GOP Lawmakers Propose 500 Bills to Cut Spending, Avoid Debt Ceiling Increase

A group of Republican representatives held a press conference on March 28 to address concerns about the nation’s increasing debt and weakened fiscal situation, as well as inflation and worsening economic conditions caused by the $31.4 trillion national debt that is growing at a rate of $100 billion each month. During the conference, Reps. Andy Biggs (R-Ariz.), Matt Rosendale (R-Mont.), Eli Crane (R-Ariz.), Bob Good (R-Va.), Matt Gaetz (R-Fla.), and Ralph Norman (R-S.C.) unveiled a package of more than 500 bills to cut more than $1 trillion in government spending.

The proposed legislation, which aims to reduce discretionary and nondefense spending, includes the House Freedom Caucus (HFC) plan that would result in savings of $3 trillion over three years. The HFC plan involves making cuts to agencies like the IRS and special projects, such as the Green New Deal. If implemented, these measures would cause a net reduction or reduction in acceleration in national debt, which is currently projected to increase by tens of trillions over the next few years.

The GOP representatives argued that there are still opportunities to avoid raising the debt ceiling by reallocating unused COVID money still held by the states to be put toward federal money promised.

The Republican proposal is a response to President Joe Biden’s budget, which Congressional Democrats have touted as the way to avoid an economic crisis if the United States defaults on its debt.

Democrats Call for Raising Debt Limit

Senate Majority Leader Chuck Schumer (D-NY) and House Minority Leader Hakeem Jeffries (D-NY) voiced opposition to the Republican Party’s stance on the debt limit in a March 23 press conference. The lawmakers warned against severe consequences for American families and the broader economy if the debt limit is not raised. They cited possible fallout, such as the loss of retirement savings, interruption of Social Security benefits, a global financial crisis possibly as bad as 2008, doubling unemployment, steep decline in gross domestic product, crashing markets, and worldwide recession.

The conflict between the Republicans and Democrats intensified following a March 10 letter from the House Freedom Caucus, stating it would “consider voting to raise the debt ceiling” if certain contingencies were enacted through legislation.