On Wednesday, Congressman Barry Moore voted against the Fiscal Responsibility Act. The legislation was negotiated between Republican leadership led by Speaker of the House Kevin McCarthy, President Joe Biden, and the Congressional Democrats. The deal will raise the debt ceiling by $4 trillion. This is double the amount that was in the Republican plan that passed out of the House of Representatives, the Limit, Save, Grow Act.
“The so-called ‘Fiscal Responsibility Act’ promises to saddle Americans with $4 trillion in new debt and kick the can down the road for two more years,” said Moore. “This is a massive disappointment and a far cry from what Republicans passed in the Limit, Save, Grow Act. We must stand up to the Biden Administration and make stronger reforms if we want to protect our children and grandchildren from generations of burdensome debt.”
The Fiscal Responsibility Act of 2023 avoids a financially crippling default on the national debt, but it does so by adding $4 trillion to the national debt.
Moore expressed his concerns that the deal offers, at best, a 2-year spending freeze and provides only minor reforms to Federally-funded social welfare programs. Moore also cited that the deal includes only minor permitting reform that fast tracks IRA-subsidized unreliable energy and batteries. Moore also expressed concern that the deal includes an administrative pay-go that can be waived and provides no Congressional oversight role. It upholds Biden’s student loan bailout, provides no funding for border security, keeps 98% of IRS expansion spending, and only reclaims $28 billion in COVID funds.
Moore was one of just 71 Republicans who voted against the legislation. 46 Democrats also voted in opposition to the bipartisan bill.
The House on Wednesday night passed a bipartisan bill to suspend the debt ceiling, overcoming vocal opposition from conservative and liberal lawmakers and bringing the country one step closer to avoiding an economy-rattling default ahead of next week’s deadline.
The legislation passed on a bipartisan 314 to 117 vote. The legislation now goes to the Senate for its consideration. The legislation is expected to receive swift passage as the default deadline looms.
U.S. Treasury Secretary Janet Yellen warned that the U.S. could run out of cash to pay its bills by June 5, risking the nation’s first-ever default.
“Passing the Fiscal Responsibility Act is a crucial first step for putting America back on track,” McCarthy said on the House floor Wednesday. “It does what is responsible for our children, what is possible in divided government, and what is required by our principles and promises.”
The bipartisan deal suspends the debt limit through Jan. 1, 2025, so the next debt ceiling increase will be after the 2024 election, but likely before the next presidential inauguration.
Barry Moore is serving his second term representing Alabama’s Second Congressional District.
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