EXCLUSIVE — Wisconsin Republican Eric Hovde, running for the Senate, wants to prevent a looming fiscal crisis and says he is willing to help lead that effort.
, Hovde, a 59-year-old businessman, said he hopes to get the economy out of the “debt hole” it is in should voters send him toHovde said he supports the formation of a bipartisan fiscal commission and that he would “100%” be willing to take on a leadership role in the matter to address the rising debt and soaring interest costs.
Borrowing costs have risen very quickly over the past few years as inflation took off, and the Federal Reserve raised its interest rate target 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. 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.
Hovde said he doesn’t think most lawmakers understand the severity of the country’s fiscal situation. “I don’t think they understand what the debt crisis ultimately means,” he said. “We have this massive bureaucracy that has to justify itself and what they do is sit around and create administrative rules and regulations,” he said. “And we’re choking on rules and regulations.”all major rules to expire 10 years after they are enacted unless approved by both chambers of Congress under a joint resolution.
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