Limit, Save, Grow Act of 2023
suspends the debt limit through March 31, 2024, or until the debt increases by $1.5 trillion, whichever occurs first;
establishes discretionary spending limits for FY2024-FY2033 that include decreases in discretionary spending;
rescinds certain unobligated funds that were provided to address COVID-19 and to the Internal Revenue Service;
nullifies certain executive actions and regulations for cancelling federal student loan debt and implementing an income-driven repayment plan for student loans;
repeals or modifies tax credits for renewable and clean energy, energy efficient property, alternative fuels, and electric vehicles;
establishes new work requirements for Medicaid and expands the work requirements for SNAP and the Temporary Assistance for Needy Families (TANF) program; and
requires major federal rules (e.g., rules likely to result in an annual economic effect of at least $100 million) to be approved by Congress before they take effect.
https://www.congress.gov/bill/118th-congress/house-bill/2811
https://basedunderground.com/2023/05/06/americans-should-prepare-for-a-credit-crunch-experts-warn/
“Americans Should Prepare for a Credit Crunch, Experts Warn”
“The recent banking crisis in the United States has led to widespread concerns of a looming credit crunch and the negative effects that it will have on American families and businesses as well as the economy as a whole.
U.S. Treasury Secretary Janet Yellen recently told the media that she expects banks to be more cautious in the aftermath of the collapse of Silicon Valley Bank and Signature Bank. She said: “We already saw some tightening of lending standards in the banking system prior to that episode, and there may be some more to come.”
Meanwhile, Federal Reserve Chair Jerome Powell said at a news conference that the turmoil in the banking sector is “likely to result in tighter credit conditions for households and businesses, which would in turn affect economic outcomes.””
Limit, Save, Grow Act of 2023
requires major federal rules (e.g., rules likely to result in an annual economic effect of at least $100 million) to be approved by Congress before they take effect.
[All rules should have to be approved by Congress as per the Constitution, but it is a step in the right direction]
establishes new work requirements for Medicaid and expands the work requirements for SNAP and the Temporary Assistance for Needy Families (TANF) program; and
[Even Karl Marx would feel that is reasonable.]
repeals or modifies tax credits for renewable and clean energy, energy efficient property, alternative fuels, and electric vehicles;
[Except for “energy efficient property”, all is pointless while China & India burn coal like crazy.]
[Should the federal government pay to improve private property? No]
nullifies certain executive actions and regulations for cancelling federal student loan debt and implementing an income-driven repayment plan for student loans;
[Students had every day of the course(s) of months and years to determine if their education and hard work was worthwhile. One can generally assume they found it was worthwhile and it is perfectly reasonable to expect them to pay as they solemnly promised on each and every loan they got.]
[If the Democrats want a student loan bankruptcy bill they feel is reasonable to become law, they can place it in a Senate or House bill hopper for congressional consideration.]
rescinds certain unobligated funds that were provided to address COVID-19 and to the Internal Revenue Service;
[It is perfectly reasonable to put such money to new and better uses.]
establishes discretionary spending limits for FY2024-FY2033 that include decreases in discretionary spending;
[This is pretty much what most American families have had to do at least once.]
[If Joe & Democrats want to allocate the decreases differently, they had best present their suggestions ASAP.]
suspends the debt limit through March 31, 2024, or until the debt increases by $1.5 trillion, whichever occurs first;
[This is about $5,000 per American citizen. Joe & his Democrats can accept the deal as a whole or the House could adjourn and Joe & his Democrats can beg for it cent by cent.]
https://www.congress.gov/bill/118th-congress/house-bill/2811