[Saving money: Photo Credit to Pixabay]

The Republican Party passed a bill which they have been united in supporting: the Limit, Save, Grow Bill in an effort to reduce the national debt.

Rep. Good claimed that House Republicans must “hold the line” on the debt ceiling. 

On the other hand, the White House and the Democrats have expressed opposing opinions, citing numerous reasons and plans to expand the debt limit. 

According to the Republicans, their main aim is to force the American government to fulfill their fiscal responsibility. 

Here are the reasons Rep. Good has given to support his opinion.

Currently as of December 2022, the American debt exceeds over $31.47 Trillion. 

The national debt-to-GDP ratio has risen to record level, making it impossible for the U.S. government to avoid  default on its debt without enormous global economic effects. 

Since the Covid-19 pandemic in 2019, a tremendous amount of government spending has been implemented through several plans and acts under the Biden administration such as the Covid-19 and American Rescue Plan Act, The Inflation Reduction Act, and loan forgiveness. 

One of the ways the ‘Limit, Save, Grow Bill’ would impact the national debt is through student loan forgiveness further putting burden on the outstandingly high national debt. 

According to Rep. Good, ​​"[t]his president said himself about a year ago he didn't have the constitutional authority to transfer student loan debt to those who didn't borrow it. His education secretary and even Speaker of the House Nancy Pelosi said the same thing, and yet he did what he knew he did not have the authority to do. He knew it was unconstitutional, and he did it anyway. So this bill is a congressional review act that will overturn it.”

For this reason, Biden’s plan to cancel up to $20,000 in student debt per borrower earning less than $125,000 a year went up to the Supreme Court and has been blocked since May 2023. 

Furthermore, this bill cuts hundreds of billions of dollars in special interest green energy handouts that are directly profiting and running into the pockets of the wealthy, the Chinese Communist Party, and billion-dollar corporations.

This tremendous sum of money has been flowing into the hands of the Chinese government through several projects: the costs of green subsidies are three times higher than the original projection. Corporate tax breaks flow to Billion-Dollar Corporations, and China is cashing in on Green Energy handouts. 

These projections and plans have not been implemented with transparency and have involved many cases of fraud. 

The Limit, Save, Grow Bill protects the taxpayers by cutting hundreds of billions of dollars of illegal government spending like those fraudulent projects.

This bill got bipartisan support, from two Democrats, and is now being prepared to go to the Senate to get confirmed. 

According to the CBO, “[t]he bill would suspend the debt ceiling through either March 31, 2024 or a $1.5 trillion increase from the current $31.4 trillion ceiling - whichever comes first. CBO finds the bill would save $4.8 trillion through FY 2033, with about $4.2 trillion of policy savings and $543 billion of interest savings.”