House Republicans Propose Spending Cuts in Exchange for Raising Debt Ceiling
House Republicans on Wednesday released a list of ten major areas in which they would support cutting spending, in exchange for raising the debt ceiling before the government defaults. The proposal was issued by Rep. Jodey Arrington (R-Texas), the chair of the House Budget Committee, as part of their effort to reduce the nation's rising debt and “reverse the curse” of uncontrolled federal spending.
The list includes capping ObamaCare subsidies at 400 percent of the poverty line, which would save $65 billion, as well as ending President Joe Biden's federal student loan payment pause and debt cancellation initiatives. The White House has maintained that they will not negotiate over the debt limit for spending that both Democrats and Republicans in Congress had previously authorized.
James Comer, a RepublicanOn Sunday, Republicans declared they will present their own budget plan while they are advocating for budget reductions in exchange for increasing the $31.4 trillion debt limit. He noted that the Treasury Department has been relying on “extraordinary measures” since the current debt ceiling was reached last month.
However, Senate Minority Leader Chuck Schumer (D-N.Y.) has criticized the lack of a Republican budget plan and suggested they would seek cuts to Social Security and Medicare. He urged House Republicans to present a plan, to which Comer replied that they were still debating the details and would hopefully be the “adult at the table.” It is unclear whether House Republicans would be able to unilaterally enact changes to federal student loan initiatives, as any new legislation would need to be passed by the Senate and signed by President Biden.
0. “The 10 spending cuts Republicans want in a debt limit deal” Daily Mail, 10 Feb. 2023, https://www.dailymail.co.uk/news/article-11736517/The-10-spending-cuts-Republicans-want-debt-limit-deal.html
1. “Budget Committee Republicans Vow to ‘Reverse the Curse' of Uncontrolled Spending” The Epoch Times, 9 Feb. 2023, https://www.theepochtimes.com/budget-committee-republicans-vow-to-reverse-the-curse-of-uncontrolled-spending_5046763.html
2. “House GOP proposes blocking student-debt relief, ending payment pause” Business Insider, 9 Feb. 2023, https://www.businessinsider.com/end-student-loan-payment-pause-block-debt-relief-gop-budget-2023-2
3. “Will House Republicans ‘Reverse’ Student Loan Forgiveness And End Student Loan Pause?” Forbes, 10 Feb. 2023, https://www.forbes.com/sites/adamminsky/2023/02/10/will-house-republicans-reverse-student-loan-forgiveness-and-end-student-loan-pause/
4. “Republicans are ‘debating' their budget proposal ahead of possible debt ceiling standoff: Comer – WEIS | Local & Area …” weisradio.com, 12 Feb. 2023, https://weisradio.com/2023/02/12/republicans-are-debating-their-budget-proposal-ahead-of-possible-debt-ceiling-standoff-comer/
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