Speaker McCarthy Hopes to Pass Limit, Save, Grow Act, and Jump Start Debt Ceiling Negotiations

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Speaker McCarthy Hopes to Pass Limit, Save, Grow Act, and Jump Start Debt Ceiling Negotiations

Speaker McCarthy Hopes to Pass Limit, Save, Grow Act, and Jump Start Debt Ceiling Negotiations

The House and Senate are in session this week. The House will have a brief one-week recess next week before a busy schedule for May.

This is a big week for Speaker McCarthy. House Republican leadership hopes to pass the Limit, Save, Grow Act as early as Wednesday. The bill would raise the Federal debt ceiling through March 31, 2024 or by $1.5 trillion–whichever occurs sooner. In addition, the legislation:

Sets discretionary spending levels for FY24 at FY22 levels and allow for 1% annual growth over the next 10 years.
Reclaims unspent COVID relief funds
Repeals funding for additional IRS agents that was included in the Inflation Reduction Act (IRA)
Repeal green energy tax credits from the IRA
Blocks President Biden’s student loan forgiveness executive order
Introduce work requirements into the Medicaid program and expand them in other safety net programs.
Includes the recently passed, H.R. 1 energy package and the REINS Act

This is an important week for House Republican leadership to establish a unified position and message on the debt limit debate. As a result, it is likely the bill will pass (with no Democratic votes). But Republican leadership has work to do. With only a four-vote margin in the House, conservatives and moderates must support the bill despite misgivings about particular provisions. Ultimately, several members are likely to vote yes “to move the process along” while expressing concerns about certain policies in the bill.

The White House strongly opposes the House Republican debt limit bill and no Democrat is expected to support the bill. The White House maintains the President will not negotiate future spending cuts as part of raising the debt limit. But if the House passes the Limit, Save, Grow Act this week, the Administration will be under increasing pressure to begin discussions with Republicans on a debt limit bill that can pass both the House and Senate. While the “X date” (when extraordinary measures is exhausted) remains unclear, there is growing concern it could hit as early as June – leaving only the month of May to resolve the current standoff.

The House will also vote on H.J. Res. 39, a Congressional Review Act resolution to nullify the Biden Administration rule related to solar panel components coming from China. Supporters of H.J. Res 39 believe the Biden Administration rule disadvantages U.S. solar manufacturers with unfair import competition while benefiting Chinese solar companies. The House may also consider H. J Res , a war powers Act resolution to remove all U.S. troops from Sudan.

The House Energy and Commerce Committee will hold a legislative hearing on 18 health care related bills that focus on increasing transparency and lowering costs for consumers. The Ways and means Committee will hold three hearings, including a hearing on tax exempt hospitals. The House Financial Services Committee will markup a series on bills related to capital formation and reform of the CFPB.

The Senate, meanwhile, will continue to process nominations, beginning with a cloture vote tomorrow at 5:30PM on the nomination of Joshua Jacobs to be Undersecretary of Veterans Affairs for Benefits, as well as a package of VA-related bills, with Majority Leader Chuck Schumer having filed cloture last week on a motion to proceed to the VA Medicinal Cannabis Research Act (S.326).

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