Debt and Deficit
Our national debt should be a frightening number to all Americans, and especially all lawmakers. Washington has a spending problem and we must act to restore fiscal responsibility. Congress needs a healthy dose of Wisconsin commonsense. Families in our state know how to balance their checkbooks, and it's time Congress does the same. We need to find common ground on addressing our mounting fiscal challenges.
More on Debt and Deficit
By: U.S. Rep. Bryan Steil
Costs have risen 15% in the past two years. It is harder for families to afford the things that they need. I am working every day to lower costs and protect you and your family.
By: Will Kenneally
MADISON, Wis. — As the deadline to raise the country's borrowing limit looms, U.S. Rep. Bryan Steil joins his fellow Republicans in calling for federal spending cuts before raising the debt ceiling.
WASHINGTON, DC – Today, Congressman Bryan Steil (WI-01) released a statement after voting to pass H.R. 2811, the Limit, Save, Grow Act of 2023, legislation to responsibly increase the debt ceiling for one year and limit federal government spending to save taxpayer dollars and reduce the debt by $4.8 trillion over the next 10 years.
WASHINGTON, DC – Today, Congressman Bryan Steil released a statement following the House vote on the $1.6 trillion omnibus spending package.
JANESVILLE, WI – Today, Congressman Bryan Steil (WI-01) released a statement following President Biden’s announcement that his Administration will take Executive Action to force taxpayers to pay off $10,000 in student debt for borrowers earning $125,000 a year and $20,000 in debt for Pell Grant recipients.
WASHINGTON, DC – Today, Congressman Bryan Steil (WI-01) released a statement after voting against H.R. 5376.
Raising the interest rate might help fight inflation, but it could come at a hefty price.
The national debt rocketed past $30 trillion this year. Raising the interest rate raises the debt service payments, and those cannot be deferred. Meanwhile, the inflation rate is now at 8.4% for the year. On May 5th, the federal reserve raised the interest rate from 0.5% to 1%. Higher interest rates supposedly slow down inflation, but it also means an extra $100 billion interest payment on the debt. That’s just the beginning.
Congressman Bryan Steil might not be the only one predicting the Fed will raise interest rates again, but he is a lone voice pointing out how high those interest rates could very well go, and what that means for the federal government’s debt service payments.
WASHINGTON, DC – Today, Congressman Bryan Steil (WI-01) issued a statement after voting against President Biden and Speaker Pelosi's massive government expansion and spending bill.
The Senate's move to extend the nation's debt ceiling through December was the "wrong approach," and Republicans must force Democrats to take ownership of how they're harming the nation's economy, Rep. Bryan Steil said on Newsmax Friday.