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John Carney on Budget & Economy
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Budgetary reserve will help during downturn
Regarding lost tax revenue during the shutdown of business, Carney touted his budget smoothing plan, which had put aside $125 million in reserves to cover costs when revenues are down. "It was very important as we buffered the challenges that we had in
this budget. As we move forward, there is a lot of uncertainty about the revenues that we will see next year," he said. "It's going to be a tough road, but setting up and having that $125 million in additional reserve is going to help us."
[Opponent Julianne] Murray said the government-imposed shutdown has caused unimaginable uncertainty for the state's budget and revenue stream. "Our revenue is going to be down tremendously. Yes, we have this $125 million out here, but the reality
is that Gov. Carney is a tax-and-spend person. I am incredibly concerned about what the response is going to be because I have every reason to believe taxes are going to go up when we have the deficit that we absolutely know is coming."
Source: Cape Gazette on 2020 Delaware Gubernatorial race
, Oct 17, 2020
Budgetary discipline: reduce debt AND cut taxes
I understand the importance of fiscally prudent policies that can successfully balance short term demands against long term budgetary discipline. During my tenure as Secretary of Finance, we were able to reduce the state's debt, cut taxes, and earn the
first AAA bond rating in Delaware history. One reason I came to Washington was to bring these same common sense policies to our federal government, and to make the tough decisions necessary to put us on stronger fiscal footing.
Source: 2011 House of Representatives website, "Issues"
, Oct 30, 2011
Get spending under control and reduce the deficit
Carney will:- Put Delawareans back to work by helping small businesses create jobs with tax credits and reduced regulations.
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Fight to get government spending under control and reduce the deficit.
- Recover every dollar of taxpayer money that was used for Wall Street bailouts.
Source: 2010 House campaign website, johncarneyforcongress.com/
, Nov 2, 2010
Voted NO on prioritizing spending in case debt limit is reached.
Congressional Summary:Requires the Secretary of the Treasury, in addition to any other authority provided by law, to issue obligations to pay with legal tender, and solely for the purpose of paying, the principal and interest on U.S. obligations held by the public, or held by the Old-Age and Survivors Insurance Trust Fund and Disability Insurance Trust Fund, in the event that the federal debt reaches the statutory limit after enactment of this Act. Prohibits the issued obligations from being taken into account in applying the current $16.394 trillion public debt limit to the extent that they would otherwise cause such limit to be exceeded. Opponent's Argument for voting No:Rep. MAFFEI: The American people want us to work together--Republicans and Democrats--to reduce our debt, pay our bills, and avoid an economic catastrophe, which would result from default. This legislation presumes it will happen and maps out not if but what happens when the
United States defaults. Their plan ensures that foreign creditors such as China, Japan, and OPEC countries Iran and Saudi Arabia would continue to get paid while we halt other payments to groups of Americans who have earned those benefits. This bill prioritizes Chinese lenders ahead of American seniors and veterans and college students. That's why it's called the Pay China First Act.
White House statement in opposition:American families do not get to choose which bills to pay and which ones not to pay, and the United States Congress cannot either without putting the nation into default for the first time in its history. This bill would threaten the full faith and credit of the United States, cost American jobs, hurt businesses of all sizes and do damage to the economy. It would cause the nation to default on payments for Medicare, veterans, national security and many other critical priorities. This legislation is unwise, unworkable, and unacceptably risky."
Reference: Full Faith and Credit Act;
Bill H R 807
; vote number 13-HV807
on May 9, 2013
Voted NO on terminating the Home Affordable mortgage Program.
Congressional Summary: Amends the Emergency Economic Stabilization Act of 2008 to terminate providing new mortgage modification assistance under the Home Affordable Modification Program (HAMP), except with respect to existing obligations on behalf of homeowners already extended an offer to participate in the program.Proponent's Argument for voting Yes:
[Rep. Biggert, R-IL]: The HAMP Termination Act would put an end to the poster child for failed Federal foreclosure programs. The program has languished for 2 years, hurt hundreds of thousands of homeowners, and must come to an end. This bill would save $1.4 billion over 10 years. To date, the HAMP program has already consumed $840 million of the more than $30 billion of TARP funds that were set aside for the program. For this extraordinary investment, the administration predicted that 3 to 4 million homeowners would receive help.
HAMP has hurt more homeowners than it has helped. The program has completed about 540,000 mortgage modifications. Another 740,000 unlucky homeowners had their modifications cancelled.
Opponent's Argument for voting No:
[Rep. Capuano, D-MA]: This is a program that I'm the first to admit has not lived up to what our hopes were. This program we had hoped would help several million people. Thus far we've only helped about 550,000 people. But to simply repeal all of these programs is to walk away from individual homeowners, walk away from neighborhoods. I'm not going to defend every single aspect of this program, and I am happy to work with anyone to make it better, to help more people to keep their homes, & keep their families together. To simply walk away without offering an alternative means we don't care; this Congress doesn't care if you lose your home, period. Now, I understand if that makes me a bleeding-heart liberal according to some people, so be it.
Reference: The HAMP Termination Act;
Bill H.839
; vote number 11-HV198
on Mar 29, 2011
Member of House Banking Committee.
Carney is a member of the House Banking Committee
The House Committee on Financial Services (also referred to as the House Banking Committee) is the committee of the House of Representatives that oversees the entire financial services industry, including the securities, insurance, banking, and housing industries. The Committee also oversees the work of the Federal Reserve, the United States Department of the Treasury, the U.S. Securities and Exchange Commission, and other financial services regulators.
Source: U.S. House of Representatives website, www.house.gov 11-HC-FS on Feb 3, 2011
Page last updated: Nov 04, 2020
