McHenry: The Fiscal Responsibility Act Will Fundamentally Change the Spending Trajectory in Washington
Washington,
May 31, 2023 -
The Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), issued the following statement after the House of Representatives passed H.R. 3746, the Fiscal Responsibility Act, a bipartisan agreement to cut spending, limit the expansion of the federal government, and grow the economy—while raising the debt ceiling.
“This is the most conservative spending package during my time in Congress and I was proud to support it on the House floor,” said Chairman McHenry. “The Fiscal Responsibility Act is the largest deficit-reduction bill in at least a decade and will fundamentally change the spending trajectory in Washington.
“For the first time in a debt-limit negotiation, the U.S. government will spend less money than it did the year before. We achieved historic spending cuts that will help bring down inflation, consequential reforms to help Americans get out of poverty and back into the workforce, claw backs of billions of dollars of COVID money, and transformational permitting reforms that cut red tape for energy and infrastructure projects. This bill will block the Administration from imposing new taxes during a time of economic uncertainty and rein in Biden’s executive overreach through a statutory administrative pay-go rule. This agreement will also change the way Washington operates by compelling a workable appropriations process.
“Throughout this process, it has been Speaker McCarthy and House Republicans leading. We passed a plan, and it was that plan and the Speaker’s leadership that enabled negotiations and this agreement.”
Read the full text of the legislation here.
Read a one-pager of key highlights here.
Read a section-by-section of the bill here.
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