Ohio Republican U.S. House Representatives are calling on President Joe Biden to negotiate with Republicans on common sense reforms that address the nation’s growing debt problem.
This follows House Republicans passing the Limit, Save, Grow Act last week, which aims to address the debt ceiling and implement common sense spending reforms to limit wasteful spending, save taxpayer dollars, and grow the economy.
“This is critical debt-ceiling legislation that even the CBO (Congressional Budget Office) says will save taxpayers $4.8T. It’s now time for President Biden to stop playing games and come to the negotiating table,” U.S. Representative Bill Johnson (R-OH-06) said.
The Limit, Save, Grow Act would repeal unspent COVID relief funds, repeal most of the Inflation Reduction Act’s (IRA) expansions to energy and climate tax credits, repeal the IRA’s increased funding for the Internal Revenue Service (IRS), change energy, regulatory, and permitting policies, impose or expand work requirements in certain sectors, and return total discretionary spending to the Fiscal Year (FY) 2022 level in FY 2024.
Republicans claim that this legislation delivers on their commitment to America by tackling the chronic labor shortage hurting small businesses while reining in President Biden’s wasteful spending that has fueled the inflation crisis and sparked the fastest interest rate hike in decades.
“The Limit, Save, Grow Act is a sensible plan that forces the federal government to tighten its belt, boosts revenues by unleashing the potential of the U.S. economy, and delivers on our commitments to seniors. Now it’s time for the President to stop with the political gimmicks and show up at the negotiating table, ” U.S. Representative Troy Balderson (R-OH-02) said
The Democrats’ so-called ‘Inflation Reduction Act,’ successor to the House-passed Build Back Better Act of late 2021, was touted by President Biden too, among other things, to help reduce the country’s crippling inflation.
Democrats claimed that the act would ensure the wealthiest Americans and corporations pay their “fair share” by closing tax loopholes and boosting IRS funding, all without raising taxes on anyone making less than $400,000 per year.
Nonpartisan analysis, however, revealed that the legislation would increase taxes on low- and middle-income Americans during a period of declining gross domestic product and high inflation; it would also increase taxes on manufacturers, exacerbate supply-chain disruptions, cost American jobs and investment, and do very little to lower inflation.
Now, Biden’s most recent budget proposal, which is considered to be his biggest tax increase to date, will only make things worse for Ohio taxpayers by hiking income tax rates to the highest levels in the industrialized world.
Biden would increase revenues by $4 trillion on a gross basis during the following ten years when combined with the tax increases in the Build Back Better Act, which the budget assumes is passed into law. Economic growth would be harmed by the Biden tax increases in the budget and the Build Better Back Act, which would undermine investment incentives and productive capacity at the worst possible time.
“Joe Biden’s pursuit of a blank-check spending plan is an insult to the hard-working American people. House Republicans passed a necessary first step to solving our debt crisis, cutting $4.6 trillion in woke and weaponized spending and included reforms like the REINS (Regulations from the Executive in Need of Scrutiny) Act. These spending cuts are critical to ensure we don’t bankrupt America- fiscally or morally, now or later,” U.S. Representative Warren Davidson (R-OH-08) said.
According to House Republicans, Biden’s unrestrained spending spree has led to prolonged record inflation, skyrocketing interest rates, a faltering economy, and a country on the verge of a disastrous debt crisis.
Policy decisions at the national level, such as financial, energy, and environmental regulations greatly influence state budget decisions and issues at the local level.
State and local governments make key investment decisions, about infrastructure, education, and many other areas, that help determine the long-run capacity of the entire economy.
Due to historically high inflation rates, state governments now have more expenses to pay for as well as potential budgetary issues. The cost of goods and services is increasing, which is causing a disruption in state finances on both the positive and negative sides of the ledger.
In the fiscal year of 2021, Biden’s first year in Presidency, Ohio’s state debt stood at about 32.79 billion U.S. dollars. By the fiscal year of 2027, this is forecasted to increase to about 44.04 billion U.S. dollars.
House Republicans’ claim that their debt ceiling proposal is an important first step to getting the fiscal house in order and a good faith effort to bring Biden to the negotiating table.
“President Biden must come to the table and negotiate with Republicans on common sense reforms that address the nation’s growing debt problem. Families across the country know the importance of a budget; it’s time for the government to act with fiscal sanity and address our ballooning debt,” U.S. Representative Brad Wenstrup (R-OH-02) said.
The Republican Party claims that President Biden is driving the American economy closer to collapse and debt the longer he refuses to join Republicans at the bargaining table.
“President Biden must engage in this discussion to prevent a catastrophic default that would cripple our already -weak economy. Republicans have acted; the ball is in his court,” U.S. Representative Max Miller (R-OH-07) said.
Even Democratic U.S. House Representatives are speaking out in support of debt limit negotiations between Biden and the Republican Party.
“I don’t think there’s any harm in sitting down to talk,” U.S. House Representative Greg Landsman (D-OH-01) said.
“Get it done for the sake of the country,” U.S. House Representative Marcy Kaptur (D-OH-09) said.
According to the Ohio GOP “Ohio’s children will bear the brunt of the U.S. debt and pay the price if Joe Biden’s Democrats continue down the path of failed leadership and irresponsible spending.”
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Hannah Poling is a lead reporter at The Ohio Star and The Star News Network. Follow Hannah on Twitter @HannahPoling1. Email tips to [email protected]
Photo “Bill Johnson” by U.S. House of Representatives. Photo “Troy Balderson” by United States House of Representatives. Photo “Warren Davidson” by Office of Rep. Warren Davidson. Photo “Brad Wenstrup” by U.S Congress. Photo “Max Miller” by United States Congress. Photo “Greg Landsman” by United States House of Representatives. Photo “Marcy Kaptur” by Representative Marcy Kaptur. Background Photo “U.S. Capitol” by Samuel Schroth.
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