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Nancy Lee Johnson on Budget & Economy
Republican Representative (CT-5)
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Voted YES on restricting bankruptcy rules.
Vote to pass the bill that would require debtors who are able to pay back $10,000 or 25 percent of their debts over five years to file under Chapter 13, rather then seeking to discharge their debts under Chapter 7. Chapter 13, calls for a reorganization of debts under a repayment plan. A Debtor would be restricted, in this bill, to a total exemption of $125,000 in home equity for residences bought within 40 months of a bankruptcy filing. The bill also would establish permanent and retroactive Chapter 12 bankruptcy relief for farmers.
Reference: Bankruptcy Abuse Prevention and Consumer Protection Act;
Bill S 1920
; vote number 2004-10
on Jan 28, 2004
Supports balanced budget amendment & line item veto.
Johnson signed the Contract with America:
[As part of the Contract with America, within 100 days we pledge to bring to the House Floor the following bill]:
The Fiscal Responsibility Act:
A balanced budget/tax limitation amendment and a legislative line-item veto to restore fiscal responsibility to an out-of-control Congress, requiring them to live under the same budget constraints as families and businesses.
Source: Contract with America 93-CWA3 on Sep 27, 1994
Maintain & enforce existing spending caps in the future.
Johnson adopted the Republican Main Street Partnership issue stance:
What we offer today are not the precise spending decisions of a given year's budget; rather, we call upon the Congress and the nation to adopt the following guidelines for our fiscal policy over the next decade. This long-term blueprint is essential for maintaining both the immediate public-sector goal of balancing the budget and the private-sector goal of a healthy economy. This can be achieved through the following steps:
- A commitment to maintaining and enforcing existing spending caps in the future, when such discipline becomes more difficult to achieve;
- A careful and considerate re-definition of the federal role in society (what should be the legitimate and proper role of the federal government in the twenty-first century, and how do we prioritize competing demands?); and
- An evaluation of implementing tax cuts based on their social fairness.
Source: Republican Main St. Partnership Issue Paper: Fiscal Policy 98-RMSP5 on Sep 9, 1998