Mr. President, over the last 2 weeks, during the Senate recess, I continued my annual 99 county meetings across Iowa. My travels brought me to the Western Iowa community of Jefferson, in Greene County, for a Q&A. I often say Iowans don't…
Mr. President, over the last 2 weeks, during the Senate recess, I continued my annual 99 county meetings across Iowa.
My travels brought me to the Western Iowa community of Jefferson, in Greene County, for a Q&A. I often say Iowans don't brag enough, and Jefferson has got something to brag about, so I want to take this opportunity to brag about the people of Jefferson, IA.
Jefferson is about an hour northwest of Des Moines, our capital city. This community is home to the 168-foot Bell Tower, located in an iconic town square. These hard-working Iowans went to bat for their community and came out on top. In other words, it is like baseball--they hit a home run.
Jefferson recently was presented with the 2025 Great American Main Street Award at a national conference in Pennsylvania. Winners are recognized for excellence in commercial district revitalization and historic preservation efforts. Jefferson exemplifies how ``small communities can overcome economic challenges through ingenuity and collective effort.''
As a product of smalltown Iowa, I am aware of obstacles facing rural communities. So I applaud everyone involved in the program named ``Jefferson Matters'' for your teamwork, your resilience, and your can- do attitude.
Jefferson is a shining example to communities across Iowa and all America.
I yield the floor.
Recognition of the Majority Leader
Mr. President, over the Easter break, I continued my annual 99 county meetings. And, as always, Iowans set the agenda.
At my open town meetings, I had big turnouts. People shared strong views about tariffs, deportations, and the Department of Government Efficiency. At nearly every one of those Q&A's, Iowans also raised concerns about the Federal deficit and the $36 trillion debt hanging over our heads.
I am sharing this feedback with my colleagues here because that is what representative government is all about.
It seems like, no matter which issues put a burr under their saddle, my constituents are hungry for the same thing. So, simply, they would like to have some certainty of policy coming out of Congress and some predictability. Such predictability is very essential for our country to move forward economically.
Some people see Washington in chaos. These feelings of uncertainty keep Americans up at night. Workers are worried about their retirement savings when they watch the stock market seesaw. Farmers are wondering if they will have a market to export their grain. Small businesses are worried that rising import costs will drive them into the red or force them to jack up prices on their customers. And everybody is concerned that come January 1, 2026, they could be subject to the largest tax hike in U.S. history. And that is without even a vote of Congress.
I have long been an open book regarding my concerns about tariffs. I consider myself what, around this town, we call free and fair traders, negotiating tariffs down.
That said, the President has another approach. President Trump has raised valid concerns about some of our existing trading relationships, especially with China. That is why I am willing to take a wait-and-see approach as Trump's trading partners come to the negotiating table.
I hope his policies will ultimately result in free and fairer trade. If they do, he will be much more successful than my approach over the last 50 years. If he is successful, I will be the first one to say: Praise the Lord.
But in the meantime, it is clear the on-again, off-again tariffs are driving uncertainty, and that uncertainty is the same that is reverberating across our economy.
There is no better example than when the market for U.S. treasuries went haywire at the beginning of April as a result of some of this tariff talk. Foreign investors got skittish and actually dumped U.S. treasuries. That caused interest rates to spike on the 10- and 30-year bonds. That should have set off the alarm bells here in Congress.
American taxpayers are on the hook for a $36 trillion national debt. Americans are already paying $1 trillion a year in interest payments-- about three times what they were before interest rates and inflation hit us after the last 4 years. This trillion dollars is more than we spend annually on national defense, and, in the end, we don't have anything to show for all that interest.
Don't forget, those costs rise when interest rates rise. If we pay more servicing on our debt, there is less money for everything else that the Federal Government does to help the American people.
Given the size of our national debt, even slightly higher than expected interest rates mean trillions more spent servicing our debt over the next decade.
Worse yet, if our bondholders were to lose confidence in our ability to budget or govern responsibly, soaring debt payments could trigger a return of sky-high inflation or even end America in a fiscal crisis.
