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Fiscal Responsibility Act of 2023

Floor Speech

Date: May 31, 2023
Location: Washington, DC

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Mr. McCLINTOCK. Mr. Speaker, this is the first time in my 15 years in Congress that I have voted to increase the debt limit. I do so today because this measure places real constraints on future spending, more than $2 trillion. That makes this bill the most important victory for fiscal conservatism in more than a decade.

The debt is but a symptom of the central problem--reckless spending. Once we have spent a dollar, there are only three ways to pay for it: Taxes, inflation, or debt. It is the spending, stupid.

We have got a long way to go, but until the American people have had enough and replace the President and the Senate majority, this is a remarkable step forward. The many progrowth provisions in the bill provide the most potent antidote to debt--economic expansion.

Mr. Speaker, defeating this bill would create a financial and political panic that will quickly forfeit the many hard-won reforms that are in this bill. We cannot let that happen.

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