Today, Speaker Kevin McCarthy (CA-20), Majority Leader Steve Scalise (LA-01), Majority Whip Tom Emmer (MN-06), and Chairwoman Elise Stefanik (NY-21) issued the following statement on the release of legislative text of the Fiscal Responsibility Act:
“The American people elected House Republicans to stop the out-of-control inflationary spending that has broken family budgets. Today, we secured a historic series of wins worthy of the American people.
“We cut spending year-over-year for the first time in over a decade while fully funding national defense and veterans’ health benefits, include the largest rescission in history by clawing back billions in unspent COVID funds, and achieve consequential work requirements to welfare programs to lift Americans out of poverty and grow the economy. We enact for the first time into law ‘Pay-Go’ rules for the Executive Branch, which forces the Executive Branch to find dollar-for-dollar savings in the government for costly rules and regulations, so that executive overreach is reined in and held accountable. And in order to help grow our economy and lower costs for the American people, we streamline the process for permitting in America and begin to prune an overgrown federal bureaucracy that has expanded during the Biden administration.
“The Fiscal Responsibility Act does what is responsible for our children, what is possible in divided government, and what is required by our principles and promises. Only because of Republicans’ resolve did we achieve this transformative change to how Washington operates.
“We are just 140 days into this Republican majority. And we’re just getting started.”