WASHINGTON—Rep. Scott Franklin (FL-18) and House Republicans on Wednesday passed H.R. 2811, the “Limit, Save, Grow Act,” to responsibly address the debt ceiling, halt runaway government spending and implement measures to curb inflation and grow the economy. It accomplishes these objectives while ensuring Veterans, Medicare and Social Security programs are strengthened and preserved.

The Limit, Save, Grow Act will limit future government spending, reclaim unspent COVID money, reduce the federal regulatory state, and promote pro-growth energy and economic policies. It saves an estimated $4.8 trillion over ten years, making it the largest spending reduction in American history. In exchange for these pro-growth and cost-saving policies, the debt limit would be responsibly lifted through March 31, 2024 or by $1.5 trillion, whichever comes sooner. With this bill, House Republicans have offered a responsible plan to address the debt limit and the fiscal future of our country.

“Reckless spending has gone unchecked for too long – from both Democrats and Republicans,” Rep. Franklin said. “Both parties share blame for accruing the staggering debt that our federal government is passing on to our children and grandchildren. It is dangerously irresponsible and will lead to our nation’s collapse if we don’t treat it as the threat that it is. Americans face crippling inflation, rising energy prices and the highest interest rates in decades. Democrats refuse to acknowledge this reality. Instead of working with House Republicans to develop a responsible plan, President Biden demands a dangerous blank check to continue the very spending that brought us to this point. I’m proud to support this thoughtful plan that ensures America pays its bills and instills fiscal discipline.”

Highlights of the Limit, Save, Grow Act:

• Reduces excessive government spending by setting FY24 discretionary spending at FY22 levels ($129 billion in immediate savings)
• Caps growth of discretionary spending at 1% per year for the next ten years while maintaining current funding for national defense, veterans and national security ($3.2 trillion savings over ten years)
• Protects funding of our national defense and makes no cuts to Medicare or Social Security
• Claws back unobligated COVID funds ($29.5 billion in immediate savings)
• Defunds Democrats’ massive expansion of the IRS ($71.5 billion in immediate savings)
• Repeals federal spending on Green New Deal tax credits ($569.5 billion in savings)
• Prohibits the illegal Biden student loan bailout ($460 billion in savings)
• These reasonable fiscal reforms save $547 billion in interest payments on our national debt
• Includes the REINS Act to require Congressional approval of any federal regulation that has an economic effect of at least $100 million, spurring economic growth and reducing the burden on small businesses and families
• Reinstates reasonable, Clinton-era work requirements on SNAP, TANF, and Medicaid to lift people out of poverty, grow the workforce and reduce federal entitlement spending ($120.1 billion in savings)
• 19-55 year-olds on Medicaid will be required to work, volunteer, or enroll in a work training program for at least 80 hours per month (with the same SNAP exemptions)
• Eliminates gimmicks that states exploit to exempt TANF recipients from work requirements under current law
• Includes the Lower Energy Costs Act to increase domestic energy production and exportation, reduce regulatory burdens, and reform permitting across all sectors of the economy ($3.4 billion in savings)