• About Us
  • Advertise
  • Contact Us
  • Privacy Policy
Friday, March 24, 2023
The Iowa Torch
  • Home
  • State Government
  • Federal Government
  • Local Government
  • Politics
  • Education
  • Opinion
No Result
View All Result
  • Home
  • State Government
  • Federal Government
  • Local Government
  • Politics
  • Education
  • Opinion
The Iowa Torch
The Iowa Torch
No Result
View All Result
Home Federal Government

Ernst Introduces Bill to Rein In Federal Spending, Address Debt Crisis

Joni Ernst: If Iowans are expected to live within their means and balance their budgets, our federal government should too.

Iowa TorchbyIowa Torch
June 14, 2021
in Federal Government
Reading Time: 3 mins read
Ernst Says Congressional Democrats Are Attempting a ‘Power Grab’

WASHINGTON—As the national deficit approaches $30 trillion, U.S. Senator Joni Ernst, R-Iowa, helped introduce a bill sponsored by U.S. Senator Tim Scott, R-S.C., on Friday to rein in Washington’s out-of-control spending and provide a concrete path forward to tackle the nation’s debt crisis.

RELATED POSTS

Ernst demands SBA prioritize fraud detection and prevention after widespread PPP fraud

During Sunshine Week, Ernst introduces bill to bring transperancy to taxpayer funding

Ernst calls on White House to reinstate ban on ‘risky research’

“Despite being almost $30 trillion in debt, President Biden and congressional Democrats are continuing to propose trillions in additional spending of taxpayer dollars. If Iowans are expected to live within their means and balance their budgets, our federal government should too. This bill takes commonsense steps to hold Washington politicians accountable and to provide a pathway forward to tackle our nation’s debt crisis,” Ernst said in a released statement.

The Federal Debt Emergency Control Act requires the Office of Management and Budget to declare a “Federal Debt Emergency” in any fiscal year where the federal debt exceeds 100% of that year’s Gross Domestic Product (GDP). This emergency designation would trigger several provisions to help control and reduce the federal debt to levels below 100% of GDP, including:

ADVERTISEMENT
  • Terminating any unobligated funding from the American Rescue Plan Act, and any previous stimulus bills, and sending it back to the Treasury General Fund immediately for deficit reduction.
  • Requiring all legislation that increases the federal deficit, as determined by the Congressional Budget Office, to carry its own offsets. If it does not, the legislation shall be considered out of order and will require at least two-thirds of all Senators to vote to increase federal debt before even being able to consider the bill.
  • Fast-tracking any legislation that would reduce the federal deficit by at least 5 percent over ten years.

Several groups praised the bill.

“Congress needs to get serious about record debt and deficit levels, while also working to avoid back-breaking tax hikes on the middle class and small businesses. Senator Scott’s Federal Debt Emergency Control Act would give Congress the tools it needs to meaningfully address the debt when it outgrows the size of the economy. NTU applauds Senator Scott for leading this fiscally responsible effort,” said Andrew Lautz, Director of Federal Policy, National Taxpayers Union (NTU).

“After the budget deficit has exceeded $3.7 trillion and the national debt stands at more than $28 trillion, it is time to rebuild the nation’s fiscal security. The Federal Debt Emergency Control Act creates a commonsense plan to rein in the federal government’s excessive spending habits; makes payments toward reducing the national debt; and forces members of Congress to be on the record when they vote to increase the deficit. Passage of Senator Scott’s legislation will begin to put an end to reckless, wasteful, out-of-control government spending,” said Tom Schatz, President, Council for Citizens Against Government Waste.

“Federal spending and the national debt have been completely out of control for years, yet the Biden administration wants to make this problem worse by enacting trillions of dollars in new spending. Lawmakers must get serious about curbing this problem and can do so by supporting Senator Rick Scott’s Federal Debt Emergency Act. This important legislation will implement much needed legislative reforms that will force lawmakers to seriously address federal spending and deficits. Importantly, this legislation contains safeguards to protect against tax increases, ensuring that politicians do not force working families and businesses to pick up the tab for years of Washington mismanagement,” said Grover Norquist, President of Americans for Tax Reform.

“Washington has gone on a spending spree, adding trillions of dollars to our national debt since last year. The Federal Debt Emergency Control Act makes important reforms to stop Congress from its habit of deficit spending on the taxpayer’s dime,” said Brent Gardner, Americans for Prosperity Chief Government Affairs Officer.

