Limit, Save, Grow Act of 2023

H.R. 2811, the Limit, Save, Grow Act of 2023, is a legislative proposal designed to raise the federal debt limit while implementing significant reductions in government spending. The bill seeks to increase the debt ceiling by $1.5 trillion or suspend it until March 31, 2024, whichever comes first, to prevent a default on national obligations.

For everyday citizens, the bill’s primary impacts would include the following:

Federal Benefits:* It introduces stricter work requirements for adults without dependents who receive food assistance (SNAP) and healthcare (Medicaid), and adjusts work participation rules for the Temporary Assistance for Needy Families (TANF) program.

Student Loans:* The bill would block the administration’s plan to cancel certain federal student loan debt and prevent future pauses on loan repayments without congressional approval.

Energy and Environment:* It repeals several tax credits for electric vehicles and renewable energy projects while seeking to lower energy costs by streamlining the permitting process for oil, gas, and mining projects.

Government Spending:* The bill would rescind unspent COVID-19 relief funds, reduce funding for the IRS, and set limits on federal agency spending for the next decade.