Tuesday, May 30, 2023

Brecheen to vote NO on Biden-McCarthy debt ceiling deal as it currently stands

Congressman Josh Brecheen To Vote NO on Biden-McCarthy Debt Ceiling Agreement As It Currently Stands

Washington, D.C. (May 30th) – Congressman Josh Brecheen will vote NO on H.R. 3746, the Biden-McCarthy debt ceiling agreement as it currently stands.

“Ronald Reagan famously said, ‘if you got seventy-five or eighty percent of what you were asking for, I say, you take it and fight for the rest later.’ The Biden-McCarthy agreement only includes approximately 1.3 percent or less ($12 billion) of the real year one savings that House Republicans passed several weeks ago with The Limit, Save, Grow Act (which achieved approx. $900 billion saved in year one). I cannot in good conscience vote for 1.3 percent of the deal we passed several weeks ago, using the year one savings as best measure of real impact. The Limit, Save, Grow Act first year savings were transformative and that bill also included eight major policy reforms, which were gutted with the proposed debt ceiling agreement with Biden. To not at least see Biden and the Democrats meet House Republicans half way on spending cuts and policy reform I believe is a missed opportunity that a nation heading towards a fiscal cliff cannot afford,” Said Congressman Josh Brecheen.

“House Republicans passed a responsible bill—The Limit, Save, Grow Act—which would cut wasteful spending by $1 trillion in year one and $4.8 trillion over ten years. Instead, this Biden-McCarthy agreement at best includes a two-year freeze in spending in exchange for adding $4 trillion to our $31.5 trillion national debt.

Unlike The Limit, Save, Grow Act, the agreement also fails to claw back President Biden’s green energy tax credits that were part of the so-called ‘Inflation Reduction Act,’ which Goldman Sachs estimates would cost taxpayers $1.2 trillion. The Energy Information Administration (EIA) estimates these green energy tax credits will make 60 percent of our electric grid dependent on solar and wind by 2050—it is only 12 percent now. This will be devastating for the oil and natural gas industry and the state of Oklahoma, as we are a top five leader in oil and natural gas. If we fail to roll back these tax credits now, it may be too late to turn back the clock.

I cannot in good conscious vote for a deal that continues to kick the can down the road at the expense of our kids and grandkids. This is a huge missed opportunity to turn our nation away from a fiscal cliff and I urge my colleagues to vote NO on the Biden-McCarthy agreement as it currently stands,” Brecheen concluded. 

See below for comparison of H.R.2811—The Limit, Save, Grow Act vs. H.R. 3746—The Biden-McCarthy Agreement (Facts courtesy of Representative Chip Roy):


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