U.S. Rep. Randy Feenstra (R-IA) is touting the benefits of a bill that pairs debt ceiling increases with equal federal spending cuts to reduce the nation’s $31 trillion debt.
Feenstra recently introduced the Dollar-For-Dollar Deficit Reduction Act (H.R. 1289), which would require any formal presidential request to raise the debt limit to be accompanied by a proposal reducing spending by the same amount, over 10 years, as the numerical increase in the debt ceiling.
“Due to decades of government waste and reckless spending, our nation’s fiscal health is in crisis,” Feenstra said. “Our national debt has surpassed a record-breaking $31 trillion while wages have stagnated, leaving our families, farmers, and main street businesses to pay the bill. I came to Congress to end wasteful spending and restore fiscal responsibility because the consequences of inaction are too severe.”
Per the legislation, the Secretary of the Treasury would also be required to inform the House Ways and Means Committee and the Senate Finance Committee 60 days before a debt limit default, as well as determine when extraordinary measures may be necessary.
“For too long, American taxpayers have been on the hook for unlimited federal spending sprees,” National Taxpayers Union Policy and Government Affairs Manager Nick Johns said. “The Dollar-For-Dollar Deficit Reduction Act from Congressman Randy Feenstra is a common sense reform that will allow debt limit increases only when coupled with equivalent spending reductions.”
U.S. Sen. John Barrasso (R-WY) has introduced companion legislation in the Senate.