On April 25, ABC sent a letter of support for House Republican Leadership’s proposal to increase the debt ceiling while tackling Washington spending in a proposal that would save $4.5 trillion through slowed growth in government spending and cuts to priorities of the Biden administration.

The Limit, Save, Grow Act would establish spending levels for fiscal year 2024 at FY22 levels and allow only for 1% annual growth over the next 10 years, in exchange for raising the debt limit by $1.5 trillion or through March 31, 2024, whichever comes first. You can view a one-pager of the bill.

The bill also goes after the White House’s priorities, including rescinding funding under the Democrats’ Inflation Reduction Act, tax and spend reconciliation package from last year for IRS enforcement funding that will burden American taxpayers and small businesses with more audits and increased compliance costs; repealing ABC-opposed IRA energy tax credits that include burdensome and discriminatory prevailing wage and apprenticeship requirements; ending the President’s executive action on student loan forgiveness; and reclaiming unspent COVID funds.

Additionally, the bill includes ABC-supported legislation, the REINS Act to block excessively burdensome agency rules and regulations, and H.R. 1 to unleash America’s energy production and ensure American energy independence.