On April 19, House Republicans released their plan to address the approaching debt limit with the introduction of the Limit, Save, Grow Act of 2023. The legislation would pair a $1.5 trillion debt ceiling increase with a decrease in discretionary spending for Fiscal Year (FY) 2024 to FY22 levels, a decrease of approximately $130 billion. The most likely cuts are to domestic discretionary programs, which have a combined cost around $734 billion in FY23.

The bill also proposes to rescind significant funding and tax incentives for green energy and pollution reduction programs enacted in the Inflation Reduction Act (IRA), including elimination of the Greenhouse Gas Reduction Fund (GGRF). It would also rescind funding for the IRS, undo President Biden’s student loan forgiveness program, rescind unspent COVID-19 recovery funds, and broaden work requirements for both Temporary Assistance for Needy Families (TANF) and food stamps. 

Many in the industry support strong funding levels for critical housing programs and are actively engaged in working to increase resilience for affordable housing, including through green community's work. More information on the benefits of the IRA can be found in our March 6 blog post, as well as details on public comments to the Environmental Protection Agency on the GGRF. House Republican leadership aims to hold a vote on the bill by the end of this month.