GOP leaders applaud bipartisan Fiscal Responsibility Act passage.

House Republicans Pass Historic Fiscal Responsibility Act

House Republican leaders praised the passage of the hotly debated Fiscal Responsibility Act on Wednesday night after the House of Representatives advanced the bill to the Senate in a bipartisan vote.

The Fiscal Responsibility Act has been passed by the House of Representatives in a historic vote, with House Speaker Kevin McCarthy (R-CA), Majority Leader Steve Scalise (R-LA), Majority Whip Tom Emmer (R-MN), and Republican Conference Chairwoman Elise Stefanik (R-NY) touting that the bill makes the United States less dependent on China and saves taxpayers an estimated $2.1 trillion.

What the Bill Means for America

“Today, the House passed the largest deficit reduction package in American history,” the leadership group said in a statement. “Passing the Fiscal Responsibility Act is a crucial first step to putting America on the right economic track. As House Republicans build on these structural reforms, the American people can be confident that we will never give up on them.”

The bill passed the House in a 314-117 vote as lawmakers reached across the political aisle. The legislation includes compromises on government spending by protecting social programs such as Social Security and Medicaid, but allows Republicans to reclaim unspent COVID-19 relief and reduce funding for the Internal Revenue Service.

A Historic Day for America

The vote came after a massive whip operation by both parties, with Minority Leader Hakeem Jeffries (D-NY) delivering the necessary votes for McCarthy. It also came after months of negotiations between the White House and Congress, as well as just five days ahead of a Treasury Department-imposed deadline to avoid a default on June 5.

“Today is truly a historic day. The Fiscal Responsibility Act is a win for the American people and future generations,” Stefanik said in a separate statement shared with the Washington Examiner. “The passage of this legislation is a testament to House Republicans delivering on our commitment to America- an economy that’s strong.”

What Happens Next?

The 99-page bill, which was filed on Sunday evening, started a 72-hour clock for members to read the text and decide their vote. After the House’s passage, it now heads to the Senate, which is expected to vote on the bill later this week. If it passes, it will be signed into law by President Joe Biden.

The U.S. reached its debt ceiling in January, but Congress was given a June 5 deadline until the federal government would not be able to pay its bills.

Key Takeaways:

• The Fiscal Responsibility Act has been passed by the House of Representatives in a historic vote.
• The bill makes the United States less dependent on China and saves taxpayers an estimated $2.1 trillion.
• The legislation includes compromises on government spending by protecting social programs such as Social Security and Medicaid, but allows Republicans to reclaim unspent COVID-19 relief and reduce funding for the Internal Revenue Service.
• The bill now heads to the Senate, which is expected to vote on the bill later this week. If it passes, it will be signed into law by President Joe Biden.