Springs Times

Washington, D.C. – On May 31, Congressman Lamborn voted for unprecedented cuts in federal spending for the next two years by supporting H.R. 3746, the Fiscal Responsibility Act of 2023. The Fiscal Responsibility Act of 2023 provides full funding for critical veterans’ programs and gives a 3% increase to Department of Defense spending. It also enacts reforms and rescinds unnecessary COVID and IRS funding.

“Instead of bemoaning the fact that the deal did not go as far as it could have, which is always the case with major legislation, I voted to cut federal spending and lock in the reforms that the deal did achieve,” said Congressman Lamborn. “While the deal could always have done more, what it achieved is real, lasting, and unprecedented. These reforms include the largest cut to non-defense spending in U.S. history, implementation of necessary work requirements, and protection of funding to support veterans’ benefits. This bill will lock in defense spending numbers for the next two years, take back $28 billion in unspent COVID funds, and streamline energy and infrastructure projects. Through this bill, we continue to take care of our seniors by fully funding Medicare and Social Security, force federal agencies to balance their spending, and stop Biden tax increases. The Fiscal Responsibility Act is the right next step in changing the trajectory of our nation’s stifling debt.”

The Fiscal Responsibility Act of 2023 will limit topline federal spending to 1% annual growth for the next six years, reduce overall and non-discretionary spending and bring down the annual deficit. A first ever default on the national debt is avoided, and the nation’s debt ceiling is raised under the cap limitations until January 1, 2025.

H.R. 3746 will: 

• Increase Fiscal Year (FY) 2024 defense spending to $886 billion, a 3.3% increase from FY23
• Increase FY 2025 defense spending to nearly $900 billion
• Fully fund critical veterans’ health programs while preserving Social Security and Medicare
• Reject the Biden administration’s $5 trillion in proposed new tax increases
• Rescinds roughly $28 billion in unnecessary and unspent COVID funds
• Cut $1.39 billion from the IRS, equal to the amount the IRS planned to use on new tax enforcement agents
• Cut $40 billion in non-defense discretionary spending and sets it at FY22 levels
• Streamline environmental permitting process and shorten review timelines
• Restart student loan debt repayments which are currently costing Americans $5 billion per month
• Requires appropriation bills to be passed and prevents continuing resolutions which are onerous for the Department of Defense. This is done by imposing a 1% disincentive penalty on any appropriation bill not completed by the end of the calendar year.

Issues: Budget and Spending, Historic Tax Reform, Jobs and the Economy

Original source can be found here