My weekly column

Over the last several weeks, we’ve received negative reports and forecasts about the economy and our fiscal outlook. Inflation rose in September – opposite expectations – and was up 2.4% from just a year prior while the National Federation of Independent Business’s Small Business Optimism Index registered at 91.5 in September, which is the 33rd consecutive month under the 50-year average of 98.

At the same time, the nonpartisan Congressional Budget Office released its final report for Fiscal Year 2024, which confirmed my fears about our long-term fiscal trajectory. Our federal budget deficit eclipsed $1.8 trillion for FY 2024 – an 8% increase from last year – and our federal spending jumped by $617 billion, or 10%, compared to last year. Even more alarming, American taxpayers were forced to shell out nearly $1 trillion just to finance the interest payments on our almost $36-trillion national debt. These figures are a recipe for economic disaster and underscore the urgent need to get our fiscal house in order.

As a strong, fiscal conservative, I have opposed trillions of dollars in wasteful government spending authorized by the Biden-Harris administration. President Biden and Vice President Harris’ recklessness with taxpayer dollars fueled the worst inflation crisis in more than forty years, sent interest rates skyrocketing, and ballooned our rapidly expanding national debt. While Democrats believe that money grows on trees and we can spend frivolously without any financial ramifications, I live in the real world with Iowans who live on a budget and do not spend beyond their means.

That’s why I’ve introduced legislation to make responsible and much-needed fiscal reforms so that we can begin to reduce our national debt and put our country on a path towards economic security.

This year, in response to the Biden-Harris administration’s proposed $7.3-trillion budget for FY 2025, I introduced legislation – the Balanced Budget and Accounting Act – to require the President of the United States to submit a balanced budget to Congress, not a wish list of tax-and-spend policies. President Biden’s current budget proposal is not even close to balancing and would instead raise taxes on our families, farmers, and businesses to the tune of $5.5 trillion. It is also projected that our country would face a $1.8-trillion budget deficit for FY 2025 if this budget were enacted – the same shortfall that we recorded this fiscal year. Registering budget deficits at nearly $2 trillion annually is not sustainable. Quite frankly, it’s grossly irresponsible and leaves our children and grandchildren with mountains of debt that they did not create.

Last year, I also led legislation to couple any debt ceiling increase with equal federal spending cuts to protect taxpayer dollars and reduce our nation’s $35-trillion debt. The Dollar-For-Dollar Deficit Reduction Act would require that any formal presidential request to raise the debt limit be accompanied by a proposal to reduce spending by the same amount, over a 10-year period, as the numerical increase in the debt ceiling. Additionally, the Secretary of the Treasury would also be required to inform the House Ways and Means Committee and the Senate Finance Committee 60 days in advance of a debt limit default. This is a commonsense solution that will protect the full faith and credit of the United States and strengthen our economy in the process.

Due to decades of government waste and reckless spending, our nation’s fiscal health is in crisis. We cannot continue to print money out of thin air, borrow money that we can’t afford, and spend money that we don’t have. As a strong, fiscal conservative, I will continue to do my part to end reckless government spending, balance our federal budget, and restore fiscal responsibility. The consequences of inaction are too severe.