and are responsible for 57 percent of the increase to the debt ratio since 2001.

Specifically, this extreme and reckless plan would have devastating impacts on thousands of hardworking families across Texas.

This plan would:

Strip food assistance from 994,000 Texans.

Republicans are threatening food assistance for up to 855,000 Texans with their proposals for harsh new eligibility restrictions in SNAP. This proposal would also mean 139,000 women, infants, and children would lose vital nutrition assistance through the Women, Infants, and Children (WIC), increasing child poverty and hunger.

Make college more expensive for 587,900 Texans.

This proposal would not only eliminate Pell Grants altogether for 6,800 students in Texas, but it would also reduce the maximum award by nearly $1,000 for the remaining 581,100 students who receive Pell Grants--making it harder for them to attend and afford college.

Raise housing costs for 39,700 Texans.

Under this proposal, 39,700 families in Texas would lose access to rental assistance, including older adults, persons with disabilities, and families with children, who without rental assistance would be at risk of homelessness.

Worsen Social Security and Medicare Assistance wait times for million Texas seniors.

Under this proposal, people applying for disability benefits would have to wait at least two months longer for a decision. With fewer staff available, 5 million seniors and people with disabilities in Texas would be forced to endure longer wait times when they call for assistance for both Social Security and Medicare.

Threaten medical care for Texas Veterans.

This proposal would mean 46,100 fewer veteran outpatient visits in Texas, leaving veterans unable to get appointments for care like wellness visits, mental health services, and substance disorder treatment.

Eliminate 27,400 preschool and child care slots in Texas.

The proposal would mean 17,500 children in Texas lose access to Head Start slots and 9,900 children lose access to childcare--undermining our children's education and making it more difficult for parents to join the workforce and contribute to our economy.

Deny 1100 Texans admission to opioid treatment.

The proposal would deny admission to opioid use disorder treatment for more than 1,100 people in Texas through the State Opioid Response grant program--denying them a potentially life-saving path to recovery.

More specifically, the impacts on my home district, Texas-18, would be catastrophic. The passage of this proposal would:

kill 7,300 jobs in TX-18;

Jeopardize Social Security payments for 61,000 families in TX-18;

Put health benefits at risk for 242,000 people in TX-18 who rely on Medicare, Medicaid, or Veterans Affairs health coverage;

Increase lifetime mortgage costs for the typical homeowner in Texas by $50,000;

Threaten the retirement savings of 81,400 people near retirement in TX-18, eliminating $20,000 from the typical retirement portfolio.

The proposal in front of us here today is not a reasonable middle ground, nor is it even a starting point for discussion.

There never has been and never will be anything fiscally responsible about refusing to pay America's bills, risking millions of jobs, or threatening economic ruin.

Mr. Speaker, I include in the Record a report from the U.S. Congress Joint Economic Committee titled: ``The Steep Costs of a Republican Default Crisis.''

Raising the debt limit in a timely manner is about meeting existing obligations and is the only option to avoid economic chaos. The effects of failing to raise the debt limit would likely be felt economy wide: From drastically increased costs for mortgages, credit card payments, and other borrowing, to disrupted payments for Social Security recipients, veterans, service members, and hospitals, to far-reaching effects in the financial system. As the 2011 debt ceiling crisis showed, even narrowly avoiding a default cost the country billions of dollars. Republicans' default crisis will push up costs for families and small businesses

Debt-limit threats increase costs for families and small businesses. While breaching the debt limit would be catastrophic, the threat of breaching the debt ceiling alone can have serious economic consequences. As 2011 and 2013 Republican debt-limit brinkmanship showed, reckless talk about letting the U.S. breach the debt limit has a real impact on the economy, working families, and small businesses. These threats create uncertainty that the U.S. government will pay its bills, pushing up interest rates and undermining confidence worldwide in the U.S. economy.

The average worker close to retirement could take a $20,000 hit to their retirement savings. According to the non- partisan think tank Third Way, the debt limit crisis of 2011 led to a significant decline in the stock market and the impact would be even more dire if the U.S. defaulted on the national debt. They find that a typical worker nearing retirement could lose about $20,000 from their 401(k) if debt-limit brinkmanship causes the S&P 500 to drop by 22 percent.

