Newly released legislation by Florida Republicans on Monday will allow Governor Ron DeSantis to appoint all five leaders of Disney’s tax district in Orlando and will officially rename the district.

The bill will turn the Reedy Creek Improvement District into the the Central Florida Tourism Oversight and will deliver on DeSantis’ promise last year to take over the district.

DeSantis’ office said that the special tax district, which has allowed Disney to govern themselves since 1967, turned the theme park into “an unaccountable Corporate Kingdom.”

“Florida is dissolving the Corporate Kingdom and beginning a new era of accountability and transparency,” DeSantis’ office said. “These actions ensure a state-controlled district accountable to the people instead of a corporate-controlled kingdom.”

DeSantis’ office said that the legislation:

Permanently eliminates Disney’s self-governing status. Imposes a state-controlled, term-limited board – with members appointed by the governor – on Disney and its property. Allows the state to impose taxes on Disney for possible road projects outside of the District’s boundaries. Ensures that Disney pays the $700+ million in unsecured debt – not Florida taxpayers. Provides no control of the district to the leftist local government in Orange County, which threatened to leverage the situation to raise local taxes. Imposes Florida law so that Disney is no longer given preferential treatment. Prevents Disney from gaining more land by eminent domain. Creates an avenue to compel Disney to contribute to local infrastructure.

DeSantis’ office also released a list of some of the powers that Disney previously had when they governed themselves:

Full self-governing status with a Disney-selected board. The ability to build airports and nuclear facilities. Acquisition of property beyond the District’s territory by condemnation and eminent domain. Unilateral boundary changes. No-bid procurements of construction contracts. Operating standards that varied from Florida Statute. Exemptions from regulatory reviews and approvals that other companies must navigate.

Jeff Vahle, President, Walt Disney World Resort, said in a statement that the company was closely watching the legislation.

“We are monitoring the progression of the draft legislation, which is complex given the long history of the Reedy Creek Improvement District,” he said. “Disney works under a number of different models and jurisdictions around the world, and regardless of the outcome, we remain committed to providing the highest quality experience for the millions of guests who visit each year.”

House Speaker Kevin McCarthy (R-CA) tore into President Joe Biden and congressional Democrats in a speech Monday night over raising the debt limit.

McCarthy, ahead of the president’s State of the Union address, delivered the remarks in a hallway near the speaker’s balcony, a location that is used for major announcements.

“I speak to you as a father, a former small business owner, and a taxpayer. And like many of you, I worry about a future that feels less secure than it should,” McCarthy said. “A lot has changed in recent years. Our southern border was once secure. Now, the number of illegal immigrants who crossed our border in just two years easily exceeds the population of 25 states.”

“Americans are getting hammered by higher prices,” he continued. “Today, nearly two-thirds of all Americans are living paycheck-to-paycheck, struggling to make ends meet.”

“Meanwhile, China is infiltrating our culture, our farmland, and our skies because they see us as weak,” he continued. “This is not sustainable.”

McCarthy warned that while all of those things are bad, they pale in comparison to the threat that the national debt poses to American’s future.

“You deserve the truth. So, let’s start with the facts,” he said. “Our national debt is high. Too high. And the problem is getting worse, not better. We are now 31 trillion dollars in debt. That is more than the size of the entire American economy. 20 percent more. Our debt is now a greater burden than it has been at any time since World War 2.”

“If we continue down this path, in the next ten years, we will spend over 8 trillion dollars just on interest,” he continued. “That’s more than the entire federal budget this year. By a lot. That is neither affordable nor sustainable. When debt is too high, inflation is the result.”

McCarthy noted how the prices of everything have exploded in recent years and how Democrats printing money under the Biden administration has exacerbated the problem.

“Thanks to four years of runaway spending by the Democrats, they increased annual discretionary spending by 400 billion dollars – that’s a 30 percent increase in just four years,” he said. “They took our nation’s credit card, spent like crazy, and left us in deep debt. But not once did they seek or accept any responsibility. Instead, they doubled down.”

“In 2021, Democrats passed the largest debt limit increase in American history. Then, they maxed out our nation’s credit card again just 13 months later,” he continued. “Now, President Biden wants Congress to raise the debt limit yet again … without a single, sensible change to how government spends your hard-earned money. None.”

McCarthy said that defaulting on the nation’s debt was “not an option” but neither is “a future of higher taxes, higher interest rates, and an economy that doesn’t work for working Americans.”

McCarthy called on Biden to quit playing games over the debt ceiling and to come to the table to figure out a sensible solution that will help address the problem at hand.

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