Speaker McCarthy's Floor Speech on the Fiscal Responsibility Act

Press Release

Over the past four months, House Republicans have been pushing for a change in direction in Washington.

No more blank checks. No more reckless spending.

Now, with the passage of the Fiscal Responsibility Act, taxpayers will save $2.1 trillion.

As Speaker McCarthy stated in his speech on the House floor, "the Fiscal Responsibility Act is the biggest spending cut in American history."

"Every great nation that has overextended itself has collapsed.

"Mindful of this truth, George Washington said in his Farewell Address that a healthy public credit is a "source of strength and security' for a nation.

"By the same token, an unhealthy debt burden is a source of weakness and insecurity.

"President Washington's words ring true today.

"We're seeing the negative effects of runaway spending in real time.

"Record inflation.

"Rising interest rates.

"Broken supply chains.

"And economic uncertainty.

"Runaway spending is also making America more dependent on foreign debt holders. The total debt we now owe to other countries is $7.4 trillion.

"Countries like China are buying more of our farmland, more of our businesses, and more of our debt.

"This is unsustainable and dangerous.

"But runaway spending is more than an economic and national security problem. It's a moral problem.

"This is Halle.

"Halle was born at 9:58 AM on April 11, 2023.

"She weighed 6 lb, 7 oz.

"Her blue eyes, she got those from her Dad.

"Her button nose, she got that from her Mom.

"And the $95,000 bill… she got stuck with that from Washington.

"This is Halle's portion of the national debt.

"And sadly, Halle isn't alone.

"Every child who is born today owes $95,000 in debt. That's $10,000 more since this President took office.

"It reminds me of what Ronald Reagan once said, "When a business or an individual spends more than it makes, it goes bankrupt. When government does it, it sends you the bill.'

"To continue Washington's spending addiction is both irresponsible and wrong.

"So let's stop it.

"For months, President Biden and Senator Schumer were adamant that they would not negotiate spending cuts.

"They demanded a "clean debt limit,' which really means: they spend more and you pay more in taxes.
House Republicans said no.

"Over the past four months, we fought hard to change how Washington works. We stopped Democrats from writing a blank check for more spending after the largest spending binge in American history.

"We used the power we had to force the President to negotiate.

"We produced a bill that -- in divided government -- takes a step towards smaller government, less regulation, more economic growth, and more take home pay.

"And unlike previous speakers, you didn't have to pass this bill to find out what's in it.

"You had 72 hours to read it -- and it's only 99 pages.

"Here's the bottom line: the Fiscal Responsibility Act is the biggest spending cut in American history.

"Taxpayers will save an estimated $2.1 trillion. And for the first time in more than a decade, Congress will spend less next year than this year.

"In fact, the Fiscal Responsibility Act is the only bill that reduces overall spending, reduces nondefense spending, and reduces the deficit -- unlike any other debt limit increase in recent history.

"We're finally bending the curve on discretionary spending because of this bill.

"And we're doing it.

"With our national defense and veterans fully funded.

"With Social Security and Medicare preserved.

"And without raising a penny in new taxes.

"That is a major victory.

"And it's only part of the story.

"Tens of billions of dollars in unspent COVID funds will be clawed back for taxpayers because of this bill's spending rescissions, the largest in American history.

"Just listen to some of the programs we're slashing: $400 million from the CDC's "Global Health Fund' that sends hard-working taxpayer money to countries like China.

"Work-capable adults without dependents will get a job, learn new skills, and earn a paycheck because of this bill's new welfare reforms.

"These reforms are going to change people's lives. Families will be stronger and more self-sufficient.

"People will be lifted out of poverty.

"Don't believe anyone who says our plan hurts America's social safety net. We're a generous nation, and when people fall on tough times, we help them. That will not change.

"But this is important: assistance programs are supposed to be temporary, not permanent. A hand up, not a hand out. A bridge to independence, not a barrier.

"Similarly, new roads, bridges, highways, and pipelines will be built sooner and faster because of this bill's permitting reform, the first reform in 40 years.

"This is going to save families money and make America less dependent on China -- changing America for the better for decades to come.

"Finally, taxpayers will be more protected from harassment and costly new burdens.

"We rejected every single one of President Biden's demands for new tax hikes and new government mandates.

"Instead, this bill eliminates the funding that would have been spent this year to hire Biden's army of new IRS agents. Overall, we cut more than $20 billion from Biden's IRS slush fund.

"To date, they haven't been able to hire a single one of Biden's 87,000 new IRS agents. And I will come back year after year to keep it that way -- because the government should work for you, not go after you.

"Passing the Fiscal Responsibility Act is a crucial first step for putting America back on track.

"It does what is responsible for our children, what is possible in divided government, and what is required by our principles and promises.

"Yes, it may not include everything we need to do.

"But it's absolutely what we need to do right now.

"Moving forward, House Republicans will build on its structural reforms.

"And as we do, the American people can be confident in this: I will never give up.

"I will never give up on you, the American people.

"And I will never give up on keeping our Commitment to America."

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