Dear ,

I hope you and your family are doing well! Below, please find a few updates on my work last week for the residents of Arizona’s First Congressional District.

A Tax Package That Works for All Americans

As you might recall, the House passed the Tax Relief for American Families & Workers Act with strong bipartisan support last Wednesday. The agreement secures pro-growth tax policies, including immediate research and development (R&D) expensing. Additionally, it incorporates interest deductibility, supporting small- and medium-sized businesses in meeting payroll and fostering growth. It further enables 100% expensing for business investments in U.S. facilities, equipment, and machines, while eliminating double taxation for businesses and workers operating in both the U.S. and Taiwan.

Notably, the framework rejects extreme policies advocated by far-left groups, which would eliminate existing work requirements or allow the IRS to issue recurring checks. Overall, this legislation solidifies over $600 billion in proven pro-growth tax policies, benefiting more than 21 million jobs. Essentially, according to staff on the Joint Committee on Taxation, the provisions nearly pay for themselves. 

Unfortunately, my colleagues in the Senate are looking to make some changes to the legislation in committee before it comes to the Senate floor for a vote, halting our intentions of quickly enacting these provisions into law to positively impact Americans. One of the common misconceptions follows a false narrative that the bill would significantly contribute to our national deficit. Again, I remind you that the Congressional Budget Office has estimated that the net increase and decrease on the deficit from changes in direct spending and revenues results in a revenue neutral outcome. 

Would you like more information that debunks common misconceptions about the pro-growth and pro-worker tax policies in the bipartisan tax deal?

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Congress Has Abdicated Responsibility for Restoring Nation’s Fiscal Health

Click here or on the image above to view my remarks.

Just like every other week, I delivered a speech on the House Floor about the disheartening fact that my congressional colleagues refuse to have painful but honest conversations about our rapidly increasing national deficit. The Congressional Budget Office has predicted that we are on track to borrow almost 10% of the entire economy this fiscal year. If Congress continues to ignore our nation’s fiscal reality, then each passing day becomes increasingly more difficult to prevent economic calamity from wreaking havoc on our children and grandchildren. 

Jamie Dimon, the CEO of JPMorgan Chase, has admitted that our current rate of spending is unsustainable. Robert Rubin, the former Secretary of Treasury, has also acknowledged our deteriorating fiscal health. When the CEO of the largest bank in the U.S. and a former Treasury Secretary have gone on the record about our perilous fiscal situation, it’s past time my brothers and sisters in Congress started paying attention to our math problem. Every day that Congress decides to hurry up and wait until we're capable to make a change, we are borrowing another $7+ billion dollars. If we want to put our country back on a fiscally sustainable path, we cannot allow our debt to continue growing faster than the economy.

For those of you who are not yet a part of the thousands of subscribers getting real-time updates about our soaring national debt, head to schweikert.house.gov to sign up for my Daily Debt Monitor. Scroll past my newsletter sign-up and fill out the required information underneath the ‘Daily Debt Monitor’ table.

The Biden Administration Is to Blame for the Border Crisis 

Each week, I work to provide you with comprehensive materials about the ever-expanding, increasingly dangerous crisis at our southern border. Thousands of migrants continue to pour into our country every day, overwhelming our border patrol agents and law enforcement officers, flooding our cities, and posing a significant national security risk to communities across the country. 

The photo displayed above shows an apprehension at the Nogales Point of Entry, where approximately 2.1 million fentanyl pills and $11,010 in cash were found last weekend. Tucson Sector Chief Patrol Agent John Modlin apprehended 13,800 migrants, conducted 189 federal criminal cases, and witnessed 27 human smuggling events this past week in the Tucson sector alone.

I am entirely thankful for the diligent work of our Border Patrol agents and law enforcement officers for capturing the illicit fentanyl before it entered the United States. However, if the Biden Administration had set a precedent of strong border security, there wouldn't be as many officers being put in compromising situations that prevent them from continuing to carry out their duties effectively. 

2024 Congressional Art Competition Is Around the Corner

I am pleased to announce the 2024 Congressional Art Competition for students residing in Arizona’s First Congressional District! This annual competition celebrates the artistic achievements of the nation’s high school students. Each year, Members of Congress may honor one high school student from their districts by selecting a piece of artwork for inclusion in an exhibit at the U.S. Capitol. The winning artwork will be displayed in the Cannon Tunnel of the U.S. Capitol for one year. The tunnel is the most highly traveled access point between the U.S. House of Representatives and the U.S. Capitol.  

Every day, Members of Congress, distinguished visitors, and tens of thousands of tourists – from the United States and abroad – walk through the tunnel and admire the artwork.  Any interested students can contact Chris Wiley of my District Office staff by calling (480) 946-2411 or emailing Christopher.Wiley@mail.house.gov for more information. Submissions must be signed off by the high schooler’s art teacher or counselor and will be due at the end of April. I look forward to seeing what the talented young artists in our community create and invite you to review last year’s submissions at https://schweikert.house.gov/congressional-art-competition/.

Stay tuned for upcoming deadlines and final rule announcements.

All Your Passport & Travel Questions Answered

A friendly reminder that the Western Passport Center is hosting a valley-wide passport fair for first time applicants set to travel internationally. Mark your calendars for this Saturday, February 10, from 9 a.m. - 4 p.m. Please review the information below for further guidance on this upcoming event hosted by the U.S. Department of State.

• Location: City of Chandler City Hall, 175 S Arizona Ave, Chandler AZ 85225    
• Date: Saturday, February 10, 2024
• Time: 9 a.m. - 4 p.m.
• Appointments are required: Schedule your appointment now at chandleraz.gov/passports
• Applications accepted: First-time applicants ONLY, minors under 16, and others using the DS-11 form. (Renewal applicants eligible to use the DS-82 form, should renew by mail.)
• Photos: Photo services will not be available. Customers are encouraged to bring their own valid passport photos. 
• Fees: Customers will pay an application fee to the U.S. Department of State in the form of a check or money order and a separate execution fee of $35.00, in the form of a check, money order, cash, or credit card.  
• Acceptance facility website: Passport Services | City of Chandler (chandleraz.gov)
• Other information: If appointments fill up for the February 10 event, customers may select other days to book appointments.  For more information about processing times, fees, forms, and photo requirements, go to travel.state.gov.

What I’m Reading & Why It Matters

This week, I came across a podcast that evaluates the reasoning behind the structural weakness affecting China's economy. China's efforts to diversify its currency options have created a slew of problems for their economic evolution, like the trade war in 2018 with the United States, and now, the potential forced removal from United States Global Financial System. 

While we experience a transition from an oil-dominated global economy to a decentralized market for renewable energy, China is granted a potential opportunity to reduce their dependence on the current dollar system by using the materials already at their immediate access, such as being a leader in processing critical earth minerals. China then has an edge to increase the pricing power in relation to the energy transition.  

Evidently, each motivation involves risks, with some potentials including geopolitical vulnerabilities directly affecting financial security. China could face illiquidity challenges, insecurity challenges, and insurance challenges. With the current continued supply chain implication, the experience can be very insecure, according to Chinse financer perspectives. Looking back to 2016- 2017, China saw foreign exchange reserves decrease from $4 trillion to $3 trillion within a year. If the entire global trading system is split into two parts, who does China have to export to? Which foreign reserves will now back China's internationalization operation? 

As China heads into the second year of trending declining population, the recovery of the economy continues to be disappointing. While the long-term implication shrinks the labor premium, the short-term implication could have a much more severe outcome because of the effect it has on the housing market, which accounts for 30% of China's GDP.

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