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Steve Womack on Budget & Economy

 


Federal government should cut spending, not increase taxes

I can appreciate the president being engaged on this issue, I don't agree with his proposals to raise taxes on the very people we're counting on to create jobs. The government got itself into this financial mess, and we shouldn't expect the American people to pay for it. What's more, the government has no business picking winners and losers or punishing the success of others for that matter. Throwing money at a problem every time one arises is not good policy.
Source: 2011 House of Representatives website, item #260697 , Sep 19, 2011

Voted YES 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 Committee on Appropriations.

Womack is a member of the House Committee on Appropriations

The House Committee on Appropriations is in charge of setting the specific expenditures of money by the government of the United States. As such, it is one of the most powerful of the committees, and its members are seen as influential.

In 1865, the House of Representatives separated the appropriating and banking and currency duties from the Committee on Ways and Means, which was first established in 1789, and assigned them to two new committees - the Committee on Appropriations and the Committee on Banking and Currency. Until 1865, all "general" appropriations bills had been controlled in the House by the Committee on Ways and Means--which is now in charge of revenue measures (taxation).

Until recent years, large sustained spending increases of the Federal Government usually occurred only in connection with wars. By 1940, spending in appropriations bills had climbed to $14.6 billion as a result mainly of various New Deal legislation - when we began meeting local problems with national programs. Since 1934, our national wealth has increased 41 times.

By the early 1970's, deficits were mounting; so-called "uncontrollable" spending was climbing; and "back door" spending, i.e. spending provided other than through the Appropriations Committee, was increasing. It was also becoming clear that there was little, if any coordination between raising and spending revenues.

A 1975 reorganization resulted in the current committee structure: the Budget Committee for fiscal planning; the Budget Committee for fiscal planning; the Ways and Means Committee for taxation and other revenue; and the Appropriations Committee for spending.

Source: U.S. House of Representatives website, www.house.gov 11-HC-App on Feb 3, 2011

Proposing a balanced budget amendment to the US Constitution.

Womack signed Balanced Budget Amendment

RESOLVED by the Senate and House of Representatives of the United States of America in Congress assembled (2/3rds of each House concurring therein), That the article is proposed as an amendment to the Constitution of the United States, which shall be valid to all intents and purposes as part of the Constitution when ratified by the legislatures of 3/4ths of the several States within 7 years after the date of its submission for ratification.

This article shall take effect beginning with the later of the second fiscal year beginning after its ratification or the first fiscal year beginning after December 31, 2016.

Source: H.J.Res.2 11-HJRES2 on Jan 5, 2011

Disapprove of increasing the debt limit.

Womack co-sponsored Joint Resolution on Debt Limit

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.

Source: HJRes.98/SJRes34 12-HJR98 on Jan 13, 2012

Audit the Federal Reserve & its actions on mortgage loans.

Womack co-sponsored Federal Reserve Transparency Act

The Federal Reserve Transparency Act directs: