WASHINGTON – U.S. Reps. Randy Feenstra, R-Iowa, and Ashley Hinson, R-Iowa, joined members of the House Budget Committee in sending a letter to House and Senate leaders, urging them to enact fiscally responsible policies that will rein in out-of-control spending and reduce the $28+ trillion national debt. This comes after the Congressional Budget Office (CBO) projected the debt limit will need to be raised this fall.
The current debt limit suspension expires July 31, 2021. In their letter, the members argue spending restraints must be part of discussions as Congress considers raising the debt limit at a time when inflation continues to worsen.
“Unchecked government spending is increasing inflation across the economy and harming American families – especially those on low and fixed incomes. Americans are already experiencing rising costs for basic goods and necessities such as food, clothing, medicine, and gasoline. Inflation this year is on track to be the highest since 1981. Rising inflation combined with out-of-control government spending only exacerbates the nation’s unsustainable fiscal trajectory,” the members wrote.
Feenstra and his colleagues outlined several measures Congress should consider in the upcoming debt ceiling debate, including establishing discretionary spending limits, spending-to-GDP targets, federal deficit targets, and enforcing measures such as the Statutory Pay-As-You-Go Act of 2010.
“Based on CBO’s projections demonstrating an unsustainable fiscal path for our country, it is imperative Congress does not forfeit this opportunity to exercise fiscal responsibility and restraint,” the members continued. “We look forward to working with our House colleagues and the Senate to find solutions to put the country on a sustainable fiscal path.”
Read the full letter below:Letter on Debt Limit