American Conservative Newsletter 6/9/2023 about DEBT Ceiling

    EXTRA, EXTRA    6/9/23

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DEBT LIMIT – crisis temporarily averted but it is not gone.  The Senate passed wide-ranging legislation that suspends the 31.4 trillion debt ceiling while cutting Federal spending.

The deal claws back around $29 billion in “rescission” from unspent taxpayer funds, mostly in leftover COVID spending accounts and some also from the IRS.  That represents the largest rescission of previously approved spending in the nation’s history.  It also expands work requirements for welfare programs for able-bodied adults under 55. This Act caps Fiscal Year 2024 spending with a slight cut from 2023, along with a shift from non-defense spending to defense spending of around $28b.  The bill then caps all spending for Fiscal Year 2025 with only 1% growth.

One of the more important parts of the legislation is what it does for energy policy.  It green-lights the Mountain Valley Pipeline (essentially the Keystone XL pipeline for the East Coast) by stopping the endless cycle of environmental lawsuits that have been slowing that project down.  By connecting the West Virginia end (where the supply is) to the Southeast, we will be taking major steps toward solidifying our energy independence for years to come.

South Carolina has been a powerhouse for manufacturing and our economy shows this. However, we are approaching our maximum natural gas pipeline capacity in the state which has the potential to cost jobs and create blackouts. We caught a glimpse of how vulnerable our grid was this past Christmas when service was interrupted for nearly half a million residents.

Completing the Mountain Valley Pipeline will free up more gas in the current pipelines that will be able power our homes and our businesses?  Be aware though, that green-lighting the pipeline has made green climate activists very angry.  They will not stop pushing back and neither should we.

This bill is far from what we wanted but it is a step in the right direction.  Remember, this is only the beginning. With a Republican in the White House and control of the Senate again, we will turn this country back to its roots.