Congressman Peter Roskam / Sun-Times photo
WASHINGTON - The U.S. House Republicans aren't waiting for the U.S. Senate's "clean Continuing Resolution" legislation to make its way back to them. In an effort to keep the Democrats on the defense, House Republicans are preparing to send to the Senate a debt limit package they're calling The Spending Control and Economic Growth Act which, Congressman Peter Roskam (IL-06) says, will result in significant economic growth and deficit reduction.
“Our nation’s debt and deficits have swelled under the weight of out of control spending and a sluggish economy. Today’s Joint Economic Committee report (HERE) underscores what House Republicans have been saying for a long time—we cannot simply cut our way out of debt, we must grow our economy as well," a statement from Roskam said.
The House plan contains cuts and real reforms that Roskam says will help build a 21st century economy, unleash the nation’s energy resources and put America on a path to reform outdated tax code so businesses can thrive and grow.
"By forwarding a growth agenda that lifts all boats and brings in more revenue, we can reduce our nation’s borrowing and cut our debt,” Roskam said.
The 15 demands Republicans are placing on the table in the proposal they're sending to the Senate this week include:
- Delaying for one year of Obamacare
- Ending the Unnecessary Courtroom Cost of Family Medicine
- Implementing a Simpler, Fairer Tax Code
- Opening to Sunshine for Regulatory Decrees and Settlements
- Regulating with Small Businesses in Mind
- Making Sure Regulators Consider the Costs They Impose
- Enacting the Regulations from the Executive in Need of Scrutiny (REINS) Act
- Building the Keystone XL Pipeline
- Putting a Magnifying Glass on the EPA’s $1 Billion Regulations
- Responsibly Harnessing On and Offshore Energy Resources
- Implementing Responsible Forestry and Funding Our Rural Schools
- Preventing Drought-Related Hardship and Unemployment
- Developing Our Affordable Coal Resources
- Developing Our Domestic Minerals
- Keeping the Internet Free of Bureaucratic Control
The Joint Economic Committee report says "...Passage of this legislation will lead to increased economic output, higher revenue for the federal government, and less federal borrowing. Using CBO’s own growth-to-deficit reduction estimation, the Spending Control and Economic Growth Act will produce a significant increase in federal revenues and contribute to the Speaker’s goal of reducing federal budget deficits by more than the federal debt ceiling is increased."
In the meantime, the Senate is preparing to vote on a Continuing Resolution that would raise the debt ceiling higher than ever before, with no budget cuts or economy expanding strategies.
Without compromise to limit debt and grow the economy, the House will not accept the Senate CR version, Roskam office says, pushing the threat of a government shutdown nearer.
