Limit, Save, Grow Act of 2023

Committee on the Budget. Hearings held. Hearings printed: S.Hrg. 118-76.

May 4, 2023

The Limit, Save, Grow Act of 2023 increases the federal debt limit while establishing discretionary spending limits for fiscal years 2024-2033 that include spending decreases. The bill rescinds unobligated funds from COVID-19 relief legislation and from the Inflation Reduction Act of 2022, including funds for energy efficiency, infrastructure, national parks, and transportation programs. It nullifies Department of Education actions related to federal student loan payment suspensions, debt discharge, and income-driven repayment plans, and prohibits the Department from issuing regulations or executive actions on federal student aid that are economically significant and would increase subsidy costs from loan modifications. The bill also repeals energy tax credits, modifies energy project permitting processes, and expands work requirements for SNAP and other assistance programs.

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Limit, Save, Grow Act of 2023 This bill increases the federal debt limit and decreases spending. It also repeals several energy tax credits, modifies the permitting process and other requirements for energy projects, expands work requirements for the Supplemental Nutrition Assistance Program (SNAP) and other programs, and nullifies regulations for the cancellation of federal student loan debt. DIVISION A--LIMIT FEDERAL SPENDING TITLE I--DISCRETIONARY SPENDING LIMITS FOR DISCRETIONARY CATEGORY (Sec. 101) This section establishes discretionary spending limits for FY2024-FY2033 that include decreases in discretionary spending. In addition, the section extends and establishes new limits for several adjustments to discretionary spending limits that are permitted under current law to accommodate additional appropriations for certain activities. These adjustments apply to spending for continuing disability reviews and redeterminations, health care fraud and abuse control, reemployment services and eligibility assessments, and wildfire suppression. The section also extends the adjustment to discretionary spending limits for disaster relief funding. (Under current law, this adjustment is limited based on a statutory formula.) DIVISION B--SAVE TAXPAYER DOLLARS TITLE I--RESCISSION OF UNOBLIGATED FUNDS (Sec. 201) This section rescinds unobligated funds that were provided by specified acts to address the impact of COVID-19. Specifically, the section rescinds funds that were provided by the American Rescue Plan Act of 2021; the Coronavirus Preparedness and Response Supplemental Appropriations Act, 2020; the Families First Coronavirus Response Act; the Coronavirus Aid, Relief, and Economic Security Act (CARES Act); and the Paycheck Protection Program and Health Care Enhancement Act. This section also rescinds unobligated funds that were provided by two divisions of the Consolidated Appropriations Act, 2021: Division M (Coronavirus Response and Relief Supplemental Appropriations Act, 2021), and Division N (Additional Coronavirus Response and Relief). (Sec. 202) This section rescinds unobligated funds that were provided by the 2022 budget reconciliation act (commonly referred to as the Inflation Reduction Act of 2022). Specifically, the section rescinds funds that were provided for assisting states and local governments in adopting building codes that meet certain requirements for energy efficiency; financing certain energy infrastructure projects; carrying out priority deferred maintenance projects within the National Park System; reducing greenhouse gas air pollution; and establishing the Neighborhood Access and Equity Grant Program to improve transportation facilities. TITLE II--PROHIBIT UNFAIR STUDENT LOAN GIVEAWAYS (Sec. 211) This section nullifies certain actions taken by the Department of Education (ED) related to federal student loans, including actions that suspend federal student loan payments, discharge debt, and implement a new income-driven repayment plan. It also prohibits ED from implementing new executive actions or rules that are identical or substantially similar to the nullified actions unless the action or rule is expressly authorized by Congress. (Sec. 212) This section limits the authority of ED to propose or issue regulations and executive actions related to federal student-aid programs. The section prohibits ED from issuing such a proposed rule, final regulation, or executive action if ED determines that the rule, regulation, or action (1) is economically significant, and (2) would result in an increase in a subsidy cost resulting from a loan modification. Economically significant refers to a regulation or executive action that is likely to (1) have an annual effect on the economy of $100 million or more; or (2) adversely affect in a material way the economy, a sector of the economy, productivity, competition, jobs, the environment, public health or safety, or state, local, or tribal governments or communities. TITLE II