House GOP should trade the debt ceiling for REINS Act

In the Fall of 2022, our national debt surpassed $31 trillion for the first time in our nation’s history. Thanks to reckless spending by both sides of the aisle, President Biden and congressional leadership must, once again, find a way to tackle the problematic debt ceiling debate. Biden’s budget proposals continue to fan the flames of out-of-control spending, projecting between $1.5 trillion and $2 trillion in deficits each year, while the Congressional Budget Office expects the national debt to reach over $50 trillion by 2033. How did we reach this point? The answer is simple, the U.S. is addicted to spending money it doesn’t have.

In the age of political partisanship, both parties are unwilling to reach a consensus: conservative Republicans are unwilling to raise the debt ceiling and hope to return to pre-COVID-19 spending levels, while Democrats have spending fever and are not concerned with our nation’s financial crisis apart from when they find use for it as a bad faith talking point. 

Today’s debacle mirrors the spending debate that occurred in 2011. “Tea party” Republicans held firm on not raising the debt ceiling, while the Obama administration refused to come to an agreement. The difference today is that House Republicans are offering the opportunity for compromise, while the Biden administration isn’t even interested in coming to the table to find a solution.

FreedomWorks is not, and has never been, an advocate for frivolous spending and raising the debt ceiling. The reality, however, is that with a divided government, the only solution for a bipartisan agreement entails compromise. If Democrats are unwilling to return government spending to pre-COVID levels, why not trade raising the debt ceiling for a few legislative wins?

House Republicans recently introduced an informal proposal that would lift the debt limit through May of 2024. Republicans hope to limit budget growth to 1 percent growth annually for the next 10 years while cutting wasteful spending: rescinding unspent COVID money, prohibiting student loan forgiveness, repealing some green tax credits, etc. In addition to spending cuts, Republicans hope to trade the debt ceiling in return for implementing H.R. 1, the Lower Energy Costs Act, or the REINS Act. 

This debate gives House Republicans an opportunity to deliver on a few promises they made in their Commitment to America: cut spending and rein in an overreaching executive branch. Default on the national debt is not an option. What kind of compromise can be made? It would do well for House Republicans to raise the debt ceiling in return for the passage of the REINS Act. 

In January, Rep. Kat Cammack (R-Fla.) introduced the Regulations from the Executive In Need of Scrutiny (REINS) Act, which would reassert Congress' legislative authority and prevent excessive overreach by the executive branch in the federal rulemaking process. Over several decades, the legislative branch has slowly and willfully usurped its constitutional responsibility, outlined in Article 1 of the U.S. Constitution, of creating and implementing laws by delegating those powers to bureaucrats within the executive branch.

The REINS Act stops giving unelected bureaucrats free reign and prevents any president from burdening our nation’s economy with excessive regulatory overreach. Eliminating pointless and burdensome red tape would cool inflation and slow runaway spending. Additionally, this legislation gives Congress legislative power to approve any rule which costs over $100 million or more annually from the White House before it goes into effect.

During President Biden’s first year in office, his administration added over $200 billion in new regulatory costs. There are over 1 million “unique regulations” currently in place, adding hefty compliance and economic costs — costing American taxpayers over $2 trillion annually. These costs are an excruciating blow to the American economy.

Trading the debt ceiling for the REINS Act is a commonsense compromise that appeases both sides of the political aisle, and it would be advantageous for Democrats to consider this proposal. We are encouraged by the progress House Republicans are making to find a compromise. Congress has an opportunity to seize the moment and get our reckless spending under control, and it would do well for President Biden and Senate Democrats to come to the table and make a full-hearted effort to come to an agreement.

Americans live with the consequences of Washington’s inability to get its fiscal house in order daily as prices surge and inflation remains high. House Republicans’ commonsense approach would help ease the burden placed on hardworking American families and help return fiscal responsibility to our nation’s capital.

Adam Brandon is the president of FreedomWorks.