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Jim Risch on Budget & Economy

Republican Jr Senator; previously Governor

 


Bailout plan needs more protection for taxpayers

Risch hates the $700 billion bailout plan, saying, "It didn't provide enough protection for taxpayers, there was not nearly enough reform in the bill to keep this from happening again, there were no provisions to really go and get after the bad guys that caused this, and lastly and to add insult to injury there were billions of dollars of pork hung onto a bill that was incredibly important to the United States of America."

LaRocco said he would have voted for the bailout bill because it's about small companies having the capital and credit to buy a truck or inventory, and because the final version had oversight and taxpayer protections.

LaRocco and Risch agreed that lax regulation led to the economic meltdown. Rammell said overregulation caused the economic disaster. "Fannie and Freddie were required by law to give 42% of their loans to low- and moderate- and high-risk individuals. If we truly lived in a free market economy nobody would have made these high-risk loans. Nobody."

Source: 2008 Idaho Senate Debate reported in Boise Weekly City Desk , Oct 9, 2008

Government cannot replicate what businesses accomplish

Our free market system has produced the greatest, most affluent culture the world has ever seen. Any legislation Congress enacts involving this system must be limited and carefully considered. Government cannot replicate what America's individuals, small businesses and corporations accomplish every year.

It is imperative that Congress find responsible ways to build a strong foundation that promotes job creation through pro-growth policies and lower taxes.

We should make permanent current research and development tax credits-while eliminating all capital gains taxes on start-up and small businesses-to assure the steady flow of investment. These investments are key to pioneering advancements and creating good, high-paying jobs.

Source: Vote-USA.org on 2020 Idaho Senate race , Apr 3, 2008

Balanced Budget Amendment with 3/5 vote to override.

Risch signed H.J.RES.1& S.J.RES.22

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.

Source: Joint Resolution for Amendment to the Constitution 09-HJR1 on Jan 6, 2009

Disapprove of increasing the debt limit.

Risch 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-SJR34 on Jan 23, 2012

Audit the Federal Reserve & its actions on mortgage loans.

Risch co-sponsored Federal Reserve Transparency Act

The Federal Reserve Transparency Act directs: