Tags: Rubio Use Unwanted Fed Money for US Debt

Rubio: Use Unwanted Fed Money for US Debt

Tuesday, 17 May 2011 10:44 AM

Having recently seen federal transportation money rejected by Florida go to other states, Sen. Marco Rubio Monday proposed that in the future funds returned to Washington, D.C. by the state’s instead go to pay the national debt.

rubio, unwanted, federal, moneyRubio, a Republican, introduced the Returned Exclusively For Unpaid National Debt Act, which would allow state’s dedicate returned money to the U.S. Treasury specifically for paying the nation’s outstanding loans, WOFL Fox 35 in Orlando reported Tuesday.

"The REFUND Act ends the 'use it or lose it' mentality that encourages states to take debt-financed cash from Washington that will be a crushing burden on our children and grandchildren," Rubio said. "Fiscally responsible state officials should be allowed to divert Washington's spending spree towards debt reduction and do their part to end the practice of spending money we don't have."

Rep. Denny Rehberg, R-Mont., has already introduced a companion bill in the U.S. House of Representatives.

The proposed bill would allow any state to designate federal funds as "unwanted" through a resolution from the state legislature. These unwanted funds would then be allocated towards debt reduction at the Treasury Department, and require that an annual report be submitted to Congress each year detailing the amount deposited by each state.

© 2015 Newsmax. All rights reserved.

Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
You May Also Like

Cleveland's '100 Percent Joke' Is What Browns Think of Manziel

Monday, 26 Jan 2015 07:00 AM

Cleveland quarterback Johnny Manziel was a "100 percent joke" in his rookie season, according to an unnamed Browns playe . . .

Mosquitoes Florida Keys: Should Genetically Modified Insects Be Used to Eliminate Their Kin?

Monday, 26 Jan 2015 06:24 AM

British researchers want to release millions of genetically modified mosquitoes in the Florida Keys to eliminate other m . . .

Bill Nye: Patriots' Balls Theory Doesn't Fly With 'Science Guy'

Monday, 26 Jan 2015 06:12 AM

Bill Nye said he's not buying coach Bill Belichick's explanation on how footballs used by the New England Patriots possi . . .

Top Stories

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved