WASHINGTON—With significant support from Democrats, the House tonight voted to pass a bill that suspends the debt limit until the lame-duck session after the 2024 election.
Richard Stern, director of The Heritage Foundation’s Hermann Center for the Federal Budget, released the following statement Wednesday:
“At a time when American families are suffering from the inflation and interest rate crisis, Congress voted to give Biden a blank check on the debt limit — ensuring that our nation will rack up at least $3.5 trillion in new federal debt before the debt ceiling suspension ends.
“Lawmakers went from the solid down payment of the Limit, Save, Grow Act to very limited savings and growth that does too little to rein in our federal government’s out-of-control spending.
“Even the few pro-growth policies are overshadowed by the loss of the REINS Act, failure to incorporate all of the Lower Energy Costs Act (H.R. 1), the failure to repeal the Inflation Reduction Act’s green tax subsidies, and flawed reforms to TANF.
“Tonight’s vote falls far short of addressing the outcry from the American people to shrink the government and allow them to keep the fruits of their labors.”