In 2023, the credit rating agency Fitch downgraded the U.S. credit rating, noting the size of our national debt and ``the erosion of governance.'' Those words, ``the erosion of governance'' are from the Fitch report.
More than ever, Congress must step up--step up its game--to provide stability in the form of good governance and fiscal restraint. This means we must work to deliver on essential congressional functions without the last-minute brinksmanship that has become a norm when either we don't appropriate for next year and government should shut down or, like I am going to talk about, with the national debt and the debt ceiling coming, if we don't handle that issue, we can possibly shut down the government.
Along the lines of what I am talking about, I would like to delineate three must-do items on our agenda that need to be completed before October 1 of this year.
First, we must pass a tax and spending package to avert massive tax hikes on the American people. That must include resources for the administration to secure our borders and beef up our depleted military.
Second, we must guarantee that we will always pay our debts. This means we must raise the debt ceiling well in advance of the Treasury running out of money to pay the bills.
Currently, we are expected to hit the debt ceiling mid-summer to early fall. So common sense tells me we should avoid the chaos in the bond market, which could cause our debt payments to skyrocket. We must lift the debt ceiling with plenty of room to spare. Why wait to the midnight hour of government shutting down? That is too often the practice around here in the U.S. Senate.
Finally, we must fund the government to avoid the threat of that government shutdown. Our rinse-and-repeat shutdown stare-downs have become an unnecessary recurring source of heartburn for our constituents and deliver unnecessary uncertainty for the economy. We can surely do better.
Completing our must-do list on time and drama free begins with passing the tax and spending package in a timely and fiscally responsible fashion.
I know what it takes to grease the wheels and enact historic tax cuts using the budget reconciliation process. It is a four-letter acronym, KISS, K-I-S-S. In other words, keep it simple, Senators.
The 2017 Trump reform was a historic achievement. We cut taxes across the board. We did so by simplifying the Tax Code and trimming back the special deductions and credits. As a result, most taxpayers paid less tax simply by claiming the increased standard deduction that was in that 2017 law. They were able, then, to avoid the headache of spending hours sifting through receipts and IRS forms.
We now have the chance to make these tax cuts and reforms permanent. This alone would take the weight of a $4 trillion tax hike off the chest of the economy. That would provide much needed certainty to families and businesses.
So we must keep our eye on the ball. Let's avoid the laundry list of costly new items that we can't afford and that, at the same time, complicate the Tax Code and, at the same time, risk causing progress on the reconciliation package to come to a screeching halt.
We are coming off of an unprecedented peacetime spending binge, and it is time to pay the piper. The fact is, the Federal Government is broke. We are currently running $2 trillion annual deficits, and in just 3 years, our national debt is set to eclipse the World War II-era record relative to the size of the U.S. economy.
Let's get in the habit of paying for all new policies so we don't continuously keep digging ourselves into an ever-larger fiscal hole.
Let's stick to common sense. When you find yourself stuck in a hole, stop digging. Start climbing. This would require Senators, Congressmen and Congresswomen, and President Trump to set priorities and be willing to make tradeoffs.
Let's move forward with consensus spending reductions. Let's pull back expensive Biden-era regulations that supercharged mandatory spending programs. And, at the same time, who is going to argue with eliminating waste, fraud, and abuse?
Relative to new tax-and-spending policies, the overall package must result in significant deficit reduction, but we can't let the perfect be the enemy of the good. We didn't get into our fiscal situation, the present situation, overnight, and we are not going to solve it in this single bill either.
Polling repeatedly shows Americans hold Congress in low regard. I have said this before, but it bears repeating. At my county meetings, someone will yell at the back of the room ``Grassley''--referring to me--``why can't you do something about the deficit?''
We can begin to restore the public's confidence in Congress by doing our jobs, getting our work done on time, and--egads--stop digging a deeper fiscal hole.
I yield the floor.
I suggest the absence of a quorum.