Bill Richardson on Budget & Economy Democratic Governor (NM); Secretary of Commerce-Designee

Hiring freeze & 7% budget cut in state agencies

• I implemented a hiring and salary freeze, and we currently have 3000 vacancies.
• I eliminated positions and cut salaries of exempt state employees--those appointed by me--by 2%. Now 110 exempt positions are vacant.
• I ordered five furlough days for about 17,000 employees.
• I froze $150 million in stalled capital outlay projects--and I urge this body to eliminate those projects.
• And we have cut stat agency budgets by 7% on average.

• Make permanent the $210 million in cuts we made during the special session.
• Reduce costs by another $158 million--by cutting spending across state government.
• Eliminate stalled capital outlay projects and end the practice of double dipping.
• Streamline and merge government functions, saving at least $25 million.

Balanced 5 state budgets; priority to balance federal budget

A: Well, as a governor, I have to, by law, balance budgets. I’ve balanced five. And it would be a major priority of mine. And this is what I would do as president. I would advocate for line-item veto authority for the president, a constitutional amendment to balance the budget. But most importantly, I believe balancing the budget should be viewed as an opportunity to have economic growth in this country.

Supports restricted Constitutional balanced budget amendment

But I think what is critically important is that when we talk about our most urgent national priority: we’ve spent $500 billion in this war. And these are funds that could go to our domestic priorities--to health care, to kids, to education, & to improving our schools.

Save $150 billion in tax cuts for people who don’t need them

Balanced Budget Amendment to address $9 trillion debt

A: America has lost its economic leadership. We have a $9 trillion dollar debt. We’ve got a weakening dollar. We’ve got jobs going overseas. These are the steps that I would take as president. What is going to be key is fiscal discipline. I am for a constitutional amendment to balance the budget within a 5-6 year period. We have to balance that budget. This debt is to commercial banks, to China, to India. I’m for a line item veto. We need investments also in science and technology. Give a tax incentive for increasing the prevailing wage. Invest in education, invest in kids and science and technology. It’s a competitiveness issue. This is the kind of investment we need to make. Fiscal discipline, number two science and technology, invest in the new industries of the future and third invest in education. That’s how America will regain its economic leadership.

Constitutionally require balanced budget & fiscal discipline

Mortgage industry needs more liquidity & more transparency

A: This is the Katrina of the mortgage-lending industry. The answer is yes, there has to be more liquidity, more funds in the market. What we need is more transparency. And what we also need to do is to not appoint officials that are in the industry to regulate that specific industry. The mortgage industry, a lot of them have become a bunch of loan sharks.

Grow the trade link to Mexico and attract Hollywood business

Supports Balanced Budget Amendment

A: Yes.