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Amy Klobuchar on Budget & Economy

DFL Sr Senator (MN)


Cut $2.2 trillion over 10 years, in a balanced approach

Amy Klobuchar touted her vote on the Budget Control Act that would chop $2.2 trillion in federal spending over 10 years as her starting point. She insisted that Congress work on the issue after the Nov. 6 election all the way through the holidays "if that is what it takes to come up with the best solution for our economy."

Bills backs the Platform to Revitalize America, a budget proposal by fellow Republican Rand Paul. Bills said the Klobuchar-backed Budget Control Act does not cut the budget, it only "pulls down the trend line."

Klobuchar said the act she supported is a good place to start. "I believe the way to reduce our debt without setting our country back or causing a sharp contraction to our economy is to take a balanced approach, which means both spending cuts and revenue increases," she said. Klobuchar said she supports cutting $2.2 trillion over 10 years, as the Budget Control Act would do. She favors negotiations this year to target those cuts before they become automatic.

Source: West Central Tribune on 2012 MN Senate debate , Oct 20, 2012

Cut discretionary spending like “bridge to nowhere”

Q: Discretionary spending: what programs do you cut?

KLOBUCHAR: We have had a 50% increase in discretionary spending. The Cato Institute identified that.

Q: What specifically?

KLOBUCHAR: Let’s start with the Rep. Kennedy voted for, the bridges to nowhere, the rain forest in Iowa, the waterless urinals in Michigan.

Q: Will you go after Medicare and pensions?

KLOBUCHAR: I believe that if we can shore up this deficit and balance the budget, that we can then start shoring up Social Security.

Source: 2006 MN Senate debate, on Meet the Press , Oct 15, 2006

Fiscal responsibility in our federal budget

I will fight for fiscal responsibility in our federal budget. Our current and future prosperity is endangered by the reckless fiscal policies of the current administration. The lack of discipline in Washington since President Bush took office has led to a record level of debt?much of it owed to foreign entities. In just a few years, this administration turned a $200 billion surplus into a $300 billion deficit. I will fight for a return to the “Pay-As-You-Go” rule which worked so well during the 1990s.
Source: 2006 Senate campaign website, www.amyklobuchar.com, “Issues” , Jan 18, 2006

Voted YES on $192B additional anti-recession stimulus spending.

Proponent's argument to vote Yes:Rep. LEWIS (D, GA-5): This bipartisan bill will provide the necessary funds to keep important transportation projects operating in States around the country. The Highway Trust Fund will run out of funding by September. We must act, and we must act now.

Opponent's argument to vote No:Rep. CAMP (R, MI-4): [This interim spending is] needed because the Democrats' economic policy has resulted in record job loss, record deficits, and none of the job creation they promised. Democrats predicted unemployment would top out at 8% if the stimulus passed; instead, it's 9.5% and rising. In Michigan, it's above 15%. The Nation's public debt and unemployment, combined, has risen by a shocking 40% [because of] literally trillions of dollars in additional spending under the Democrats' stimulus, energy, and health plans.

We had a choice when it came to the stimulus last February. We could have chosen a better policy of stimulating private-sector growth creating twice the jobs at half the price. That was the Republican plan. Instead, Democrats insisted on their government focus plan, which has produced no jobs and a mountain of debt.

Reference: Omnibus Appropriations Act Amendment; Bill H.R. 3357 ; vote number 2009-S254 on Jul 30, 2009

Voted YES on modifying bankruptcy rules to avoid mortgage foreclosures.

Congressional Summary:Amends federal bankruptcy law to exclude debts secured by the debtor's principal residence that was either sold in foreclosure or surrendered to the creditor.

Proponent's argument to vote Yes:Rep. PETER WELCH (D, VT-0): Citigroup supports this bill. Why? They're a huge lender. They understand that we have to stabilize home values in order to begin the recovery, and they need a tool to accomplish it. Mortgages that have been sliced and diced into 50 different sections make it impossible even for a mortgage company and a borrower to come together to resolve the problem that they share together.

