Congressman Steve King

Representing the 4th District of Iowa

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Economy and Federal Spending

The key to getting our economy back on track and getting Americans back to work is finding ways to help private-sector businesses thrive. As someone who started and ran his own small business for nearly 30 years, I understand the challenges these businesses face, and, as a member of the House Committee on Small Business, I will continue to push for common sense policies that will reduce the tax and regulatory burden under which entrepreneurs and business owners must operate. If we do this, it will give businesses the incentives to grow and hire more workers, unleash the entrepreneurial spirit of the American people, and promote real, sustainable economic growth. While we need to pursue these kinds of reforms within our current system, in the end I believe we need to eliminate the income tax and replace it with the FairTax - a national sales tax that would replace all other forms of federal taxation. Rather than taxing productivity, like our current tax system, the FairTax would foster economic growth, keep American businesses competitive in the international marketplace, hinder tax-evasion, and encourage investment.

We must also balance the federal budget, which will help to restore confidence to financial markets around the world, give banks the confidence to begin lending once again to small businesses, and ensure that the next generation of American entrepreneurs are not saddled with excessive taxes. Annual deficits have been over $1 trillion for four years straight, and the national debt is quickly approaching $17 trillion. In 2006, when President Obama was still in the Senate, he said that “increasing America’s debt weakens us domestically and internationally,” and that “leadership” means not “shifting the burden of bad choices today onto the backs of our children and grandchildren.” I couldn’t agree more, and I plan on fighting every day here in Congress to reduce federal spending and get our nation’s fiscal house in order. However, we cannot fix our nation's finances without an honest, grown-up conversation about entitlement reform. The two biggest entitlements, Social Security and Medicare, are each insolvent, and a crisis is around the corner if we continue to ignore the problem and fail to act. Since Americans who are nearing retirement age and those who are already retired paid into Social Security and Medicare their entire working lives, Congress must ensure that they receive the benefits they rightfully expect and have been promised.

However, the fact remains that Social Security and Medicare face serious solvency problems in the long term, and the unfunded liabilities of these programs range in the tens of trillions of dollars. If we do nothing to reform them, future beneficiaries will receive only a small percentage of their promised benefits – if they receive anything at all. For this reason, we must look for common-sense reforms that will provide the benefits promised to those near or in retirement while at the same time protecting Social Security and Medicare for future generations.

More on Economy and Federal Spending

Jun 13, 2017 Press Release

Washington, D.C. – Chairman Steve King released the following opening remarks in the House Judiciary Subcommittee on the Constitution and Civil Justice hearing on Lawsuit Abuse and the Telephone Consumer Protection Act:

 

 

May 3, 2017 Press Release

Washington, D.C. – Congressman Steve King released the following statement after submitting seven amendments to the omnibus spending bill:

“During the November election, all Republicans including President Trump vowed to uphold our Constitution, cut spending and listen to the American people,” said King. “The 2017 omnibus spending bill provides Congress the unique opportunity to uphold those promises and that is why I have introduced 7 separate amendments to the omnibus spending bill.

Feb 14, 2017 Press Release

Washington, D.C. – Congressman Steve King released the following statement after re-introducing legislation that punishes the People's Republic of China for its failure to protect the holders of United States intellectual property rights.

Feb 1, 2017 Press Release

Washington, D.C. – Congressman Steve King released the following statement after re-introducing the National Right To Work Act in the 115th Congress along with Congressman Joe Wilson. This bill would repeal the provisions in federal law that make "forced dues" the default labor law of the country:

Jan 30, 2017 Press Release

Washington, D.C. – Congressman Steve King released the following statement after re-introducing the Davis-Bacon Repeal Act in the 115th Congress along with Senator Mike Lee, who introduced the companion bill in the Senate:

Jan 13, 2017 Press Release

Washington, D.C. – Congressman Steve King released the following statement after voting YES to pass the 2017 budget resolution, beginning the process of repealing Obamacare:

Jan 5, 2017 Press Release

Washington, D.C. – Congressman Steve King released the following statement after his amendment to H.R. 26, Regulations from the Executive in Need of Scrutiny Act of 2017 (REINS Act) passed the House:

“I believe it is the obligation of this 115th Congress to both restore Article 1 authority to Congress and to rein in our out of control spending,” said King. “Today we took a step in that direction with the passing of the REINS Act along with my amendment.

Jan 4, 2017 Press Release

Washington, D.C. – Congressman Steve King released the following statement after introducing an amendment, similar to his Sunset Act, to H.R. 26, Regulations from the Executive in Need of Scrutiny Act of 2017 (REINS Act):

To watch Congressman Steve King’s full remarks, click here.

Dec 8, 2016 Press Release

Washington, D.C. – Congressman Steve King released the following statement after introducing his substitute amendment to the Continuing Resolution (CR) that would set the discretionary budget at the $1.04 trillion level and would include the defunding of fourteen major provisions:

Sep 28, 2016 Press Release

Washington, D.C. – Congressman Steve King released the following statement after submitting his substitute conservative Continuing Resolution (CR), H.J. RES. 99, that would set the discretionary budgetary level at $1.04 trillion, and will include defunding fourteen of President Obama’s unconstitutional major policies and programs:

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