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Simpson Supports Fiscal Responsibility Act

Simpson Supports Fiscal Responsibility Act

Washington, D.C. – Idaho Congressman Mike Simpson today voted in favor of H.R. 3746, the Fiscal Responsibility Act.  This legislation builds on House Republicans’ efforts in the Limit, Save, Grow Act by raising the debt ceiling through January 1, 2025, and including nondefense spending cuts, permitting reforms for domestic energy production, and reasonable work requirements for federal welfare program recipients.

“I am proud of Speaker McCarthy and our Republican leadership team that held out strong in negotiations with President Biden not only to stop an immediate crisis, but also to include consequential reforms that address underlying spending issues and put our nation on a sustainable long-term path to financial stability,” said Simpson.  “The Congressional Budget Office estimates that this bill will reduce the deficit by $1.5 trillion over ten years, while fully funding critical veterans’ programs, national defense priorities, and preserving Social Security and Medicare.”

Additional highlights that Republicans successfully negotiated to include in this legislation:

  • Immediate cuts to IRS funding for more agents
  • Restarting student loan repayments
  • Rescinding $28 billion of unspent COVID relief funds
  • Incentivizing Congress to pass appropriations legislation by requiring cuts in the event of a Continuing Resolution. 

The bill increases defense spending to match the Pentagon’s overall defense request; rejects all $5 trillion of President Biden’s proposed new tax increases, new government mandates, and new federal programs; and requires the Executive Branch to offset any potential future spending increases. 

“Raising the debt limit does not create new spending—rather, it allows the federal government to pay back loans that were taken out in the past and ensures that the government meets its obligations to bondholders, taxpayers, Social Security recipients, and the veterans and service men and women who have served our country faithfully,” said Simpson.  “Democrats’ unchecked spending got us to the circumstance we’re in today, and this bill sets a strategic and responsible path forward to grow the economy and save trillions in taxpayer dollars, which is why I was proud to vote in favor of this legislation.”

H.R. 3746 passed in the House of Representatives on May 31, 2023, by a vote of 314-117 and awaits further action in the U.S. Senate.