Sen. DICK DURBIN (D, IL): 8.1 million homes face foreclosure in America today. Last year, I offered this amendment to change the bankruptcy law, and the banking community said: Totally unnecessary. In fact, the estimates were of only 2 million homes in foreclosure last year. America is facing a crisis.

Opponent's argument to vote No:

Sen. JON KYL (R, AZ): This amendment would allow bankruptcy judges to modify home mortgages by lowering the principal and interest rate on the loan or extending the term of the loan. The concept in the trade is known as cram-down. It would apply to all borrowers who are 60 days or more delinquent. Many experts believe the cram-down provision would result in higher interest rates for all home mortgages. We could end up exacerbating this situation for all the people who would want to refinance or to take out loans in the future.

Rep. MICHELE BACHMANN (R, MN-6): Of the foundational policies of American exceptionalism, the concepts that have inspired our great Nation are the sanctity of private contracts and upholding the rule of law. This cramdown bill crassly undercuts both of these pillars of American exceptionalism. Why would a lender make a 30-year loan if they fear the powers of the Federal Government will violate the very terms of that loan?

Reference: Helping Families Save Their Homes Act; Bill HR1106&S896 ; vote number 2009-S185 on May 6, 2009

Voted YES on additional $825 billion for economic recovery package.

Congressional Summary:Supplemental appropriations for job preservation and creation, infrastructure investment, energy efficiency and science, assistance to the unemployed, and State and local fiscal stabilization, for fiscal year ending Sept. 30, 2009.

Proponent's argument to vote Yes:Rep. DAVID OBEY (D, WI-7): This country is facing what most economists consider to be the most serious and the most dangerous economic situation in our lifetimes. This package today is an $825 billion package that does a variety of things to try to reinflate the economy:

  1. creating or saving at least 4 million jobs
  2. rebuilding our basic infrastructure
  3. providing for job retraining for those workers who need to learn new skills
  4. moving toward energy independence
  5. improving our healthcare system so all Americans can have access to quality treatment
  6. providing tax cuts to lessen the impact of this crisis on America's working families.

Opponent's argument to vote No:

Rep. JERRY LEWIS (R, CA-51): Most of us would agree that the recent $700 billion Troubled Asset Relief Program (TARP) is an illustration of how good intentions don't always deliver desired results. When Congress spends too much too quickly, it doesn't think through the details and oversight becomes more difficult. The lesson learned from TARP was this: we cannot manage what we do not measure. We cannot afford to make the same mistake again.

Sen. THAD COCHRAN (R, MS): We are giving the executive branch immense latitude in the disbursement of the spending this bill contains. We are doing so without any documentation of how this spending will stimulate the economy. Normally, this kind of information would be contained in an administration budget. For items that have a short-term stimulative effect, most of us will feel comfortable debating their merits as an emergency measure. But there is a great deal of spending that is not immediately stimulative.

Reference: American Recovery and Reinvestment Act; Bill H.R.1 ; vote number 2009-S061 on Feb 10, 2009

Voted YES on $60B stimulus package for jobs, infrastructure, & energy.

Congressional Summary:
    Supplemental appropriations for:
  1. Infrastructure Investments: Transportation: DOT, FAA, AMTRAK, and FTA
  2. Clean Water (EPA)
  3. Flood Control and Water Resources (ACE)
  4. 21st Century Green High-Performing Public School Facilities (ED)
  5. Energy Development (DOE)
  6. Extension of Unemployment Compensation and Job Training
  7. Temporary Increase in Medicaid Matching Rate
  8. Temporary Increase in Food Assistance

Proponent's argument to vote Yes:Rep. DAVID OBEY (D, WI-7): Congress has tried to do a number of things that would alleviate the squeeze on the middle class. Meanwhile, this economy is sagging. Jobs, income, sales, and industrial production have all gone down. We have lost 600,000 jobs. We are trying to provide a major increase in investments to modernize our infrastructure and to provide well-paying construction jobs at the same time.

Opponent's argument to vote No:Rep. JERRY LEWIS (R, CA-41): Just 2 days ago we were debating an $800 billion continuing resolution. Now in addition to being asked to pay for a bailout for Wall Street, taxpayers are being asked to swallow an additional $60 billion on a laundry list of items I saw for the first time just a few hours ago. The Democratic majority is describing this legislation as a "stimulus package" to help our national economy. But let's not fool ourselves. This is a political document pure and simple. If these priorities are so important, why hasn't this bill gone through the normal legislative process? We should have debated each of the items included in this package.

