McCarthy said the “Limit, Save, Grow Act of 2023” includes $4.5 trillion in spending reductions over 10 years.

He also said the bill would prevent Biden from carrying out his student loan forgiveness “giveaway” to the wealthy.

“Limited government spending will reduce inflation and restore fiscal discipline in Washington,” McCarthy said on the House floor. “If Washington wants to spend more, it will have to come together and find savings elsewhere just like every single household in America.”