Harold Ford on Budget & Economy Former Democratic Representative (TN-9, 1997-2007)

Fight $2 trillion debt by balancing budget & ending pork

FORD: Everybody in our country--even children and newborns--owes the US government $28,000. In the last 6 years under my opponent’s party’s leadership, the debt has grown by almost $2 trillion. And the people who will pay it will be you and I and everyone else. I have a couple of simple answers. They’re going to call me a liberal, but if they wanted to control the debt, they could have by now.

1. We ought to pass a balanced budget amendment.
2. We ought to move to a two-year budget cycles.
3. We ought to end all of this pork-barrel spending.
4. We ought to say to 16 federal agencies, out of 23, that if they can’t audit themselves, then no more federal tax money.

Voted YES on restricting bankruptcy rules.

Retire half the public debt by 2006.

Blue Dog budget framework
• Set tax and spending priorities within a five year budget framework instead of using ten-year budget projections to allow for backloaded tax cuts or spending increases
• Require all tax or spending initiatives to be fully implemented within the five year budget window
• Retire over half of the publicly held debt by 2006
• Devote one-quarter of the [non-Social Security] surplus to tax cuts retroactive to 2001, for a net tax cut of $180 billion from 2001-2006
• Establish realistic discretionary spending caps which will restrain spending but also provide room to fund new initiatives without relying on unspecified or unrealistic spending.

Get minorities into home ownership & global marketplace.

The CBC is focused on economic empowerment issues including:
• New Markets and Small and Minority Business Development. The CBC will seek to increase opportunities for minority and small and disadvantaged businesses by expanding contracting opportunities in the public and private sectors, increasing access to capital, creating tax incentives for capital improvements, removing outdated and restrictive regulatory barriers, and streamlining and enhancing procurement tools to encourage minority and small business utilization.
• Trade and Global Economic Empowerment. The CBC will work to ensure that the benefits of the dynamic global marketplace extend to minority businesses, and Africa and developing countries. To this end, the CBC will propose and support trade and investment initiatives designed to bridge the global digital divide, create jobs, improve infrastructure, promote sustainable development, and raise living and work standards for people of color around the globe. Moreover, the CBC will work to ensure that America’s international trade agenda and priorities also meet these goals.
• Increasing Affordable Housing Opportunities. The CBC’s goal is to increase the nation’s homeownership rates. Home ownership is one of the best wealth creation vehicles for minority families. We will work with lending institutions and community organizations to ensure that minorities are afforded every opportunity to realize the dream of owning a home.