It doesn't take an economist to tell you that the economy needs our help. But what does this Congress do? It proposes to spend billions more without any offsets in spending. The failure to adhere to PAYGO means that this new spending will be financed through additional borrowing, which will prove a further drag on our struggling economy.

Reference: Job Creation and Unemployment Relief Act; Bill S.3604&HR7110 ; vote number 2008-S206 on Sep 26, 2008

Voted NO on paying down federal debt by rating programs' effectiveness.

Amendment intends to pay down the Federal debt and eliminate government waste by reducing spending on programs rated ineffective by the Program Assessment Rating Tool (PART).

Proponents recommend voting YES because:

My amendment says we are going to take about $18 billion as a strong signal from the Congress that we want to support effective programs and we want the taxpayer dollars spent in a responsible way. My amendment doesn't take all of the $88 billion for the programs found by PART, realizing there may be points in time when another program is not meeting its goals and needs more money. So that flexibility is allowed in this particular amendment. It doesn't target any specific program. Almost worse than being rated ineffective, we have programs out there that have made absolutely no effort at all to measure their results. I believe these are the worst offenders. In the following years, I hope Congress will look at those programs to create accountability.

Opponents recommend voting NO because:

The effect of this amendment will simply be to cut domestic discretionary spending $18 billion. Understand the programs that have been identified in the PART program are results not proven. Here are programs affected: Border Patrol, Coast Guard search and rescue, high-intensity drug trafficking areas, LIHEAP, rural education, child abuse prevention, and treatment. If there is a problem in those programs, they ought to be fixed. We ought not to be cutting Border Patrol, Coast Guard search and rescue, high-intensity drug trafficking areas, LIHEAP, rural education, and the rest. I urge a "no" vote.

Reference: Allard Amendment; Bill S.Amdt.491 on S.Con.Res.21 ; vote number 2007-090 on Mar 22, 2007

Require full disclosure about subprime mortgages.

Klobuchar co-sponsored requiring full disclosure about subprime mortgages

Sen. DODD: Today we are facing a crisis in the mortgage markets on a scale that has not been seen since the Great Depression: over 2 million homeowners face foreclosure at a loss of over $160 billion in hard-earned home equity; over one out of every 5 subprime loans is currently delinquent. These high default rates have frozen the subprime and jumbo mortgage markets and infected the capital markets to the point where central banks around the world have had to inject liquidity into the system to avoid the crisis from spreading to other segments of the market.

One of the fundamental causes of this serious crisis is abusive and predatory subprime mortgage lending. The Homeownership Preservation and Protection Act of 2007 is designed to protect American homeowners from these practices, and prevent this disaster from happening again. The legislation will:

It is important to keep in mind that only about 10% of subprime mortgages have been made to first time home buyers. This market has not been primarily about creating a new set of homeowners; a majority of subprime loans have been refinances. While maintaining access to subprime credit on fair terms is important, too much of the subprime market has actually put the homes and home equity of American families at risk.

In the coming months, the housing crisis is going to get worse. We will need to continue to press lenders and servicers to provide real relief for homeowners threatened with foreclosure.

Source: Homeownership Preservation and Protection Act (S.2452 ) 2007-S2452 on Dec 12, 2007

Reform mortgage rules to prevent foreclosure & bankruptcy.

Klobuchar co-sponsored reforming mortgage rules to prevent foreclosure & bankruptcy

Source: Foreclosure Prevention Act (S.2636) 2008-S2636 on Feb 13, 2008

More enforcement of mortgage fraud and TARP fraud.

Klobuchar signed Fight Fraud Act

Source: S.386&HR1748 2009-S386 on May 4, 2009

Other candidates on Budget & Economy: Amy Klobuchar on other issues:
MN Gubernatorial:
Mark Dayton
MN Senatorial:
Al Franken
Jim Abeler

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Page last updated: Dec 20, 2013