(UnitedHeadlines.com) – As a fight over raising the $31 trillion debt ceiling gears up between Democrats and Republicans, the House Freedom Caucus members have released their plans for how to solve the debt ceiling crisis.
According to Pennsylvania Rep. Scott Perry, part of the plan would include legislation which would be enacted now to cut spending by $130 billion currently as well cap future spending at 2022 levels with the goal being to not have to raise the debt ceiling this year. Long term, the proposed future spending cap could save $3 trillion.
The spending cuts would require the end of Biden’s proposed student loan bailout, the return of any unused COVID funds, and canceling the $80 billion in IRS funding that was given as part of the Inflation Reduction Act. Climate change initiatives that the administration is funding would also be cut. The House Caucus also wants work requirements to be stricter for those on welfare, returning to rules in place during the Clinton administration.
Perry also said the House Caucus wants to grow the economy, with part of that including an increase in domestic energy production.
As part of the announcement, Perry said votes would have to be found somewhere other than from House Freedom Caucus members in order to raise the debt ceiling. The fight over the debt ceiling is heating up as the $31 trillion cap on the debt ceiling needs to be raised by summer in order to pay for the already approved spending to run the government. Treasury Secretary Janet Yellen has stated extraordinary measures are currently being employed to keep the government running. Democrats want no cuts and to just simply raise the debt ceiling, while Republicans have asked for spending cuts to offset the raise in the debt ceiling.
First established in 2015, the House Freedom Caucus consists of more than 40 members.
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