House Speaker Kevin McCarthy unveiled a Republican budget proposal Wednesday that would end the hundreds of billions of dollars worth of green tax cuts in President Joe Biden’s signature climate law, the Inflation Reduction Act (IRA).
The proposed legislation would defund the IRS programs responsible for implementing the tax credits in the (IRA), which analysts at Goldman Sachs recently estimated could cost as much as $1.2 trillion, more than three times the Congressional Budget Office’s original estimate of $370 billion. The Republican spending plan — also known as the Limit, Save, Grow Act of 2023 — would also block student loan forgiveness, take steps to claw back COVID-19 benefits from fraudsters and impose more stringent work requirements for beneficiaries of anti-poverty welfare programs while raising the debt ceiling by $1.5 trillion.
“The Limit, Save, Grow Act will limit federal spending, save taxpayers trillions of dollars, grow our economy, and lift the debt limit into next year,” said GOP House leadership in a statement Wednesday. “This legislation will make us less dependent on the whims of the Chinese Communist Party and curb high inflation, all without touching Social Security or Medicare — because no one is hurt more by inflation than seniors.”
Does President Biden think it’s “wacko nonsense” to
✓ LIMIT reckless government spending
✓ SAVE taxpayers money
✓ GROW our economyThat’s what Republicans will do when we vote for a responsible debt limit increase. The President should stop ignoring the crisis and join us.
— Kevin McCarthy (@SpeakerMcCarthy) April 19, 2023
The proposal is not expected to make it past the Senate, and will face a vote in the full House next week, according to Bloomberg. McCarthy said that he planned to “restore discipline” to Washington’s spending in a Monday speech at the New York Stock Exchange that White House spokesman Andrew Bates criticized for being a “MAGA Republican Wishlist.”
The White House, House Minority Leader Hakeem Jeffries and House Energy and Commerce Committee Ranking Member Frank Pallone did not immediately respond to a Daily Caller News Foundation request for comment.
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