Dear ,

I hope you and your family are doing well. I wanted to provide a few updates on my work this past week for the residents of Arizona’s First Congressional District.

Breaking Down Biden's Budget Proposal

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In my speech on the House Floor last week, I dissected President Biden's $6.8 trillion budget proposal and the numerous tax hikes peppered throughout it that will slow our economy down at a time when hardworking Americans are desperate for relief.

My Democratic colleagues want us to believe that by raising taxes, they will reduce the deficit by $3 trillion over the next decade, but what they fail to mention is that we'll have to borrow nearly $20 trillion in the same time frame under Biden's spending plan. Additionally, federal debt as a share of U.S. gross domestic product would rise to a record 110% by 2033, which would be the highest debt to the size of the economy in our country's history — eclipsing our peak from World War II.

Questioning Secretary Yellen: National Debt and Market Stability

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At Friday's Ways and Means Committee hearing on President Biden's Fiscal Year 2024 budget proposal, I directly asked Treasury Secretary Janet Yellen to reaffirm to debt markets around the world that the U.S. takes its debt obligations seriously. As one of the world's largest economies, it's vital for our nation to demonstrate fiscal discipline to avoid catastrophic instability across the globe that would occur if we continue down the path of limitless borrowing and reckless spending.

Introducing the bipartisan Keep Innovation in America Act

Last week, I introduced the Keep Innovation in America Act, bipartisan legislation to fix the digital asset reporting provisions in the Infrastructure Investment and Jobs Act and provide much-needed clarity to technology innovators and entrepreneurs. 

Our current digital asset ecosystem is outdated and hindering innovation. This bipartisan legislation will help modernize digital asset reporting requirements, prevent innovators and entrepreneurs from moving overseas, and bring our regulatory framework into the 21st century.

Announcing the 2023 Congressional Art Competition

It is my pleasure to host the 2023 Congressional Art Competition for Arizona’s First Congressional District! This annual competition celebrates the artistic achievements of our nation’s high school students. In accordance with Congressional Institute guidelines, student submissions are required to be framed and dropped off with the appropriate student release forms on Friday, April 21st, between 3:00 and 5:00 p.m. at the Scottsdale Artists’ School, located at 3720 North Marshall Way, Scottsdale, AZ 85251. All submissions must be made through the student’s high school art teacher. Please call my District Office at (480) 946-2411 with any questions. See the 2023 Congressional Art Competition page on my website for further instructions on how to submit artwork.

What I’m Reading & Why It Matters

This week, I'm reading President Biden's proposed budget for Fiscal Year 2024 and attempting to get a handle on the administration's economic forecasting as the new projected spending under the proposal comes in at 24.8% of the national economy. 

Thank you for taking the time to read this update on my latest work in Washington, D.C. and Arizona's First Congressional District! If you have any comments or concerns, I encourage you to reach out to my office.

Sincerely,

David Schweikert