Sen. Joni Ernst Joni Kay ErnstPoll shows tight Senate race in Iowa Will Republicans' rank hypocrisy hinder their rush to replace Ginsburg? Momentum growing among Republicans for Supreme Court vote before Election Day MORE (R-Iowa) released a bill Wednesday that would eliminate the Presidential Election Campaign Fund.

Ernst tweeted early Wednesday that "the Presidential Election Campaign Fund is a welfare program for politicians that’s doing nothing but ballooning our deficit."

"Let's eliminate this unnecessary federal program & redirect these taxpayer dollars toward tackling our growing debt," she continued.

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The Presidential Election Campaign Fund is a welfare program for politicians that’s doing nothing but ballooning our deficit. Let's eliminate this unnecessary federal program & redirect these taxpayer dollars toward tackling our growing debt. #MakeEmSquealhttps://t.co/sAZjKzA0Kw — Joni Ernst (@SenJoniErnst) January 29, 2020

Under current campaign finance regulations, presidential candidates can seek funding from the Presidential Election Campaign Fund, which is generated by taxpayer dollars, as long as they limit their private donations and campaign spending. On an individual income tax return, a taxpayer can "direct $3 from their federal tax bills" to the fund.

But Ernst cites that a presidential candidate who received money from the fund has not won the White House in 16 years. Moreover, Ernst continues, while no current presidential candidate this election cycle has applied for the fund, the Federal Election Commission doesn't have enough members to hold a meeting to process the request.

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Under Ernst's proposed legislation, the $356 million sitting in the fund would go to lowering the federal debt. A report from the Congressional Budget Office Tuesday projects that the U.S.'s budget deficit will break $1 trillion in 2020.

Ernst has recently grabbed media attention when she suggested Monday during the Senate impeachment trial of President Trump Donald John TrumpBiden leads Trump by 36 points nationally among Latinos: poll Trump dismisses climate change role in fires, says Newsom needs to manage forest better Jimmy Kimmel hits Trump for rallies while hosting Emmy Awards MORE that the defense's focus on former Vice President Joe Biden Joe BidenBiden leads Trump by 36 points nationally among Latinos: poll GOP set to release controversial Biden report Can Donald Trump maintain new momentum until this November? MORE and his son Hunter Biden's dealings in Ukraine would be detrimental to the now-presidential candidate during the Iowa caucuses.

"Iowa caucuses are this next Monday evening, and I’m really interested to see how this discussion today informs and influences the Iowa caucus voters," Ernst said. "Will they be supporting Vice President Biden at this point? Not sure about that."

Biden later rebuked her claim, saying that for Trump, the impeachment trial was what he called a "political hit job" on him and a chance for Trump to smear him.