The bill would reduce deficits by trillions of dollars and cut red tape that stands in the way of hundreds of thousands of jobs.
The idea that there should be an “equal” reduction to defense and nondefense spending in response to the spending spree is absurd.
Raising taxes on businesses won’t help matters, since those taxes would simply be felt through lower wages, higher consumer prices, and slower job growth.
Following a number of rounds of discussions between House Republican officials and the Biden administration, the two sides still haven’t reached an agreement on increasing the federal debt limit.
House Speaker Kevin McCarthy, R-Calif., described a Monday evening conversation at the White House, however, as “productive.”
An important factor surrounding the issue is McCarthy’s negotiating position. With Republicans holding a relatively narrow majority, there were doubts whether the speaker could find a majority, 218 votes, for a package addressing both the debt limit and the nation’s rapidly deteriorating finances.
Yet McCarthy managed to thread the needle and guide the Limit, Save, Grow Act to passage. The bill would reduce deficits by trillions of dollars and cut red tape that stands in the way of hundreds of thousands of jobs.
Even as McCarthy has invested heavily in attempting to bring a measure of fiscal sanity to the Washington swamp, his public image has improved. There has been a clear upward polling trend this year in both his national approval...
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