House Republicans Pass Debt-Limit Bill

Published May 02, 2023

By AACOM Government Relations

Advocacy Appropriations Federal Policy OME Advocate

  • On April 26, 2023, the House voted along near party lines 217-215 to pass their debt-limit bill, which would cut the deficit by $4.8 trillion over a decade, according to the Congressional Budget Office. The measure would raise the debt limit into 2024, while implementing steep discretionary spending cuts, social aid work requirements and other budget reducing measures.
  • Republicans have acknowledged this measure won’t become law but rather should persuade President Biden to negotiate.
  • The package includes Medicaid work requirements and provisions to rescind any unspent COVID-19 relief funding, which were among the provisions that were nonstarters for Democrats, who unanimously voted against the package.
  • The Republican package also aims to curb the influence of regulatory agencies by requiring all new major regulations be approved by Congress. Under the Regulations from the Executive in Need of Scrutiny Act of 2023, congressional approval would be required for any regulation that results in an annual impact on the economy of $100 million or more, a major increase in costs or prices or significant adverse effects on competition, employment, investment, productivity, innovation or American economic competitiveness.