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190 views • March 3, 2023

Republican Deficit Reduction Bill Would Force Biden to Cut Spending

NTD News
NTD News
President Joe Biden will have cut spending over 10 years by an amount equal to any requested increase in the debt ceiling if a Republican proposal becomes law. Announcement of the bill came on the same day Senate Democrats chided Republicans for their unwillingness to provide details of the spending cuts they insist must be made in exchange for an increase to the nation’s debt ceiling, which will be breached no later than September. The Dollar-for-Dollar Deficit Reduction Act (pdf), introduced by Rep. Randy Feenstra (R-Iowa) on March 1, would require the president to submit proposed spending cuts along with any formal request for Congress to raise the debt ceiling. The bill would also require the Secretary of the Treasury to inform the House Ways and Means Committee and the Senate Finance Committee 60 days in advance of an expected breach of the debt ceiling along with the date when extraordinary measures might be needed to avoid doing so.
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