This week, biofuels made headlines in our nation’s capital and lawmakers from across the country – who never thought twice about the unlimited potential of homegrown ethanol and biodiesel to lower gas prices and make our country energy independent again – took notice. When tax provisions vital to the success of our family farmers and biofuels producers were on the chopping block in our deficit reduction package, I led the Iowa congressional delegation in negotiating a compromise with Speaker Kevin McCarthy to protect Iowa biofuels and restore fiscal responsibility in Congress.
Pundits and congressional leaders expected me to roll over and cave to their demands at the expense of Iowa agriculture. Little did they know that I made a solemn promise to Iowa farmers, biofuels producers, and our main street businesses that I would be the strongest voice for agriculture and biofuels in Congress. That’s a promise that I will always keep.
After working out these kinks, we rallied around our legislation – the Limit, Save, Grow Act of 2023 – to end reckless spending and reduce our nearly $32 trillion debt. Our proposal, which is the only honest offer in Washington, would slash $4.8 trillion in wasteful spending from the federal budget over the next ten years, defund President Biden’s army of 87,000 new IRS agents, cancel the Biden Administration’s $400 billion student-loan bailout, and recover billions in unspent COVID dollars. It also incorporates legislation to stop President Biden’s unchecked executive orders – which have cost taxpayers roughly $1.5 trillion – and includes my amendment to ban China from buying American farmland suitable for ethanol and biodiesel production.
Our deficit reduction package stands in stark contrast to President Biden’s $7-trillion Fiscal Year 2024 budget. His proposal would hike taxes on our families, farmers, and small businesses by $5 trillion, increase federal spending by $1.7 trillion annually, and add an unprecedented $18 trillion to our debt over the next decade. It also caps like-kind exchanges and step-up in basis – which would devastate our family farmers, main street businesses, and rural economy in Iowa – and repeals tax provisions from the Tax Cuts and Jobs Act of 2017 that allow our small businesses to hire new employees, expand their operations, and generate economic activity in our local communities.
I came to Congress to stand strong for Iowa agriculture, stop wasteful government spending, and deliver results for the people of Iowa. This week, I’m proud to say that we won major victories for Iowa, our economy, our agricultural community, and our long-term fiscal health. These are exactly the results that Iowans expect and deserve. I promise that I will continue to deliver.
We are government together, and your thoughts and opinions matter to me. Please contact my office at Feenstra.House.Gov or by phone at 202-225-4426 if I can ever be of assistance. I am proud to represent our families, farmers, main street businesses, and rural communities in Congress.