He also doesn't believe President Barack Obama's $787 billion stimulus plan is working as it was set out to do.
Neither does he favor a government-run national health care program.
King, who serves Iowa's 5th District, shared his thoughts with the Daily Sentinel Saturday during a visit to Le Mars.
King said he also plans to seek another term in 2010, his fifth.
"I love the challenge," King said. "This last year has been 'charge the windmill' every day. Now it's more rewarding. Not that I ever got discouraged, but now we're on the offense and that's a new feeling."
Congress recently passed legislation allowing the U.S. government to go $1.9 trillion deeper into debt, boosting the overall debt limit to $14.3 trillion, according to the Associated Press.
That decision does include a "pay as you go" mechanism meaning any increases in spending must be offset with cuts elsewhere in federal outlays, according to the Associated Press.
King said he voted no on the measure because it would increase the national debt to $28 trillion in 10 years.
That means a national-born American baby's share of that debt would be $88,000, King said.
"And there seems to be on the part of the speaker and the president no consideration whatsoever about spending too much money," King said. "During the Obama presidency so far they've increased discretionary spending 67 percent."
Discretionary spending refers to spending set by annual appropriation levels made by Congress' decisions. This spending is optional, unlike entitlement programs for which funding is mandatory, according to the C-Span Congressional Glossary website.
"We are seeing huge increases in discretionary spending," King said. "With the mandatory spending, there's no way to get to a balanced budget. There's not a solution to deal with huge deficits, with trade deficits."
King said he totally rejects what he thinks President Obama believes is the answer to the nation's current economic crisis.
"Obama simply believes that you can borrow money in an unlimited fashion and spend it paying off your political supporters and somehow you put that in the economy and everything will be all right," King said. "It's completely wrong. It runs up a lot of debt."
That action requires borrowing from China and Saudi Arabia, which will in turn downgrade America's Triple A rating, and in the future those countries aren't going to want to loan any more money, King said.
"We cannot borrow prosperity," he said. "It doesn't work for a family. It doesn't work for a country."
"Nobody I know thinks the $787 billion stimulus plan worked," King said.
It started under former President George W. Bush in the fall of 2008 with the request of $700 billion, King said.
"I voted against it," he said. "They ended up with $350 billion for that fall and then the other $350 billion was approved by the Obama presidency."
Then the plan continued with the nationalization of the three large investment banks, AIG, Fanny Mae and Freddy Mac and the car dealerships General Motors and Chrysler, King said.
King said people may not have understood nationalizing the three banks, but when it came to closing some 3,400 car dealerships in America they started questioning the government's decisions.
"If you want to sell a product, don't you want more dealers instead of less especially if they don't cost you anything," King said. "We fix an economy by increasing our productivity and our competitiveness, not by borrowing money and creating government jobs or propping up a sector of the economy that can't sustain itself."
When the stimulus plan first came out it was going to save or create 3.5 million jobs, but so far has saved or created 2 million jobs, according to whitehouse.gov.
"Save or create when I heard that phrase, there is a legal term one can hide behind," King said. "If everybody else lost their jobs but 3.5 million you could always point to them and say those are the jobs we saved."
King said of the 2 million he would like to know which ones were "saved" and which ones were "created."
Instead of saving government jobs with borrowed tax dollars, which doesn't benefit taxpayers, King said, there needs to be growth in the private sector.
"To do that you have to get the taxes and the regulations out of the way and let people make some money. If they are making money, they'll try to make more and then they'll hire somebody to help them," King said. "That's what grows the economy."
Health care reform
"I have been and will remain opposed to a national health care act that has at least the framework -- if not all the features -- of socialized medicine," King said. "This is the federal government taking over the management of our bodies, our health care, the most private thing we have."
King used the argument from the 1973 court case that legalized abortions in the U.S. to emphasize the government's decision, which concluded that no one can tell a woman what to do with her body. That it's her private business, King said.
"Those same people now that have made that argument for 37 years are arguing the federal government should be able to tell everybody in America what to do with their body," King said. "And what insurance policy they will have and what health coverage they will have and how much they will pay for it. This national health care act is a nationalization of a person's body."
King said the next step for Congress is to throw out Obama's health care plan that has become a "toxic stew" -- one that Americans, through town hall meetings and press conferences, have expressed their displeasure for.
"They want no part of it and we need to throw it over the side and start fresh," King said. "There are a list of things I would do."
Some of his health care reform ideas include reforming lawsuit abuse, providing full deductivibility for everybody's health insurance premiums and their legitimate health insurance costs, being able to purchase insurance across state lines and addressing the issue of pre-existing conditions, King said.
"We have tried to work with the other side of the aisle and they have closed the doors. We've offered over 40 different pieces of legislation for health care reform and all of them were summarily rejected," King said. "There are even many democrats that can't get in that door to negotiate."
But he sees a different future.
"In 2011 we are going to have a lot of new faces, and it will change the dynamics," King said.