Polls indicate that Republicans will likely take control of the U.S. House of Representatives—and possibly the U.S. Senate—in tomorrow’s elections. Here is some business-related legislative action the GOP might pursue.
- House Minority Leader Kevin McCarthy, the likely new Speaker of the House beginning in January, says his first bill would attempt to reverse the Inflation Reduction Act, the oddly named but popular bill that in reality provides billions of dollars in federal subsidies to clean-energy projects and infrastructure investment.
- The GOP will also likely cut spending on Social Security and Medicare programs.
- They also have said they will fight the Biden administration on its efforts to raise the debt ceiling—hoping to reduce the amount of money the government can borrow and therefore spend.
- Republicans would also push to get the country back to energy independence by making new drilling permits easier to obtain and pushing for the opening of oil pipelines.
- Recent bipartisan crackdowns on Big Tech suggest that the GOP will continue to push against censorship and data abuse.
- State platforms are also moving forward with business and licensing deregulation, proposing to repeal minimum-wage laws, pushing for right-to-work policies against unions, abolishing state-level income taxes, opposing environmental laws, and defunding climate justice initiatives.
- Economic growth and stimulation are at the forefront of the GOP platform—with jobs, taxes, and wages being among the highest concerns for voters.
Why it’s Important
McCarthy and the GOP have promised to roll back most of the accomplishments of the current administration if they get power. Major infrastructure spending, climate change investments, and other spending would face elimination.
“The GOP’s blueprint does not say precisely which bills they plan to use to advance their goals or what level of priority each would receive. But Republicans contend it offers critical direction as they plot the path back to the majority, both on the campaign trail and in developing detailed policy to roll out come January,” says Politico.
“Republicans are favored to win the House in the November 8 midterm elections, bolstered by frustration over the economy and advantages in the redistricting process that takes place every 10 years. But Democrats are working to hold their ground, campaigning on maintaining access to abortion and other issues,” says AP.
Republicans would likely be unable to make any legislative accomplishments, as any bills would be unlikely to pass President Joe Biden’s desk without a veto-proof majority. Biden would find any efforts on progressive climate spending or economic relief hampered though. His executive orders would also face severe legal challenges.
“House Republicans’ legislative ambitions would be weakened by the divided government; regardless of what happens with control of the Senate, President Biden is unlikely to support much if any of a partisan GOP agenda. But the majority would provide Republicans with oversight and investigative authority over the administration and they plan to use it,” says NPR.
McCarthy’s agenda has already been scrutinized by congressional Democrats. “A return to Republican power in the House would be a victory for Trump,” says the Associated Press. A spokesman for the office of House Speaker Nancy Pelosi accused McCarthy’s plan of being tied to “an extreme MAGA agenda,” referring to Donald Trump’s Make America Great Again slogan.