GOP House of Representatives: Exchange Debt Ceiling for REINS Act

The current state of the United States national debt is a cause for alarm. In the Fall of 2022, our nation’s debt surpassed $31 trillion for the first time in history. This was due to reckless spending by both parties and President Biden and congressional leaders must take responsibility for this crisis. The House GOP has proposed trading away the debt ceiling in exchange for passing their REINS Act, which would require Congress to approve any major regulations issued by executive agencies before they can go into effect.

This proposal could be beneficial if it keeps federal spending under control while allowing necessary regulation to still occur without being blocked or delayed indefinitely due to partisan gridlock on Capitol Hill. It also provides an opportunity for more transparency when it comes to how taxpayer money is used as well as accountability from those responsible should something go wrong with a particular regulation or policy decision made at an executive-level agency, such as EPA or FDA.

Ultimately, whether this trade-off between raising/eliminating the debt ceiling and passing REINS becomes reality will depend on what both sides are willing to give up to reach a compromise that works best not only now but also long term going forward so we don’t find ourselves facing another financial crisis down the road like we have today because of irresponsible spending habits from Washington Dc politicians over years.