HR 2811: Limit, Save, Grow Act of 2023

HR 2811 in plain English: The Limit, Save, Grow Act of 2023 would raise the federal debt ceiling while reducing future spending by capping discretionary budgets from FY2024 through FY2033, starting at roughly $1.47 trillion in 2024. The bill also rescinds unobligated COVID-19 relief and Inflation Reduction Act funds, repeals several energy tax credits, expands work requirements for SNAP and other assistance programs, and nullifies Biden administration actions canceling federal student loan debt.

Stated purpose

To provide for a responsible increase to the federal debt ceiling while reducing federal spending, repealing certain energy tax credits, modifying energy project permitting, expanding work requirements for assistance programs, and blocking executive actions on student loan cancellation.

Key points

• Sets discretionary spending caps from $1,470,979,000,000 in FY2024 rising to $1,608,788,000,000 in FY2033.
• Rescinds unobligated funds from COVID-19 relief laws and the Inflation Reduction Act of 2022.
• Nullifies federal student loan payment suspensions, debt discharges, and the new income-driven repayment plan.
• Repeals or rolls back several energy tax credits enacted under the Inflation Reduction Act.
• Expands work requirements for SNAP and other benefit programs.

Arguments supporters make

• Raising the debt ceiling must come with real spending cuts to slow the growth of the national debt and avoid passing an unsustainable financial burden to future generations
• Expanding work requirements encourages self-sufficiency and ensures assistance programs are directed to those who truly cannot work
• Blocking student loan cancellation by executive action respects the constitutional role of Congress in authorizing spending and treats borrowers who already repaid loans fairly

Arguments opponents make

• Cutting discretionary spending and rescinding unspent funds could reduce services and investments communities still need, especially in areas like disaster relief and infrastructure
• Repealing clean energy tax credits removes incentives that were drawing private investment and jobs in manufacturing, risking economic momentum in a growing sector
• Expanding work requirements often removes benefits from people who are already working, caregiving, or facing barriers to employment without meaningfully increasing employment rates

Tradeoffs

Reducing the debt and limiting federal spending may ease long-term fiscal pressure, but could cut current programs and credits that low-income households and growing industries depend on; tightening eligibility rules saves government money but may leave some vulnerable people without assistance.

Current status in Congress: Passed House.

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