In case you missed it, Speaker Pelosi has once again called Members of Congress back to Washington, D.C. in order to pass her liberal spending plans. This time, it was the debt ceiling.
The Treasury Department has said that the United States will hit its borrowing limit - or max out its credit card - in less than one week, on October 18, 2021. In order to avoid that, the House raised the debt ceiling by $480 billion. It was another irresponsible move from the Democrat Majority.
They cannot keep upping the national credit card’s limit. Congress needs to get serious about addressing its out-of-control spending. That’s why I voted against the debt ceiling increase and instead proposed legislation that would reduce federal spending by $480 billion.
My bill, the Banana Stand Money Act, would lower the State and Local Tax (SALT) deduction to $0, eliminating a tax break for blue state billionaires. It would also recall unspent money from the American Rescue Plan. As of today, billions of those dollars have not been spent, and are not even required to be spent until 2026, despite the fact that the legislation was intended to be an emergency response to the coronavirus pandemic. Combined, the savings of these two provisions would equal roughly $480 billion.
As the saying goes, there’s always money in the banana stand. There are plenty of opportunities for savings within the bloated budget of the federal government, and legislators need to get serious about finding those savings.
To learn more about my efforts to end wasteful spending, click here.