Highlights of the House Deficit Reduction Bill

The House has passed H.R. 2811, the Limit, Save, Grow Act of 2023. The legislation is being offered as a vehicle for raising the debt limit. Specifically, it suspends the limit until the national debt increases by $1.5 trillion or until March 31, 2024, whichever comes first. In exchange, it calls for deficit reduction of $4.8 trillion between fiscal years (FYs) 2023 and 2033, as estimated by the Committee for a Responsible Federal Budget (CRFB).