Former Director of the National Economic Council Larry Kudlow said on Tuesday during his Fox Business program that the debt ceiling deal negotiated by House Speaker Kevin McCarthy was “a fiscal win” because it contains many conservative priorities, including regulatory provisions and work requirements for welfare.
McCarthy released the text of the Fiscal Responsibility Act on Sunday evening, which increases the debt ceiling through Jan. 1, 2025, taking it past the 2024 presidential election. “Let’s not forget there are no tax hikes, period, full stop,” Kudlow said. “So, I think this is a political win for Republicans and conservatives. It’s a fiscal win. It is a free-market capitalism win. Don’t let the perfect be the enemy of the good. Save America, pass the bill.”
The law freezes discretionary spending on non-defense budgetary items at Fiscal Year 2022 levels, adds reforms to permitting for energy projects and includes new work requirements for some welfare programs. Many of those provisions were in the Limit, Save, Grow Act, which passed the House of Representatives by a 217-215 vote on April 26.
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“Besides the spending cuts and the sequestration with no regular budget order, the work requirements and the NEPA permitting reforms are very important pro-growth measures to promote work and reopen the fossil fuel spigots,” Kudlow said. “Also the $1.9 billion IRS enforcement money was taken out of this coming fiscal year’s budget, taken out.”
“Student loan payments will be restarted to the tune of $5 billion a month and Joe Biden’s massive regulatory assault on energy and business will be stopped with a pay-go provision that says any executive branch regulatory costs must be offset by regulatory cost reduction,” Kudlow said. “By the way, Biden’s modern socialism regulatory assault has cost something in the neighborhood of $1.5 trillion.”
Republican Gov. Ron DeSantis of Florida called the legislation “totally inadequate,” while Republican Rep. Dan Bishop of North Carolina said he was considering introducing a “motion to vacate” against McCarthy over the deal.
The House is expected to vote on the legislation on Wednesday, following a 72-hour period for members to read the bill, a provision of the rules changes proposed by the Freedom Caucus.
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