Tom Cotton on Budget & Economy

Feds shouldn't spend, borrow & inflate its way to bankruptcy

A: In Congress, I will support pro-growth policies that give the private sector the confidence and certainty to start hiring again. Job creators need a tax code that is permanent, fair, and simple with low rates. They need federal bureaucrats to get off their backs and stand by their sides. And they need a federal government that doesn't spend, borrow, and inflate its way to bankruptcy.

Demand a Balanced Budget amendment.

The Contract from America, clause 3. Demand a Balanced Budget:

Begin the Constitutional amendment process to require a balanced budget with a two-thirds majority needed for any tax hike.

Limit federal spending growth to per-capita inflation rate.

The Contract from America, clause 6. End Runaway Government Spending:

Impose a statutory cap limiting the annual growth in total federal spending to the sum of the inflation rate plus the percentage of population growth.

Endorsed by the Club for Growth, for pro-growth stances.

The Club for Growth endorses economic conservatives. Their endorsement statement:

`Members of the Club are economic conservatives, like-minded political contributors who are frustrated with the ideological drift of both parties today. Club members have a shared goal of contributing to and electing more Reaganites to Congress who are willing to stand for the issues like: cutting taxes, controlling federal spending, personal accounts for Social Security, ending the death tax, eliminating the capital gains tax, fundamental tax reform, providing true school choice and minimizing government`s role in our daily lives.`

Opposes federal stimulus spending.

Project Vote Smart infers candidate issue stances on key topics by summarizing public speeches and public statements. Congressional candidates are given the opportunity to respond in detail; about 11% did so in the 2012 races.

Project Vote Smart summarizes candidate stances on the following topic: 'Economy: Do you support federal spending as a means of promoting economic growth?'

Audit the Federal Reserve & its actions on mortgage loans.

The Federal Reserve Transparency Act directs:

• the completion, within 12 months, the audit of the Federal Reserve System and of the Federal Reserve Banks; with a detailed report of audit findings and conclusions.
• Audit and report on the loan files of homeowners in foreclosure in 2009 or 2010, required as part of the enforcement actions taken by the Federal Reserve against supervised financial institutions.
• Prescribes audit contents, including:
  1. the guidance given by the Federal Reserve to independent consultants retained by the supervised financial institutions regarding procedures to be followed in conducting the file reviews,
  2. the factors considered by independent consultants when evaluating loan files and the results obtained pursuant to those reviews, and
  3. the determinations made by such consultants regarding the nature and extent of financial injury sustained by each homeowner as well as the level and type of remediation offered.
  Source: H.R.24&S.209 13-HR0024 on Jan 3, 2013

  Prioritize critical spending in case debt limit reached.

  Cotton co-sponsored Prioritize Spending Act

  The Prioritize Spending Act requires amounts necessary for incurred federal obligations, in the event that the public debt reaches the statutory limit, to be made available to certain obligations, in prioritized order, before all other obligations. Prioritizes such obligations in the following descending order:

  1. amounts necessary to carry out the authority of the Department of the Treasury to pay with legal tender the principal and interest on public debt;
  2. amounts to provide pay to members of the Army, Navy, Air Force, Marine Corps, and Coast Guard, including their active reserve components;
  3. amounts certified as necessary to carry out vital national security priorities;
  4. amounts necessary to carry out Social Security monthly old-age, survivors`, and disability insurance benefits; and
  5. amounts necessary to make payments under the Medicare program.
  Source: H.R.149 13-HR0149 on Jan 3, 2013

  Voted YES on $900 billion COVID relief package.

  Cotton voted YEA Consolidated Appropriations Act (COVID Relief bill)

  NPR summary of HR133:

  • $600 checks for every adult and child earning up to $75,000, and smaller checks if earning up to $99,000.
  • Unemployment: extend enhanced benefits for jobless workers, $300 per week through March.
  • Rental assistance: $25 billion to help pay rent; extends eviction moratorium until Jan. 31.
  • SNAP assistance: $13 billion for the Supplemental Nutrition Assistance Program.
  • PPP loans: $284 billion for Paycheck Protection Program loans, expanding eligibility to include nonprofits, news/TV/radio media, broadband access, and movie theaters & cultural institutions
  • Child care centers: $10 billion to help providers safely reopen.
  • $68 billion to distribute COVID-19 vaccines and tests at no cost.
  • $45 billion in transportation-related assistance, including airlines and Amtrak.
  • $82 billion in funding for schools and universities to assist with reopening
  • $13 billion for the Coronavirus Food Assistance Program for growers and livestock producers.

  Argument in opposition: Rep. Alex Mooney (R-WV-2) said after voting against H.R. 133: `Congress voted to spend another $2.3 trillion [$900 billion for COVID relief], which will grow our national debt to about $29 trillion. The federal government will again have to borrow money from nations like China. This massive debt is being passed on to our children and grandchildren. With multiple vaccines on the way thanks to President Trump and Operation Warp Speed, we do not need to pile on so much additional debt. Now is the time to safely reopen our schools and our economy. HR133 was another 5593-page bill put together behind closed doors and released moments prior to the vote.`

  Legislative outcome: Passed House 327-85-18, Roll #250, on Dec. 21. 2020; Passed Senate 92-6-2, Roll #289, on Dec. 21; signed by President Trump on Dec 27 [after asking for an increase from $600 to $2,000 per person, which was introduced as a separate vote].

  Source: Congressional vote 20-HR133 on Jan 15, 2020

  Opposed $1.9 trillion ARPA bill for COVID relief.

  Cotton voted NAY American Rescue Plan Act

  This bill provides additional relief to address the continued impact of COVID-19 on the economy, public health, state and local governments, individuals, and businesses:

  • Supplemental Nutrition Assistance Program (SNAP, formerly known as the food stamp program);
  • schools and institutions of higher education;
  • child care and programs for older Americans and their families;
  • COVID-19 vaccinations, testing, treatment, and prevention;
  • emergency rental assistance, homeowner assistance, and other housing programs;
  • payments to state and local governments for economic relief;
  • small business assistance, including restaurants;
  • and state capital projects that enable work, education, and health monitoring in response to COVID-19

  Rep. Kevin McCarthy in OPPOSITION (3/11/21): The so-called American Rescue Plan imposed a $1.9 trillion new burden on American families. Despite being branded as `COVID relief,` only 9% of funds in this bill actually goes to defeating the virus, and almost half of the money, including more than 95% of the education funds, will not be spent until 2022 or later. After a year of struggle and sacrifice, students and parents get no answer to the vital question of when they can expect schools to reopen full time. President Biden wants Americans to believe `help is on the way.` But under this bill, it isn`t; waste is.

  Biden Administration in SUPPORT (2/26/21): ARPA provides the tools and support critical to tackle the urgent public health and economic crises the Nation faces as a result of COVID-19. The bill also provides eligible Americans with a $1,400 payment in addition to the $600 payment provided in December of 2020. The bill also extends key emergency unemployment benefits, and raises the minimum wage to $15 per hour.

  Legislative Outcome: Passed House 219-212-1 on 2/27/21; passed Senate 50-49-1 on 3/6/21; signed by President on 3/11/21.

  Source: Congressional vote 21-HR1319 on Feb 27, 2021

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