Mike Pence on Budget & Economy Republian nominee for Vice President; Governor of Indiana; former Representative (IN-6)

I pushed for deficit reduction before it was cool

Vivek RAMASWAMY: The only war that I will declare as US President will be the war on the federal administrative state that is the source of toxic regulations acting like a wet blanket on the economy. So, I'm not sure exactly understood Mike Pence's comment.

PENCE: Let me explain it to you. I was a House conservative leader before it was cool. I actually pushed the Deficit Reduction Act. That was the last time we actually reduced the national debt in the United States. I balanced budgets and cut taxes when I was Governor. Joe Biden has weakened this country at home and abroad. Now is not the time for on-the-job training. We don't need to bring in a rookie.

Freeze nondefense discretionary spending across the board

Consumer Protection Act is a job-killer

Economic development grants at regional level, not cities

True regional collaboration proactively working with other cities by sharing resources to grow the economy--was still rare in Indiana. To incentivize better behavior, the state offered a major grant for local economic development work, not to a city but to a region. In order to compete with the funding, all the counties and cities in an area would have to band together, show they could collaborate, and submit a joint application showing how they would share the funds.

Great Recession tax-&-spend policy led to weak recovery

(VIDEOTAPE) OBAMA: By the time I left office, household income was near its all-time high, and the uninsured rate had hit an all-time low, and wages were rising, and poverty rates were falling. I mention all this just so when you hear how great the economy is doing right now, let's just remember when this recovery started.

PENCE: This country was struggling. I mean, it was the weakest economic recovery since the Great Depression because having inherited a recession, President Obama's answer was to raise taxes, to double the national debt, to increase regulation, to pass Obamacare into law, to stifle American energy.

Q: But he says the economic upswing began on his watch.

PENCE: He said that but I don't think too many Americans noticed it.

We've almost doubled the national debt; but not Indiana

A: I think the fact that under this past administration was of which Clinton was a part, we've almost doubled the national debt is atrocious. Indiana has balanced budgets. We cut taxes, we've made record investments in education and in infrastructure, and I still finish my term with $2 billion in the bank. Kaine [as governor] actually tried to raise taxes by about $4 billion. He left his state about $2 billion in the hole.

Change of leadership will lead to America's comeback

Conservative principles lead to less debt & more jobs

Amend state constitution to require a balanced budget

Remarkably, Indiana is one of the few states in the country that does not have a balanced budget requirement in its constitution. It is a tribute to the public servants in this room that Indiana has adhered to that practice in recent years even though it is not required.

A balanced budget requirement in the Constitution will assure Hoosiers that today and tomorrow Indiana will spend wisely, protect our state from an economic downturn, and unlike Washington, D.C., we won't bury our children and grandchildren under mountains of debt.

I call on this General Assembly to begin the process of adding a balanced budget amendment to the Indiana Constitution in this session and send this historic reform to the people of Indiana.

Wealth begets wealth: finance economic development

Wealth begets wealth, even outside the sector in which it was generated. Our assessment will also consider how to ensure the benefits of the investments in our cities extend to the outlying rural areas. Research has also shown that income and population growth in metro areas benefit rural areas. When metro areas decline, so do surrounding rural communities. Our tax and economic development policies are aimed, in part, at attracting entrepreneurs and new investors to our state.

Moral obligation to stop piling debt onto future generations

Throughout my time in Congress, I have fought hard against runaway spending. I have voted in opposition to federal bailouts, wasteful "stimulus" bills, and the fiscally unsustainable health care spending law. I have also introduced a Spending Limit Amendment to the U.S. Constitution. This amendment would constitutionally limit federal spending to 1/5 of the American economy--the historical average since WWII. Our spending problems are tantamount to generational theft, and a Spending Limit Amendment would allow us to fundamentally define the size of our government.

2008: Lonely GOP dissent against Wall Street bailout

Across-the-board tax relief stimulates broad-based growth

Pres. OBAMA: I'm going to take a look at what you guys are proposing. What you may consider across-the-board tax cuts could be, for example, greater tax cuts for people who are makin a billion dollars. I may not agree to a tax cut for Warren Buffet. You may be calling for an across-the-board tax cut for the banking industry right now. I may not agree to that. If you're calling for just across-the-board tax cuts, and then on the other hand saying that we're somehow going to balance our budget, I'm going to want to take a look at your math and see how that works, because the issue of deficit and debt is another area where there has been a tendency for some inconsistent statements.

Balanced Budget Amendment with 3/5 vote to override.

Constitutional Amendment to prohibit outlays for a fiscal year (except those for repayment of debt principal) from exceeding total receipts for that fiscal year (except those derived from borrowing) unless Congress, by a three-fifths rollcall vote of each chamber, authorizes a specific excess of outlays over receipts.

• Requires a three-fifths rollcall vote of each chamber to increase the public debt limit.
• Directs the President to submit a balanced budget to Congress annually.
• Prohibits any bill to increase revenue from becoming law unless approved by a majority of each chamber by rollcall vote.
• Authorizes waivers of these provisions when a declaration of war is in effect or under other specified circumstances involving military conflict.
• Amendment to the Constitution shall be valid when ratified by the legislatures of three-fourths of the several States within seven years after the date of its submission for ratification

Member of the House Republican Economic Recovery Working Group.

On Jan. 23, 2009, House Republican presented an alternative stimulus bill to the $787 billion stimulus bill that was eventually passed by the Democratic Congress. The alternative stimulus bill was a simple, direct way to create jobs and help our economy by focusing on small businesses. Here are the highlights:

• Reducing the lowest individual tax rates from 15% to 10% and from 10% to 5%
• Allowing small business to reduce its tax liability by 20%
• Ensuring no tax increases to pay for spending
• Assistance for the unemployed
• A home-buyers credit of $7,500 for those buyers who can make a minimum down payment of 5%

Proposing a balanced budget amendment to the US Constitution.

Proposing a balanced budget amendment to the Constitution of the United States:
• Prohibits outlays for a fiscal year (except those for repayment of debt principal) from exceeding total receipts for that fiscal year (except those derived from borrowing) unless Congress, by a 3/5ths rollcall vote of each chamber, authorizes a specific excess of outlays over receipts.
• Requires a 3/5ths rollcall vote of each chamber to increase the public debt limit.
• Directs the President to submit a balanced budget to Congress annually.
• Prohibits any bill to increase revenue from becoming law unless approved by a majority of each chamber by rollcall vote.
• Authorizes waivers of these provisions when a declaration of war is in effect or under other specified circumstances involving military conflict.

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.

Reclaim all bonuses paid to AIG executives & employees.

To require the Secretary of the Treasury to pursue every legal means to stay or recoup certain incentive bonus payments and retention payments made by American International Group, Inc. (AIG) to its executives and employees, and to require the Secretary`s approval of such payments by any financial institution who receives funds under the Emergency Economic Stabilization Act of 2008.
1. Not later than 2 weeks after the date of enactment of this Act, the Secretary of the Treasury shall establish a plan to pursue every legal means to stay or recoup incentive bonus payments and retention payments made after September 16, 2008, by AIG to its executives and employees.
2. The Secretary of the Treasury shall not authorize any payment or other provision of Federal assistance to AIG unless the executives and employees then employed by AIG surrender to the Treasury any incentive bonus payments and retention payments received by such executives and employees after September 16, 2008.
3. The Secretary of the Treasury shall require any financial institution that has received any assistance under the Emergency Economic Stabilization Act, and that has not repaid in full such assistance, to submit incentive bonus and retention payment plans for approval by the Secretary before making any incentive bonus payment or retention payment to any executive or employee.