Debt Limit Bill: Limit, Save, Grow Act Passes

Speaker Kevin McCarthy holds a press conference on the Limit, Save, Grow Act which passed in the U.S House of Representatives.

This bill increases the federal debt limit and decreases spending. It also repeals several energy tax credits, modifies the permitting process and other requirements for energy projects, expands work requirements for the Supplemental Nutrition Assistance Program (SNAP) and other programs, and nullifies regulations for the cancellation of federal student loan debt.

Specifically, the bill

∙ suspends the debt limit through March 31, 2024, or until the debt increases by $1.5 trillion, whichever occurs first;
∙ establishes discretionary spending limits for FY2024-FY2033 that include decreases in discretionary spending;
∙ rescinds certain unobligated funds that were provided to address COVID-19 and to the Internal Revenue Service;
∙ nullifies certain executive actions and regulations for cancelling federal student loan debt and ∙ implementing an income-driven repayment plan for student loans;
∙ repeals or modifies tax credits for renewable and clean energy, energy efficient property, alternative fuels, and electric vehicles;
∙ establishes new work requirements for Medicaid and expands the work requirements for SNAP and the Temporary Assistance for Needy Families (TANF) program; and requires major federal rules (e.g., rules likely to result in an annual economic effect of at least $100 million) to be approved by Congress before they take effect.

The bill also includes various provisions related to the development of energy resources such as oil, natural gas, and minerals. For example, the bill requires additional federal oil and gas leasing, reduces or eliminates certain royalties and fees, and expedites the permitting process for various energy projects.

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https://www.thethinkingconservative.com/gop-led-house-passes-bill-to-extend-debt-limit-by-1-year-and-reduce-domestic-spending/

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