Mike Lee on Budget & Economy
Politicians recognize the problem but are incapable of fixing it.
The Contract from America, clause 3. Demand a Balanced Budget:
Begin the Constitutional amendment process to require a balanced budget with a two-thirds majority needed for any tax hike.
The Contract from America, clause 6. End Runaway Government Spending:
Impose a statutory cap limiting the annual growth in total federal spending to the sum of the inflation rate plus the percentage of population growth.
[The Cut-Cap-and-Balance Pledge is sponsored by a coalition of several hundred Tea Party, limited-government, and conservative organizations].
Despite our nation's staggering $14.4 trillion debt, there are many Members of the U.S. House and Senate who want to raise our nation's debt limit without making permanent reforms in our fiscal policies. We believe that this is a fiscally irresponsible position that would place America on the Road to Ruin. At the same time, we believe that the current debate over raising the debt limit provides a historic opportunity to focus public attention, and then public policy, on a path to a balanced budget and paying down our debt.
We believe that the "Cut, Cap, Balance" plan for substantial spending cuts in FY 2012, a statutory spending cap, and Congressional passage of a Balanced Budget Amendment to the Constitution is the minimum necessary precondition to raising the debt limit. The ultimate goal is to get us back to a point where increases in the debt limit are no longer necessary. If you agree, take the Cut, Cap, Balance Pledge!
I pledge to urge my Senators and Member of the House of Representatives to oppose any debt limit increase unless all three of the following conditions have been met:
- Cut: Substantial cuts in spending that will reduce the deficit next year and thereafter.
- Cap: Enforceable spending caps that will put federal spending on a path to a balanced budget.
- Balance: Congressional passage of a Balanced Budget Amendment to the U.S. Constitution -- but only if it includes both a spending limitation and a super-majority for raising taxes, in addition to balancing revenues and expenses.
Congressional Summary:JOINT RESOLUTION: Resolved by the Senate and House of Representatives: That Congress disapproves of the President's exercise of authority to increase the debt limit, as submitted on Jan. 12, 2012.
Congressional Vote: Vote #4 in the House: 239 Yeas; 176 Nays; Senate declined to vote on the Resolution.
OnTheIssues Explanation: On Jan. 12, 2012, Pres. Obama notified Congress of his intent to raise the nation's debt ceiling by $1.2 trillion, two weeks after he had postponed the request to give lawmakers more time to consider the action. Congress then had 15 days to say no before the debt ceiling is automatically raised from $15.2 trillion to $16.4 trillion. Hence the debt ceiling was increased.
In Aug. 2011, the US government was nearly shut down by an impasse over raising the debt ceiling; under an agreement reached then, the President could raise the debt limit in three increments while also implementing $2.4 trillion in budget cuts. The agreement also gave Congress the option of voting to block each of the debt-ceiling increases by passing a "resolution of disapproval." The House disapproved; the Senate, by declining to vote in the 15-day window, killed the Resolution. Even if the resolution were passed, Pres. Obama could veto it; which could be overridden by a 2/3 majority in the House and Senate. The House vote only had 57% approval, not enough for the 67% override requirement, so the Senate vote became moot. The same set of actions occurred in Sept. 2011 for the first debt ceiling increase.
The Federal Reserve Transparency Act directs:
A Liberty Candidate will Defend the Great American Principles of Sound Money and Constitutional Government, [such as the views of] Peter Schiff, Senate 2010 candidate from Connecticut, on the Economy: "Strong fiscally conservative principles and beliefs that our economic recovery should be left to the free market through businesses and individuals--not the federal government."
And [such as the views of] R.J. Harris, Congress 2010 candidate from Oklahoma on Ending the Federal Reserve: "What goes on at the Fed is a clear example of the infringement upon our liberty and national sovereignty through Congressional delegation of its authority. Now, the Fed refuses to even let us see how much and to whom our money has been loaned or how much they have indebted the American People. They do so by rightly asserting that they are a private entity and therefore do not have to comply with orders to open their books. Our Congress has completely lost control over the creation of money and credit and now we are all going to pay the price of that abrogation of their duty."
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Retiring in 2014 election:
Retired as of Jan. 2013:
Senate races Nov. 2016:
AK: Murkowski(R) vs.Begich(D)
AL: Shelby(R) vs.Crumpton(D)
AR: Boozman(R) vs.Eldridge(D)
AZ: McCain(R) vs.Ward(R) vs.Kirkpatrick(D) vs.Mealer(I)
CA: Sanchez(D) vs.Harris(D) vs.Chavez(R) vs.Del Beccaro(R) vs.Sundheim(R)
CO: Bennet(D) vs.Glenn(R) vs.Neville(R)
CT: Blumenthal(D) vs.Wolf(R)
FL: Jolly(R) vs.DeSantis(R) vs.Cantera(R) vs.Murphy(D) vs.Grayson(D) vs.Keith(D)
GA: Isakson(R) vs.Nunn(D) vs.Barrow(D) vs.Grayson(R) vs.Buckley(L)
HI: Schatz(D) vs.Hanabusa(D)
IA: Grassley(R) vs.Fiegen(D) vs.Hogg(D)
ID: Crapo(R) vs.
IN: Stutzman(R) vs.Hill(D) vs.Holcomb(R) vs.Bosma(R) vs.Young(R)
KS: Moran(R) vs.Orman(I) vs.Sebelius(D)
KY: Paul(R) vs.Conway(D) vs.Chandler(D)
MD: Edwards(D) vs.Van Hollen(D) vs.Ehrlich(R) vs.Steele(R)
MO: Blunt(R) vs.Kander(D)
NC: Burr(R) vs.Rey(D) vs.
NH: Ayotte(R) vs.Shea-Porter(D)
NV: Cortez-Masto(D) vs.Heck(R) vs.
NY: Schumer(D) vs.King(R) vs.Gibson(R)
OH: Portman(R) vs.Strickland(D) vs.Sittenfeld(D)
OK: Lankford(R) vs.Johnson(D)
OR: Wyden(D) vs.Callahan(R)
PA: Toomey(R) vs.Stern(R) vs.Sestak(D) vs.McGinty(D) vs.Fetterman(D)
SC: Scott(R) vs.Dickerson(D)
SD: Thune(R) vs.Herseth-Sandlin(D)
UT: Lee(R) vs.Swinton(D)
WA: Murray(D) vs.Vance(R)
WI: Johnson(R) vs.Feingold(D) vs.Lorge(R)
Senate Votes (analysis)