Fox News host Sean Hannity looked over the 99-page Fiscal Responsibility Act and explained why many on both sides of the aisle are happy and unhappy about the tentative deal.
SEAN HANNITY: Tonight, a big budget battle taking place on Capitol Hill. Speaker Kevin McCarthy and President Joe Biden have reached a tentative deal on the debt ceiling. Not all Republicans, not all Democrats are on-board. In fact, many are very outraged about the agreement… But here’s what you need to know about the 99-page so-called Fiscal Responsibility Act, including arguments on both sides. Now, first, the name. Just so you know, it means nothing. We already have over $31 trillion in debt and that massive tally continues to grow even after this bill. Still, small government economists, people like Steve Moore support the bill, calling it ‘a step in the right direction.’ Republican congressman, on the other hand, Chip Roy is referring to it as a ‘turd sandwich.’
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The Washington Times, meanwhile, they describe it as a win for the GOP, all while Representative Nancy Mace is trashing the deal for normalizing record spending with the president ‘who can’t find his pants.’ Now, some Republican lawmakers, they are infuriated that the compromise maintains what is an unacceptably high level of COVID era spending and, you know, re-purposes nearly $100 billion in spending instead of making outright cuts to the budget. This is a bill that pushes any further negotiations back until after the presidential election, which is a very key point of contention. Many Republicans want to get another negotiation before next year’s presidential election. They fear handing Democrats a blank check if they keep the White House in 2024. Here’s what some Republicans like about the bill. One, it caps non-defense spending growth by no more than 1% in 2024 and 2025. Two, the bill does claw back $28 billion in unspent COVID funds. Three, it officially cancels Biden’s student loan pause repayments, now restart at the end of the summer, but it doesn’t end them. Four if marginally expands work requirements for certain social programs like food stamps. Five, funding to Biden’s insane $80 billion plan to double the size of the IRS… that will be cut by $1.4 billion a year. But a far cry from the Republican bill that slashed the program completely.
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And according to CNN, another 20 billion will be re-purposed in 2024 and 2025. Quote, ‘This provision does not appear in the text of the bill,’ but another source familiar with the deal said both sides have agreed to that. But that means best case scenario is Biden’s IRS expansion will still have around $60 billion to work with. As conservatives point out, the budget cuts are small, not enough for some Republicans. Remember their bill cut 4.8 trillion. Also, the work requirements feature a lot of exceptions, and some believe that the cuts are essentially window dressing to a terrible bill. Now, are the Republicans up for it? The Republicans passed the original bill again, that saved 4.8 trillion over ten years, according to Kevin McCarthy. This bill saves just over $2 trillion, which is a record spending cut. Now, finally, the bill also cuts some red tape around certain energy projects and expedites a pipeline in West Virginia. That’s good for the energy sector in this country. Now, of course, Democrats, they are also livid about the provisions. You have the far left Sierra Club calling it a bad deal for the country. You have Senator Tim Kaine attempting to now torpedo the legislation in the U.S. Senate. You have Congresswoman Cori Bush now accusing her fellow lawmakers of, quote, ‘taking food out of vulnerable people’s mouths.’ Needless to say, Democrats are not happy with this bill like some Republicans aren’t