Small business loans could go up $44 a month, costing about $2,500 more over the course of the loan. If, as happened in 2011 with mortgage loans, small business loans see an interest rate increase of 70 basis points due to debt-limit brinkmanship, an entrepreneur taking out a new startup loan with fixed interest would see a significant increase to their loan. About 20,000 businesses took out new loans each quarter in 2022. Similarly, an established small business owner with a variable rate loan will see their monthly payments rise by $53 per month. About 46,000 businesses had outstanding variable interest loans in the third quarter of 2022.

Ms. JACKSON LEE. Mr. Speaker, I include in the Record a report from Moody's Analytics titled: ``The Debt Limit Drama Heats Up.''

Speaker McCarthy's proposed legislation would increase the debt limit by $1.5 trillion or until March 31, 2024, whichever comes first. In exchange, it would cut government spending by $4.5 trillion over the next decade and implement a number of consequential changes to fiscal policy (see Table 1 and Chart 3). The most significant spending cuts would come by setting fiscal 2024 discretionary spending equal to fiscal 2022 spending levels.
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Mr. BOYLE of Pennsylvania. Mr. Speaker, I keep hearing this doom and gloom from the other side of the aisle that we are on the brink of catastrophe. Here is the headline in the world's leading economic magazine, a magazine that is considered right of center. This is their headline 2 weeks ago: ``The lessons from America's astonishing economic record. The world's biggest economy is leaving its peers even further in the dust.'' That is the accurate record of where this country and its economy stand right now.

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Mr. BOYLE of Pennsylvania. Balint), a distinguished member of the Budget Committee.

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Mr. BOYLE of Pennsylvania. Mr. Speaker, first, I thank my friend, Mr. Arrington, and truly, we have been friends for our entire time of service here. I respect his sincerity and how committed he is on this issue.

I say to him, and I hope he will take this under consideration, that it is so irresponsible to use the debt ceiling in this way.

Here is the analogy. I mentioned three times we raised the debt ceiling with a Republican President. Imagine if, in one of those debt ceiling debates, this side of the aisle said: ``Well, we care deeply about raising the minimum wage. Right now, we have the longest period in American history, for as long as the minimum wage has existed, without an increase, about 15 years.''

What if this side of the aisle said: ``We are not going to vote for a debt limit increase. We are going to use this as leverage, and in return, you need to raise the minimum wage, or you need to expand Medicare to those 55 and older.'' That would be irresponsible, as well.

The debt ceiling is about past spending that both sides often voted for, that Presidents of both parties signed into law.

Now, if we want to have a conversation about future spending, we welcome that. We will negotiate on that, but we will not negotiate on whether or not America pays its bills, period.

Bonamici).

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Mr. BOYLE of Pennsylvania. Omar), a member of the Budget Committee.

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Mr. BOYLE of Pennsylvania. Mr. Speaker, listening to all of the doom and gloom from the previous speaker, you might forget for a moment that right now, in the world, the greatest economic recovery from COVID is that of the United States of America, with the greatest job growth in my lifetime.

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Mr. BOYLE of Pennsylvania. Craig), a member of the Committee on Energy and Commerce.
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Mr. BOYLE of Pennsylvania. Schakowsky), a distinguished member of the Budget Committee.

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Mr. BOYLE of Pennsylvania. Mr. Speaker, may I inquire as to the time remaining?
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Mr. BOYLE of Pennsylvania. Ocasio-Cortez).

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Mr. BOYLE of Pennsylvania. Mr. Speaker, may I inquire as to the time remaining?

Mr. Speaker, I thank the gentleman on the other side for this vigorous debate. Again, I would remind all of us about what is involved in the DOA act: the single biggest cut to nondefense programs in American history.

It would, according to Moody's Analytics, lead to 800,000 job losses by the end of 2024 and a dramatically increased likelihood of a recession. It would do absolutely nothing to solve the real problems that we have in our society.

Mr. Speaker, this is not good policy for the American people. This will jeopardize the record job growth that we are currently experiencing.

Mr. Speaker, I urge all Members of this House to make the DOA act exactly that, dead on arrival.

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