WASHINGTON—House Republicans today released a proposal to raise the federal debt limit while instituting immediate cuts to federal spending. Those include ending the student loan debt bailout program, rescinding unspent COVID funds, eliminating 87,000 new IRS agents, and rescinding the IRA climate tax credits.

Heritage Foundation President Dr. Kevin Roberts released the following statement on the proposal:

“House conservative members deserve praise for putting American families ahead of Washington special interests. Their debt limit plan is a historic proposal for dealing with our nation’s crippling debt and inflation. What Biden is asking for is nothing short of a blank check with your and every other American’s name at the bottom. Rather than spending recklessly and pushing our economy to the brink, House conservatives are showing real leadership by governing our nation responsibly.

“This package secures many wins for American families, including responsible spending cuts, reforms, and pro-growth policies that offset the proposed increase in the debt limit. We are gratified that House leadership has listened to the advice of conservatives and put forward a commonsense proposal that serves hard-working Americans. I applaud House leadership for championing the use of the debt limit as an indispensable tool to safeguard the American people from the abuses of the woke and weaponized federal administrative state.”