April 26th marked an unfortunate day on the federal government’s fiscal calendar: “Debt Day.”  This is the day when the government has run out of tax revenues for the fiscal year and begins spending borrowed money.  To bring attention to this matter, I penned an op-ed that was published online in the Island Packet and Beaufort Gazette on April 26th.

Introducing A Bill to Bring Down Debt

Recently, I introduced legislation that is a direct effort to address the rising fiscal debt that faces our nation.   Under the Troubled Asset Relief Program (TARP), the Department of Treasury has the authority to loan money to certain financial institutions.  Some of those banks and businesses are trying to repay that money back to the government.  My bill, H.R. 2063, would require the Department of Treasury to use those repaid dollars to pay down the national debt.  Moreover, this legislation would ensure that each time a financial institution makes a repayment, the amount of money the government is authorized to provide under TARP will be reduced by a corresponding amount.  That way the government will not be able to take the money they’ve given to one group and shift it over to another.

The money borrowed and loaned to help stabilize the financial industry should, when repaid to the Treasury, go straight to paying down the debt and not be left to the imagination of Washington bureaucrats.  It is imperative we restore some fiscal sanity in Washington, and this bill is an important part of that effort.