{"id":2214757,"date":"2024-04-07T06:39:03","date_gmt":"2024-04-07T10:39:03","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wisconsin-senate-hopeful-eric-hovde-backs-bipartisan-commission-to-escape-debt-trap\/"},"modified":"2024-04-07T06:44:11","modified_gmt":"2024-04-07T10:44:11","slug":"wisconsin-senate-hopeful-eric-hovde-backs-bipartisan-commission-to-escape-debt-trap","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wisconsin-senate-hopeful-eric-hovde-backs-bipartisan-commission-to-escape-debt-trap\/","title":{"rendered":"Eric Hovde, candidate for Wisconsin Senate, supports bipartisan commission to break free from the &#8216;debt trap"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">32<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fwisconsin-senate-hopeful-eric-hovde-backs-bipartisan-commission-to-escape-debt-trap%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2214757&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Eric Hovde, the Wisconsin Republican Senate hopeful, \u2062aims to tackle the impending fiscal crisis by advocating for cuts in spending and reforming economic policies.\u2062 He\u200d supports the idea of a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/lawmakers-agree-us-must-get-finances-back-on-track-but-not-on-how-its-done\/\" title=\"Lawmakers agree on the need to fix US finances, but disagree on the approach.\">bipartisan fiscal commission<\/a> to address the rising debt burden and escalating interest costs. Hovde emphasizes the urgency \u2062of fiscal responsibility and reducing the \u200dreliance on deficit spending for economic growth.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<div>\n<p><strong>EXCLUSIVE \u2014<\/strong> <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/eric-hovde\">Eric Hovde<\/a>, the <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/wisconsin\">Wisconsin<\/a> Republican aiming to take on incumbent Sen. Tammy Baldwin (D-WI), said he wants to help prevent a looming <a href=\"https:\/\/www.washingtonexaminer.com\/policy\/finance-and-economy\/2950191\/soaring-interest-costs-exceed-defense-spending-government-faces-fiscal-reckoning\/\">fiscal crisis<\/a>.<\/p>\n<p>During a Friday interview with the <em>Washington Examiner<\/em>, Hovde, a 59-year-old businessman, said he hopes to get the economy out of the \u201cdebt hole\u201d it is in should voters send him to <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/washington-dc\">Washington, D.C<\/a>. His economic vision entails righting the country\u2019s fiscal ship through cuts to <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/spending\">spending<\/a> and other changes.<\/p>\n<p>Hovde said he supports the formation of a bipartisan fiscal commission and that he would \u201c100%\u201d be willing to take on a leadership role in the matter to address the rising debt and soaring interest costs.<\/p>\n<p>\u201cWe\u2019ve got to stop digging ourself into such a debt hole. We are probably in a debt trap already,\u201d he said. \u201cInterest costs on our debt now is the second-largest line-item expenditure of the federal government.\u201d<\/p>\n<p>A focus on fiscal stability and lower spending would place Hovde within the more traditional mold of fiscal conservatism. The party, in recent years, has seen the rise of members, such as Sen. Josh Hawley (R-MO), who take a more populist approach and steer clear of proposals to reduce spending on popular programs.<\/p>\n<p>This year, the U.S. <a href=\"https:\/\/www.washingtonexaminer.com\/policy\/finance-and-economy\/2950191\/soaring-interest-costs-exceed-defense-spending-government-faces-fiscal-reckoning\/\">will be shackled with<\/a> $870 billion in payments on net interest. That is nearly 5.7% more than the $822 billion the government will spend on national defense, according to budget <a href=\"https:\/\/www.cbo.gov\/system\/files\/2024-02\/59710-Outlook-2024.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">projections<\/a> from the\u00a0Congressional Budget Office.<\/p>\n<p>Borrowing costs have risen very quickly over the past few years as inflation took off, and the Federal Reserve raised its <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/how-the-government-is-distorting-the-housing-market\/\" title=\"How The Government Is Distorting The Housing Market\">interest rate target<\/a> in response. Higher rates mean the government needs to pay more in interest to borrow, a reality that has heightened the urgency for lawmakers to act.<\/p>\n<p>\u201cThey increased the expenditures of the federal government by 40% during [the pandemic], and they have not brought that down \u2014 did our population increase by 40%? Hell no, it didn\u2019t,\u201d Hovde said. \u201cSo we have to get serious about our spending and trying to deal with our debt problems.\u201d<\/p>\n<p>The concept of a bipartisan fiscal commission is one that has gotten new life in recent months thanks to <a href=\"https:\/\/www.washingtonexaminer.com\/news\/2586633\/speaker-johnson-eyes-debt-commission-with-goal-of-righting-countrys-fiscal-ship\/\" title>the support of<\/a> House Speaker Mike Johnson (R-LA).<\/p>\n<p>In January, the House Budget Committee voted to advance bipartisan legislation that would form a panel consisting of both Republican and Democratic lawmakers from both chambers of Congress, in addition to outside experts. The committee would work to produce a report and propose legislation that would stabilize the ratio of public debt to GDP to at or below 100% within 10 years.