TPA Praises House Republicans for Advancing Legislation to Avoid Default to Secure the Nation’s Fiscal Future

For Immediate Release                                                 Contact: Abigail Graham: (202) 417-7235

April 27, 2023        

WASHINGTON, D.C. – House Republicans passed the Limit, Save, Grow Act of 2023, a bill to  responsibly rein in Washington spending while avoiding a devastating default on the national debt. TPA applauds House Speaker Kevin McCarthy (R-Calif.) and House Republicans for unifying on this key first step towards righting the nation’s fiscal future.

In response, David Williams, TPA President, offered the following comment:

“House Republicans passing the Limit, Save, Grow Act proves that they are serious about tackling the most pressing fiscal issues facing the country. We are glad to see the legislation include many of TPA’s policy priorities: rescinding unused COVID funding, commonsense energy permitting reforms, and strict spending caps. It also ensures the government continues to pay its bills and avoids a near-term debt default. While President Biden sits on the sidelines, House Republicans are showing they are ready to deliver results for American taxpayers and strengthen the economy.

“In January, the U.S. Treasury began implementing ‘extraordinary measures’ to avoid a government default. The measures allow the Treasury to temporarily fulfill its current fiscal obligations. The risks of a government default are clear and catastrophic. From rising interest rates to plunging stock markets, the consequences of failing to act will reverberate across the entire economy. With a paltry 1.1 percent economic growth in the first quarter of 2023, it is critical that default is avoided.

“It is time for President Biden to step up and work with House Republicans to advance a responsible solution to this impending crisis. The nation’s leaders must come together to solve this critical issue.”

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Taxpayers Protection Alliance (TPA) is a non-profit, non-partisan organization dedicated to educating the public through the research, analysis and dissemination of information on the government’s effects on the economy.