Dear Editor:
It’s official.
According to calculations of by the Joint Economic Committee of U.S. Treasury Department data, the federal government is borrowing about $100,000 every single second.
That’s approximately $6 million every minute, $360 million every hour, and $8.64 billion every day. The scariest part is that this trend will likely only accelerate unless we finally get our fiscal house in order.
As a strong, fiscal conservative, I’ve voted against trillions of dollars in wasteful spending proposed and passed by President Biden and Democrats in Congress. In fact, I warned that this unsustainable and mindboggling level of government spending would fuel inflation and hurt our families, farmers, and small businesses. I regret that I was right.
In addition to opposing the Biden administration’s reckless spending policies, I also recently introduced legislation in response to President Biden’s $7.3-trillion budget for Fiscal Year 2025. My bill – named the Balanced Budget and Accounting Act – would simply require the President to submit a balanced budget to Congress, not an unserious proposal that raises taxes and exacerbates our deteriorating fiscal position.
Our country is nearly $35 trillion in debt with no end in sight, and China alone has rapidly increased its purchases of our debt from about $100 billion in 2000 to nearly $860 billion in 2023. That’s not only concerning for our children and grandchildren, but it’s also a serious and unpredictable threat to our national and economic security.
Serving on the House Ways and Means Committee, I’ll continue my work to protect Iowa taxpayers, reduce our national debt, and put our country on path towards fiscal sanity.
Sincerely,
Randy Feenstra,
Hull, Iowa
