The new House GOP majority will focus on the economy

President Joe Biden and Democrats in Congress charged taxpayers $6 trillion for their liberal spending spree over the last two years. From the American Rescue Plan, which failed to rescue our economy, to the Inflation Reduction Act, which failed to reduce inflation, Democrats have fueled price hikes for everyday necessities and taxed families to pay for their wasteful agenda. Ultimately, this tax-and-spend mentality will stymie economic growth, indebt our country to our adversaries, and threaten our prosperity. In our Commitment to America, Republicans will work to balance the federal budget, end wasteful spending, and strengthen our economy.

First, we need to balance our federal budget. Every family lives on a budget, and Congress should operate no differently. Misleading philosophies such as Modern Monetary Theory — which wrongfully presupposes that our debt can grow exponentially with no consequences — embolden geopolitical foes such as China at the expense of our long-term financial security. According to the U.S. Treasury Department, China holds nearly $1 trillion of our debt , which amounts to roughly 14% of all foreign-held U.S. debt.

If we continue to exceed our federal credit limit, U.S. debt will become a far less attractive investment for our allies and a more intriguing investment for our enemies, who could wield our debt against us as a political and financial weapon. At some point, too, even our enemies may refuse to purchase U.S. debt for fear that we would fail to keep our financial promises when bond payments come due. It doesn’t take an economist to explain the ugly ramifications of widespread federal default: a spiraling debt crisis and economic catastrophe. This alarming yet increasingly likely scenario underscores the need to balance our budget as quickly as possible.

Second, we must cure Washington’s worsening addiction to wasteful spending. While some of my Democratic colleagues prefer to print trillions of dollars to resolve the economic crises they created, this mindset is exactly why our nation is facing record inflation and a recession as early as next year. From groceries and gas to other everyday expenses, families are watching their paychecks shrink and household budgets crumble while Democrats propose more uncontrolled spending and more government red tape. To curb reckless spending and its ruinous ramifications, we need to cut the backroom pork out of massive legislative packages and restore power to congressional committees to meticulously review legislation and stem the worst fiscal excesses and waste.

Additionally, we must faithfully adhere to the rules and regulations outlined in the Statutory Pay-As-You-Go Act of 2010, which explicitly requires any new spending that contributes to the national debt to be offset by spending cuts elsewhere. This is just common sense. Unfortunately, Democrats simply waive these requirements when it is politically expedient to their liberal spending agenda. Republicans will instead follow the letter of the law with regard to fiscal responsibility.

Third, Conservatives have offered real solutions to the economic woes that families are enduring. It is not enough to oppose the Democrats’ failed agenda; we must lead with our own ideas. Our policies need to encourage robust investment, spark economic growth, help small businesses thrive, support our agricultural sector, and let workers and families keep more of their hard-earned money. As such, our economic plan includes, but is not limited to, making the 2017 Tax Cuts and Jobs Act permanent, repealing President Joe Biden’s army of 87,000 new IRS agents, and unleashing domestic energy production here at home to lower prices at the pump. While this is just a small sample of our larger commitment, these priorities will jump-start our economic revitalization, create jobs, and eliminate burdensome red tape that hinders our families and businesses.

Amid record inflation and economic distress, the voters have entrusted Republicans with the House majority, and we will deliver. When we empower workers and industry to innovate, develop, and build through lower taxes, less regulation, and less government, the economy benefits. Essentially, our Commitment to America represents a solemn promise to taxpayers, farmers, families, small businesses, and workers. We will prioritize fiscal responsibility, promote accountability, protect family budgets, and produce a stronger foundation for our diverse and powerful economy to grow and thrive. With Republicans leading the House of Representatives, American exceptionalism and economic prosperity will once again form the core of the American dream.

This op-ed was originally published in the Washington Examiner on December 12, 2022.