“With a national debt surpassing 28 trillion dollars, our country’s fiscal health is in dire straits. Decades of reckless spending have created a true emergency laid at the feet of Americans now and for generations to come. More than ever, we need real conversations and workable solutions to address the national debt. Senator Scott’s Federal Debt Emergency Control Act is an important measure to force politicians who would rather look the other way to instead curb Congress’s spending addiction and preserve the financial health of our country,” said Adam Brandon, President of FreedomWorks.

Tags: Americans for ProsperityAmericans for Tax ReformAndrew LantzBrent GardnerCouncil for Citizens Against Government WasteGrover NorquestJoni ErnstNational Taxpayers UnionThe Federal Debt Emergency Control ActTim ScottTom SchatzU.S. Senate
ShareTweetShare
ADVERTISEMENT
Previous Post

Axne Targeted With a $300K Ad Buy

Next Post

Feenstra Introduces Bill to Include Derecho Damage in USDA Disaster Relief Program

Iowa Torch

Iowa Torch

The Iowa Torch​ is a for-profit, news organization that focuses on political news as it relates to Iowans.

Related Posts

Ernst demands SBA prioritize fraud detection and prevention after widespread PPP fraud
Federal Government

Ernst demands SBA prioritize fraud detection and prevention after widespread PPP fraud

March 23, 2023
Naig Announces $2.6 Million in Awards for Soil Health & Water Quality Projects
Opinion

Ernst: Biden’s WOTUS whiplash.

March 20, 2023
Ernst Expresses Concern About Trump’s Upcoming Senate Impeachment Trial
Federal Government

During Sunshine Week, Ernst introduces bill to bring transperancy to taxpayer funding

March 14, 2023
people running during daytime
Opinion

Ernst: For our daughters.

March 13, 2023
President Joe Biden speaks at POET Bioprocessing in Menlo, Iowa.
Opinion

Ernst: Biden is trying to make your 401(k) broke and woke.

March 8, 2023
Ernst Expresses Concern About Trump’s Upcoming Senate Impeachment Trial
Opinion

Ernst: With the fentanyl epidemic, we need solutions equivalent to the problem.

February 23, 2023
Next Post

Feenstra Introduces Bill to Include Derecho Damage in USDA Disaster Relief Program

Des Moines Water Works Implements Water Shortage Plan

Des Moines Water Works Implements Water Shortage Plan

Sign-Up For Our Daily Updates

Get The Iowa Torch right in your inbox!

Please wait...

Thank you for signing up!

Recommended Articles

Ashley Hinson Says She Does Not Support Another COVID-19 Lock-Down

Hinson Says Let Trump Campaign’s Legal Remedies Play Out

November 20, 2020
Reynolds Announces Employer Innovation Fund and Child Care Challenge Funding Opportunities

Reynolds Signs School Spending Bill Into Law

February 23, 2021
Axne Votes for the Equality Act, Feenstra, Hinson, and Miller-Meeks Oppose

Iowa’s U.S. House Members Push to Release Critical Funds for Shuttered Venues

June 21, 2021

Popular Stories

  • Iowa’s New Unemployment Rate Holds Steady, Overall Rates Rise

    Horn: It’s time for employers get serious about Iowa’s untapped workforce

    0 shares
    Share 0 Tweet 0
  • School restroom bill heads to Reynolds’ desk

    0 shares
    Share 0 Tweet 0
  • Ernst: Biden’s WOTUS whiplash.

    0 shares
    Share 0 Tweet 0
  • Reynolds signs two bills addressing transgender children

    0 shares
    Share 0 Tweet 0
  • Regents Board President pauses new DEI programs at Iowa’s public universities

    0 shares
    Share 0 Tweet 0

The Iowa Torch

The Iowa Torch​ is a for-profit, news organization that focuses on political news as it relates to Iowans

Categories

  • Education
  • Federal Government
  • Iowa History
  • Local Government
  • News
  • Opinion
  • Politics
  • State Government
  • Uncategorized
  • Uncategorized

Newsletter

Please wait...

Thank you for signing up!

© 2022 The Iowa Torch, a publication of 4:15 Communications, LLC.

No Result
View All Result
  • Home
  • About Us
  • Advertise
  • Contact Us
  • State Government
  • Federal Government
  • Local Government
  • Politics
  • Education
  • Opinion

© 2022 The Iowa Torch, a publication of 4:15 Communications, LLC.