Rubio: Use Unwanted Fed Money for US Debt

Tuesday, 17 May 2011 10:44 AM

  Comment  |
   Contact  |
  Print   |
    A   A  
  Copy Shortlink
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.

© 2014 Newsmax. All rights reserved.

  Comment  |
   Contact  |
  Print   |
  Copy Shortlink
Send me more news as it happens.
 
 
Get me on The Wire
Send me more news as it happens.
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.
 
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
You May Also Like

Cambodia HIV Outbreak: 100-Plus People Diagnosed; Investigation Sought

Friday, 19 Dec 2014 18:50 PM

More than 100 HIV infections in a single Cambodian village have spurred the country's prime minister to ask for an inves . . .

Slender Man Case: Two Girls Competent to Stand Trial in Stabbing

Friday, 19 Dec 2014 18:26 PM

Two girls who allegedly stabbed a 12-year-old friend over the online game Slender Man are competent to stand trial for a . . .

Kate Upton Sexiest Woman Alive; Model Apologizes to Teen Brother

Friday, 19 Dec 2014 17:52 PM

Model Kate Upton was selected as People magazine's first Sexiest Woman Alive, a month after Chris Hemsworth received the . . .

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