<\/p>\n<p>But the politics of a fiscal commission are daunting. Any proposals that would cut programs or raise taxes could be used against members on the campaign trails. <\/p>\n<p>Democrats have attacked commissions by arguing that they could lead to cuts to Social Security and Medicare, the old-age programs that enjoy strong popular support. <\/p>\n<p>For instance, Rep. Dan Kildee (D-MI) said during a hearing in January that fiscal commissions in the past have prioritized cutting spending and have not focused on changes to the tax code that would close the gap.<\/p>\n<p>Hovde said he doesn\u2019t think most lawmakers understand the severity of the country\u2019s fiscal situation. \u201cI don\u2019t think they understand what the debt crisis ultimately means,\u201d he said.<\/p>\n<p>\u201cI think we\u2019re in a very precarious position economically today, and Biden is running around and touting his economic growth and GDP, well, yeah \u2014 when you\u2019re spending that much deficit spending of course you can create GDP, but they\u2019re spending basically $1.50 to create $1 GDP,\u201d Hovde said. \u201cAll you\u2019re doing is robbing the future to create some economic growth today.\u201d<\/p>\n<p>Another priority for Hovde is cutting regulations and paring back the administrative state. The matter has become a salient one over the past few years for Republicans, who have accused Biden of using rulemaking to side-step legislating.<\/p>\n<p>\u201cWe have this massive bureaucracy that has to justify itself and what they do is sit around and create administrative rules and regulations,\u201d he said. \u201cAnd we\u2019re choking on rules and regulations.\u201d<\/p>\n<p>Earlier this year, House Majority Whip <a href=\"http:\/\/click%20here%20to%20read%20more%20from%20the%20washington%20examiner\/\" target=\"_blank\" rel=\"noreferrer noopener\">Tom Emmer<\/a> (R-MN) introduced a bill dubbed the Sunset Act. The legislation <a href=\"https:\/\/www.washingtonexaminer.com\/policy\/finance-and-economy\/2873727\/emmer-to-introduce-legislation-going-after-rulemaking-and-administrative-state\/\">would require<\/a> all major\u00a0rules\u00a0to expire 10 years after they are enacted unless approved by both chambers of Congress under a joint resolution.<\/p>\n<p>And last year, Rep. Kat Cammack (R-FL) introduced the Regulations from the Executive In Need of Scrutiny, or REINS, Act. That legislation targets rulemaking from the executive branch and would mandate that every new <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/emmer-to-introduce-legislation-going-after-rulemaking-and-administrative-state\/\" title=\"Emmer to propose bill targeting rulemaking and administrative state\">major rule proposed<\/a> by federal agencies be approved by the House and Senate before going into effect.<\/p>\n<p>This week during a Wisconsin rally, former President Donald Trump gave Hovde his \u201ccomplete and total endorsement.\u201d Wisconsin is a critical battleground state for Trump and Republicans hope it could be an opportunity to win back the Senate in November.<\/p>\n<p><strong><a href=\"https:\/\/www.washingtonexaminer.com\/\" target=\"_blank\" rel=\"noopener\" title>CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER<\/a><\/strong><\/p>\n<p>When Hovde was asked on Friday about whether he supports Trump\u2019s proposal to apply 10% across-the-board tariffs, something that critics say would make inflation worse, Hovde said he falls more into the free-trade bucket but does think there are times when the U.S. should take action to force the hand of other countries to open their markets more.<\/p>\n<p>\u201cI believe in free trade. I think it\u2019s very important to have free trade. However, I do understand and appreciate President Trump\u2019s frustration with countries like China that put up barriers for our goods and then try to flood our system and destabilize our companies,\u201d he said.<\/p>\n<\/p><\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In an exclusive interview with the Washington Examiner, Eric Hovde, the 59-year-old Wisconsin Republican vying for Sen. Tammy Baldwin&#8217;s Senate seat, expressed his determination to avert an impending fiscal crisis. He aims to steer the economy away from the looming &#8220;debt hole&#8221; if elected<\/p>\n","protected":false},"author":2683,"featured_media":2214758,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/wex-s3.s3.us-east-1.amazonaws.com\/wp-content\/uploads\/2024\/04\/hovde-1024x591.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[],"class_list":["post-2214757","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner"],"fifu_image_url":"https:\/\/wex-s3.s3.us-east-1.amazonaws.com\/wp-content\/uploads\/2024\/04\/hovde-1024x591.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2214757","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2683"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2214757"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2214757\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2214758"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2214757"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2214757"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2214757"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}