Q: What is on Congress’ plate in September?
A: The end of the fiscal year is September 30. One of the primary constitutional responsibilities Congress holds is power of the purse. The framers kept the purse strings directly connected to the people’s branch for good reason: At the ballot box, the people can hold their elected representatives accountable for collecting and spending their tax dollars. In August I wrapped up my annual 99 county meetings where I hold Q&As with Iowans across the state. Inflation is on top of mind for Iowans of all ages, including one student who got sticker shock when purchasing a stick of beef jerky. From the grocery store to the gas pump, Iowans shared how inflation is emptying their wallets and draining household budgets. I also heard growing levels of concern that high interest rates are making it more expensive for small businesses to expand and upgrade equipment, costing farmers more money to finance their machinery and inputs and biting into the purchasing power for home buyers and families struggling to afford higher car payments and pay off credit card debt. To be clear, inflationary spending under the Biden administration prompted the Federal Reserve to bump up interest rates to temper an overheated economy. I often say Washington, D.C. is an island surrounded by reality. Make that Fantasy Island. Big spenders keep writing blank checks and the president keeps signing them.
With pressure from fiscal conservatives, the White House and Congress this summer agreed to limits on discretionary spending for the next fiscal year. If Washington sticks to the agreement, it would save $1.5 trillion over the next 10 years. Even that’s a spit in the ocean when you consider the massive mountain of debt that has a stranglehold over the U.S. economy, national security and prosperity of future generations. According to the non-partisan Congressional Budget Office, the U.S. public debt is expected to climb by $118 trillion over the next 30 years. Interest payments to service the debt go to our nation’s creditors, including foreign adversaries like China, rather than investing in national defense, health care, food security, border security, infrastructure and other services for the American people. Think big picture. When the public holds large amounts of debt, it slows the economy, reduces national income and increases inflation. Just consider that on our current fiscal path, interest payments to service the debt will exceed $5 trillion a year within 30 years, surpassing government spending on either Social Security or Medicare.
Q: How are you working to straighten out the federal budget?
A: During the 118th Congress, I serve as the ranking member of the Senate Budget Committee. That means I’m the top Republican on the 21-member committee chaired by Sen. Sheldon Whitehouse of Rhode Island. I use my leadership platform to sound the alarm on the nation’s abysmal fiscal picture and bring Midwestern fiscal conservatism to the policymaking table. Washington needs to wake up and get serious about reining in spending, reducing annual budget deficits and bringing down the debt. I’m pushing to restore fiscal discipline in Congress. Passing a budget blueprint and debating and amending the 12 appropriations bills in a timely and deliberative way through the committees of jurisdiction would help avert the fiscal cliff Congress marches towards at the end of September from one year to the next. I’m working to conduct the people’s business, keep the government working for the American people and stop wasting taxpayer money. Don’t forget, it costs money to shut down government and costs more to re-open government. In recent history, the appropriations process has evolved into one massive spending package that’s crammed through Congress at the 11th hour to avert a government shutdown. It’s ridiculous and an inexcusable way to manage taxpayer money. Congress has an obligation to the American people to focus on fiscal responsibility and good governance. Lurching from one fiscal cliff to the next is wrong. Families, farmers and small businesses make tradeoffs every day to stay on budget. Congress must do the same. Washington needs to buckle down and tighten Uncle Sam’s fiscal belt before the insatiable spending appetite in Congress undermines America’s promise of prosperity. Piling on endless I.O.U.’s year after year threatens to turn the next generation into America’s indentured generation.