The first step toward restoring fiscal responsibility in the federal government is to put more guard rails in place to prevent massive, unchecked deficit spending. The American people have witnessed politicians in Washington carelessly spending trillions of taxpayer dollars, which has contributed to our debt towering above $31 trillion and inflation rising to 40-year highs.
The Fiscal Responsibility Act of 2023 (FRA), which was signed into law earlier this month, includes sensible reforms to fight radical spending and tackle inflation, but taxpayers deserve more protection. For Fiscal Year (FY) 24 and FY25, the FRA enacted two years of enforceable spending caps and four years of non-enforceable caps for FY26 through FY29.
As Congress agreed on enforceable spending caps in bipartisan fashion, I introduced the Enforce the Caps Act to simply extend the tools already in place to enforce those caps through FY29.
According to the nonpartisan Congressional Budget Office, the full enforcement of these caps through FY29 would save taxpayers north of $550 billion.
In addition to eleven cosponsors, this bill has a wide array of endorsements from taxpayer protection groups, including:
- America First Policy Institute
- Americans for Prosperity
- Americans for Tax Reform
- FreedomWorks
- National Taxpayers Union
- Heritage Action
- R Street Institute
- Taxpayers Protection Alliance
- Job Creators Network
With commonsense measures in place, such as enforceable spending caps, Washington can take meaningful steps to rein in needless and excessive government spending. The Enforce the Caps Act takes action to secure America’s fiscal future for our children and grandchildren by reducing the deficit and addressing Washington’s addiction to reckless spending.