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TO GET THE OPINION NEWSLETTER Now is the time for spending reform proposals to be put forward and debated. We must address our growing deficits in order to put the United States’ finances on a sustainable path. Leaving our growing debt unchecked makes us a weaker nation because it makes us less able to address future crises. Having to spend more money to pay for past borrowing means we will have fewer resources to preserve our national defense, maintain our social safety net and invest in future economic growth. Many ideas have been put forward to address our debt situation, including some that have been explored, and in some cases agreed to, in past negotiations. We should not draw lines in the sand or dismiss any option out of hand, but instead seriously discuss the tradeoffs of proposals. That is governing. Video Asking the White House to come to the table and negotiate is not an extremist demand, and refusal to even discuss how our federal government could live within its means is irresponsible. Both parties have a responsibility to do their part, in good faith, to find a bipartisan solution While we need to pay our old bills, this is the time to set a path forward to ensure new bills do not continue to pile up. America’s long-term fiscal gap is unsustainable. We have a responsibility to our children and grandchildren to leave them a government and an economy that are on sound financial footing. CLICK HERE TO READ MORE FROM SEN. MIKE CRAPO Republican Mike Crapo represents Idaho in the United States Senate where he serves as Ranking Member of the Senate Finance Committee.
Lawmakers introduce legislation to get crucial rare earth minerals Fox News national security correspondent Jennifer Griffin has the latest on the rare earth minerals essential to the military and national security on ‘Special Report.’ NEW You can now listen to Fox News articles! Listen to this article 0:00 / 6:00 1X BeyondWords In 2010, China precipated a low-intensity conflict with Japan and the West by stopping the export of rare earth elements. Alarm bells rang across the White House, the Pentagon, and corporate America. When China relented after about a week, U.S. military planners knew our country had dodged a bullet. They started asking: how likely is another rare earth squeeze play by China? As the then-CEO of the only producing rare earth mine in the U.S. in 2010, I rate the odds of another rare earth crisis in the next five years as 9.5 out of 10. As was the case then, neither the U.S. nor our allies are adequately prepared for the economic and military catastrophe that will result. The rare earth projects that were on the drawing board in the U.S. at that time still have not advanced past the permitting and study stages, which means they are still years away from production. Many modern technologies, and most major weapons systems, require rare earths to function. Without them, we quickly lose the ability to manufacture electric vehicles, advanced wind turbines, energy-saving appliances, Abrams tanks, F-35s, smartphones – the list goes on and on. SWEDEN DISCOVERS HUGE DEPOSITS OF RARE METALS, A POTENTIAL STEP TO ENDING EUROPE’S DEPENDENCY ON CHINA The crux of the impending crisis? We don’t make the rare earth materials needed by these technologies, so we must get them from China. All major Chinese rare earth companies produce and export under the close supervision of their government. That gives Beijing a button it can press at will to quickly hobble Western economies and degrade our defense systems. Unless and until the U.S. government moves aggressively to help fund and advance American critical minerals mining, Western militaries will drive, fly, and sail
by the grace of Chinese rare earths. China is also not shy about reminding us of this leverage. For example, in the midst of heated trade tensions during the Trump years, Chinese President Xi Jinping decided to make a highly publicized tour of the JL MAG Rare-Earth factory in Ganzhou, China, where high-performance rare earth magnets are produced. The photo op from that tour, released by Xinhau, China’s official state news agency, was unambiguous in its message: we still hold the keys, America, to much of your technology and economy. Don’t cross us. U.S. military planners focus on dealing with a rare earth cut-off due to direct confrontation with China. I see a more likely reason: good old-fashioned market competition. Chinese President Xi Jinping, also general secretary of the Communist Party of China Central Committee and chairman of the Central Military Commission, sits down with representatives of teachers and students at a symposium and delivers an important speech during a visit to Renmin University of China in Beijing, capital of China, April 25, 2022. (Photo by Ju Peng/Xinhua via Getty Images) (Ju Peng/Xinhua via Getty Images) China leads the world in producing and processing rare earths. China is also the world’s largest consumer of rare earths – by far. But its mineral resources are finite. Today, China uses its rare earths to manufacture and export electric vehicles, wind turbines, energy-saving appliances and motors, weapons systems, and nearly every electronic device in everyday use. China already is the world’s largest producer of electric vehicles. It wants to dominate that and other durable goods markets. THE FIGHT FOR RARE EARTH MINERALS It should come as no surprise, then, that China would rather export Chinese-made EVs powered by Chinese-made rare earth magnets as opposed to exporting rare earth magnets to
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