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John Garamendi on Budget & Economy

 


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

Increase debt limit from $14.3 trillion to $16.7 trillion.

Garamendi signed America Pays Its Bills Act

A bill to increase the debt limit from $14.3 trillion to $16.7 trillion.

[Explanatory note from Wikipedia.com "Debt Ceiling Crisis"]:

The US debt-ceiling crisis was a financial crisis in 2011 that started as a debate in the Congress about increasing the debt ceiling. The immediate crisis ended when a complex deal was reached that raised the debt ceiling and reduced future government spending. However, similar debates are anticipated for the 2012 and 2013 budget. President Barack Obama and Speaker of the House John Boehner announced on July 31 that an agreement had been achieved. After the legislation was passed by both the House and Senate, President Obama signed the Budget Control Act. On August 5, the credit-rating agency Standard & Poor's downgraded the credit rating of US government bond for the first time in the country's history.

Under US law, an administration can spend only if it has sufficient funds to pay for it. These funds can come either from tax receipts or from borrowing. Congress has set a debt ceiling, beyond which Treasury cannot borrow. The Obama administration stated that, without this increase, the federal government would shut down and the US would enter sovereign default, thereby creating an international crisis in the financial markets. Alternatively, default could be averted if the government were to promptly reduce its other spending by about half.

An increase in the debt ceiling requires the approval of both houses of Congress. A large majority of Democratic legislators (who held a majority in the Senate) favored tax increases along with smaller spending cuts. Supporters of the Tea Party movement pushed their fellow Republicans to reject any agreement that failed to incorporate large and immediate spending cuts or a constitutional amendment requiring a balanced budget.

Source: HR2663&S1326 11-HR2663 on Jul 27, 2011

Establish a usury limit of 16% for consumer credit cards.

Garamendi signed establishing usury limit of 16% for consumer credit cards

Section 107 of the Truth in Lending Act (15 U.S.C. 1606) is amended by adding at the end the following new subsection, entitled "National Consumer Credit Usury Rate":

  1. LIMITATION ESTABLISHED--The annual percentage rate applicable to any extension of credit under, or any outstanding balance on, any credit card account under an open end consumer credit plan may not exceed 16 percent.
  2. INCLUSION OF CERTAIN FEES IN DETERMINING APR--In determining the annual percentage rate applicable to any credit card account, membership fees or annual fees shall be included in the finance charge [calculation].
  3. ADJUSTMENTS--the Board may make adjustments to the maximum annual percentage rate limitation when any such adjustment is in the public interest and economic conditions warrant. Any increase in the maximum annual percentage rate limitation [will be determined by] severe economic conditions, taking into account the prevailing bank prime rates, and statistical information the Board determines to be relevant.
    Source: National Consumer Credit Usury Rate (H.R.4300) 2009-H4300 on Dec 11, 2009

    2012 Governor, House and Senate candidates on Budget & Economy: John Garamendi on other issues:
    CA Gubernatorial:
    Antonio Villaraigosa
    Eric Garcetti
    Hilda Solis
    Jerry Brown
    Jerry Sanders
    Neel Kashkari
    CA Senatorial:
    Barbara Boxer
    Dianne Feinstein

    Left 113th Congress, 2013-2014:
    AL-1: Jo Bonner(R,resigned)
    FL-13:Bill Young(R,deceased)
    FL-19:Trey Radel(R,arrested)
    IL-2: Jesse L. Jackson(D,convicted)
    LA-5: Rodney Alexander(R,resigned)
    MA-5: Ed Markey(D,elected)
    MO-8: Jo Ann Emerson(R,resigned)
    NC-12:Mel Watt(D,appointed)
    NJ-1: Rob Andrews(D,investigated)
    SC-1: Tim Scott(R,appointed)

    Newly-elected special elections 2013-2014:
    AL-1: Bradley Byrne(R)
    FL-13:David Jolly(R)
    FL-19:Curt Clawson(R)
    IL-2: Robin Kelly(D)
    LA-5: Vance McAllister(R)
    MA-5: Katherine Clark(D)
    MO-8: Jason Smith(R)
    NC-12: Pending Jul.15
    NJ-1: Pending Nov.4
    SC-1: Mark Sanford(R)
    Won primary 2014:
    TX-4: John Ratcliffe(R)
    VA-7: Dave Brat(R)

    Retiring to run for Senate in 2014:
    AR-4: Tom Cotton(R)
    CO-4: Cory Gardner(R)
    GA-1: Jack Kingston(R)
    GA-10:Paul Broun(R)
    GA-11:Phil Gingrey(R)
    HI-1: Colleen Hanabusa(D)
    IA-1: Bruce Braley(D)
    LA-6: Bill Cassidy(R)
    MI-14:Gary Peters(D)
    MT-0: Steve Daines(R)
    OK-5: James Lankford(R)
    TX-36:Steve Stockman(R)
    WV-2: Shelley Moore Capito(R)

    Former Reps running for House in 2014:
    AL-5: Parker Griffith(R)
    CA-3: Doug Ose(R)
    GA-11:Bob Barr(R)
    CA-31:Joe Baca(D)
    IL-10:Bob Dold(R)
    IL-17:Bobby Schilling(R)
    MS-4: Gene Taylor(D)
    MT-0: Denny Rehberg(R)
    NH-1: Frank Guinta(R)
    NY-11:Vito Fossella(R)
    NY-18:Nan Hayworth(R)
    OH-7: John Boccieri(D)
    PA-13:Marjorie Margolies(D)
    TX-23:Francisco Canseco(R)
    Lost primary 2014:
    TX-4: Ralph Hall(R)
    VA-7: Eric Cantor(R)

    Retiring to run for State Office in 2014:
    AR-2: Tim Griffin(R)
    CA-35:Gloria McLeod(D)
    ME-2: Mike Michaud(D)
    PA-13:Allyson Schwartz(D)
    VI-0: Donna Christensen(D)

    Retiring effective Jan. 2015:
    AL-6: Spencer Bachus(R)
    AZ-7: Ed Pastor(D)
    CA-11:George Miller(D)
    CA-25:Howard McKeon(R)
    CA-31:Gary Miller(R)
    CA-33:Henry Waxman(D)
    CA-45:John Campbell(R)
    IA-3: Tom Latham(R)
    MI-4: Dave Camp(R)
    MI-6: Tom Petri(R)
    MI-12:John Dingell(D)
    MN-6: Michele Bachmann(R)
    NC-6: Howard Coble(R)
    NC-7: Mike McIntyre(D)
    NJ-3: Jon Runyan(R)
    NJ-12:Rush Holt(D)
    NY-4: Carolyn McCarthy(D)
    NY-21:Bill Owens(D)
    PA-6: Jim Gerlach(R)
    UT-4: Jim Matheson(D)
    VA-8: James Moran(D)
    VA-10:Frank Wolf(R)
    WA-4: Doc Hastings(R)
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    Page last updated: Jul 19, 2014