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Freedom Caucus lays down markers in debt limit fight

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The conservative group rolled out proposals for steep cuts in government spending, providing a closer look at the kind of demands hard-line conservatives can back. 

Among the proposals presented Friday that the group wants pursued as part of debt limit negotiations are a pitch to return total discretionary spending to fiscal year 2022 levels for 10 years.

The plan also calls for capping growth at 1 percent annually during the same period, with members proposing exceptions to keep defense spending at current levels, while looking for cuts on the nondefense side.

The plan is likely to be a nonstarter with Democrats and potentially some Republicans, as Senate Minority Leader Mitch McConnell (R-Ky.) has even called for “substantial” increases on the defense side for fiscal 2024 funding.  

“If somebody else on our side of the aisle or the other side of the aisle or a combination of the two wants to bring some plan together, we’re certainly going to consider it, but this is where we stand,” House Freedom Caucus Chairman Scott Perry (R-Pa.) said.

The Freedom Caucus said the plan would yield a cut of $131 billion in spending in the coming fiscal year, and “save roughly $3 trillion over the long term.”

The plan is a sharp contrast from President Biden’s 2024 budget request unveiled the day before, which calls for about $1.7 trillion in base discretionary funding for the next fiscal year. The plan also pitches nearly $3 trillion in deficit reductions over the next decade by raising taxes on wealthy individuals and corporations. 

Other proposals offered by the conservative caucus call for work requirements for welfare programs and ideas that would involve further purse tightening on the nondefense side.

The proposed budget roadmap is one of a few the House GOP are expected to release in the coming weeks, as the party works to find spending proposals the conference can get behind in debt limit talks with Democrats. 

Read the rest of the proposals from the group at TheHill.com.

Key business and economic news with implications this week and beyond:

NEW YORK (AP) — Regulators rushed Friday to seize the assets of one of Silicon Valley’s top banks, marking the largest failure of a U.S. financial institution since the height of the financial crisis almost 15 years ago.

Regulators shut down Silicon Valley Bank on Friday, marking the biggest bank failure since the 2008 recession and sending shockwaves across the tech world. 

The U.S. economy added 311,000 jobs in February and the unemployment rate rose to 3.6 percent, according to data released Friday by the Labor Department.

The February jobs report was a bit of a mixed bag with the unemployment rate rising even as the economy added more jobs last month than economists had expected.

Upcoming news themes and events we’re watching:

The Labor Department will release the February update to the consumer price index (CPI) on Tuesday at 8:30 a.m.The Census Bureau releases data for February retail sales on Wednesday at 8:30 a.m.
Branch out with more stories from the day:

JUNEAU, Alaska (AP) — A judge has ruled that data from wells drilled by ConocoPhillips Alaska on federal lands on Alaska’s North Slope — including wells that are part of a major oil project the company is pursuing called Willow — can remain confidential for now.

Business and economic news we’ve flagged from other outlets:

Startups scramble to meet payroll, pay bills after SVB’s swift collapse (CNBC)
Facebook Parent Plans New Job Cuts (Wall Street Journal)
A former TikTok employee tells Congress the app is lying about Chinese spying (WaPo)Top stories on The Hill right now:

Former President Trump is engulfed in a number of legal battles, but signs are growing that Manhattan prosecutors’ Stormy Daniels investigation could soon produce criminal charges, which would be a first for a former U.S. president. Read more

Virginia Gov. Glenn Youngkin (R) called for gender-neutral bathrooms in schools on Thursday, in response to a town hall question from a transgender Virginia teenager. Read more

Opinions related to business and economic issues submitted to The Hill:

You’re all caught up. See you next week! 



Debt limit

Freedom Caucus

Mitch McConnell

Mitch McConnell

President Biden

Scott Perry

Scott Perry

Copyright 2023 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Source : The Hill

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