By Chris Edwards
WASHINGTON, D.C. – Rep. Brian Babin (R-Woodville) voiced support for the recently passed Fiscal Responsibility Act of 2023; calling that bill “the most significant conservative win since Joe Biden took office.”
Babin voted for the legislation, which was passed into law on Saturday when President Biden signed it and ended the threat of a default on the national debt. The bill also put limits on government spending for two years.
Biden’s signature on the law came two days prior to the X-date, when, according to Treasury secretary Janet Yellen, the government would run out of funds to pay its debts.
After voting for the bill, Babin issued a statement to media. “Considering the urgency, the Fiscal Responsibility Act is far better than the two alternatives,” Babin said.
Those alternatives, according to Babin included not taking action and defaulting on the nation’s debts, “which would cause economic disaster,” he stated, as well as “[l]etting establishment swamp creatures like Chuck Schumer, Nancy Pelosi, Mitch McConnell and Hakeem Jefferies pass a ‘clean’ debut limit bill, giving Joe Biden a blank check courtesy of the U.S. taxpayer.”
Economists had predicted, leading up to the negotiations on the debt ceiling, that if default were to occur, the resulting collapse in the country’s ability to pay its debts would result in widespread, worldwide economic instability.
The Fiscal Responsibility Act suspends the nation’s debt ceiling and allows the federal government to borrow what funds it needs in order to meet obligations. Biden had said prior to signing the bill that an agreement between House Republicans and Democrats was crucial.
Babin, in his statement, noted that his district, the 36th Congressional District of Texas, is the “epicenter of American energy,” and that the current presidential administration has “waged an all-out war against us, our jobs and the security of our families.”
The bill, Babin noted, caps spending, rescinds $28 billion in unspent COVID funds and cuts $20 billion from the IRS slush fund, among other provisions. It also has built-in automatic spending cuts if Congress should fail to pass appropriation bills on time.
“This bill is not perfect, but it is a step in the right direction toward the goal of bringing fiscal responsibility back to D.C.,” Babin said.