The Heritage Foundation By David Ditch
House Speaker Kevin McCarthy, R-Calif., released text April 19 of legislation dubbed the Limit, Save, Grow Act. The bill, a focus of internal negotiations among House Republicans, would provide an increase in the federal debt ceiling lasting into next spring in exchange for a package of reforms aimed at lowering future deficits and boosting economic growth.
This approach of pairing debt ceiling increases with fiscally responsible reforms has public support, but Washington has an uneven track record of doing the right thing. In recent years, Congress has tended to punt and allow huge increases to the federal debt limit without any meaningful reforms.
Kicking the can down the road is exactly what Senate Majority Leader Chuck Schumer, R-N.Y., wants.
