Today, Congressman Doug LaMalfa (voted for the bipartisan Fiscal Responsibility Act. This bill is the largest repeal of federal funds ever authorized by Congress and is larger than all other authorized rescissions combined. It limits out-of-control inflationary spending, claws back unspent COVID funds, helps lift Americans out of poverty and protects programs for seniors, veterans, and America’s national security.
The Congressional Budget Office confirmed on Tuesday that the Fiscal Responsibility Act is the largest spending cut Congress has ever voted for in history. According to the CBO, the Fiscal Responsibility Act would reduce the deficit by $2.1 trillion over six years.
“This is the most significant reduction in spending since I have served in Congress and includes the largest single claw-back of previously approved spending, more than all other funding claw-backs in history added together,” LaMalfa said. “It also has needed reforms to NEPA and expanded work requirements for able-bodied, childless, welfare and food stamp recipients. It protects Social Security, Medicare and veteran’s programs, proving the many in the media and the president wrong who said Republicans wanted to cut these programs. This is the first step in bringing back fiscal sanity to Congressional spending. We cannot keep borrowing against our future. Reducing our national debt starts with real spending reductions. This bill proves we can do it, now we need to go farther with reductions and get our spending back in line with our constitutionally directed duties rather than injecting government into every aspect of people’s lives.”
- Reduces spending year-over-year, including a rollback of non-defense discretionary spending to FY22 levels, while ensuring full funding of veteran’s programs and national defense priorities and preserving Social Security and Medicare.
- Cuts costs and project times with the first significant reform to NEPA in more than four decades.
- Requires borrowers to be responsible for paying off their student loan debts, saving taxpayers an estimated $5 billion per month.
- Enacts consequential reforms to SNAP and TANF to save taxpayer dollars, get Americans back to work, grow the economy, and encourage healthier choices.
- Slashes $400 million from the CDC “Global Health Fund” that sends taxpayer money to China.
- Rescinds $28 billion in ongoing COVID spending.
- Cuts $1.4 billion immediately from IRS and further sets up a reduction of $20 billion within the next year and half.