Dick Cheney on Budget & Economy Vice President of the United States under George W. Bush

Cheney to Treasury: “Deficits don’t matter”

O’Neill, fired in a shakeup of Bush’s economic team in December 2002, raised objections to a new round of tax cuts and said the president balked at his more aggressive plan to combat corporate crime after a string of accounting scandals because of opposition from “the corporate crowd,” a key constituency.

O’Neill said he tried to warn Vice President Dick Cheney that growing budget deficits-expected to top $500 billion this fiscal year alone-posed a threat to the economy. Cheney cut him off. “You know, Paul, Reagan proved deficits don’t matter,” he said, according to excerpts. Cheney continued: “We won the midterms (congressional elections). This is our due.” A month later, Cheney told the Treasury secretary he was fired.

The vice president’s office had no immediate comment, but John Snow, who replaced O’Neill, insisted that deficits “do matter” to the administration.

Tax cuts are crucial to getting recovery underway

Economy moves forward when Americans have more to invest

Increase domestic energy production without damage to land

CHENEY: We are in trouble because the administration has not addressed these issues. We have the prospects of brownouts in California. We have a potential home heating oil crisis in the Northeast. We’ve got gasoline prices rising. For years, the administration has talked about reducing our dependence on foreign sources of oil, but they haven’t done it. We’ve got the lowest rate of domestic production of oil now in 46 years. Our imports are at an all-time

In 1980s, US needed limited spending for deficit & Cold War

Cheney credited Reagan with ending the Cold War, which he said led to the end of deficits. He suggested that Clinton deserves little credit for the good economic times; saying his appointment of Alan Greenspan was his only accomplishment. “I don’t think the economy suddenly turned around when Clinton and Gore arrived in Washington,” he said.

Supported Balanced Budget Amendment

Where he stands:
• opposed the Equal Rights Amendment
• anti-abortion rights
• supported prayer in schools
• supported balanced budget amendment

Investment in defense brings economic growth

Don’t fund domestic priorities by cutting defense

Co-sponsored numerous bills for balancing the budget

Cheney co-sponsored the following bills in Congress:
• H.J.RES.147 (1984):A joint resolution proposing an amendment to the Constitution to require that congressional resolutions setting forth levels of total budget outlays and Federal revenues must be agreed to by two-thirds vote of both Houses of the Congress if the level of outlays exceeds the level of revenues.
• H.R.5000 (1984) and H.R.1481 (1986):A bill to authorize the President, on a limited basis, to impound funds made available for the fiscal year when economic conditions necessitate reductions in the Federal deficit.
• H.R.3520 (1986):A bill to require a graduated reduction of the Federal budget deficit, to balance the budget, to establish emergency procedures to avoid deficit overages.
• H.J.RES.321 (1988):A joint resolution proposing an amendment to the Constitution to provide for a balanced budget for the United States Government and for greater accountability in the enactment of tax legislation.

Supported biennial budgeting for deficit reduction

Cheney co-sponsored the following bills in Congress:
• H.R.748 (1986):A bill to amend the Congressional Budget Act of 1974 to provide for a two-year (biennial) budgeting cycle, and for other purposes.
• H.J.RES.404 (1984):A joint resolution proposing an amendment to the Constitution of the United States allowing an item veto in appropriations bills.
• H.J.RES.243 (1984):A joint resolution proposing an amendment to the Constitution relating to Federal budget procedures.

Voted YES on $40B in reduced federal overall spending.