Kathy Hochul on Budget & Economy

	Kathy Hochul on Budget & Economy

Housing Compact has goal of 800,000 new homes in a decade

Today, I'm proud to introduce the New York Housing Compact, a groundbreaking strategy to catalyze the housing development we need for our communities to thrive. For our economy to grow. And our state to prosper. The Compact pulls together a broad menu of policy changes that will collectively achieve the ambitious goal of 800,000 new homes over the next decade. Because to do nothing is an abdication of our responsibility to act in times of crisis. Source: 2023 State of the State Address to the New York legislature , Jan 10, 2023

Increase debt limit from $14.3 trillion to $16.7 trillion.

Hochul signed America Pays Its Bills Act

A bill to increase the debt limit from $14.3 trillion to $16.7 trillion.

[Explanatory note from Wikipedia.com `Debt Ceiling Crisis`]:

The US debt-ceiling crisis was a financial crisis in 2011 that started as a debate in the Congress about increasing the debt ceiling. The immediate crisis ended when a complex deal was reached that raised the debt ceiling and reduced future government spending. However, similar debates are anticipated for the 2012 and 2013 budget. President Barack Obama and Speaker of the House John Boehner announced on July 31 that an agreement had been achieved. After the legislation was passed by both the House and Senate, President Obama signed the Budget Control Act. On August 5, the credit-rating agency Standard & Poor`s downgraded the credit rating of US government bond for the first time in the country`s history.

Under US law, an administration can spend only if it has sufficient funds to pay for it. These funds can come either from tax receipts or from borrowing. Congress has set a debt ceiling, beyond which Treasury cannot borrow. The Obama administration stated that, without this increase, the federal government would shut down and the US would enter sovereign default, thereby creating an international crisis in the financial markets. Alternatively, default could be averted if the government were to promptly reduce its other spending by about half.

An increase in the debt ceiling requires the approval of both houses of Congress. A large majority of Democratic legislators (who held a majority in the Senate) favored tax increases along with smaller spending cuts. Supporters of the Tea Party movement pushed their fellow Republicans to reject any agreement that failed to incorporate large and immediate spending cuts or a constitutional amendment requiring a balanced budget.

Source: HR2663&S1326 11-HR2663 on Jul 27, 2011

Click here for definitions & background information on Budget & Economy. Click here for a summary of all issue stances of Kathy Hochul. Click here for a Wikipedia profile of Kathy Hochul. Click here for a Ballotpedia profile of Kathy Hochul. Click here for VoteMatch responses by Kathy Hochul. Click here for issue positions of other NY politicians. Click here for NY primary archives. Click here for NY secondary archives.
*Other governors on Budget & Economy:*			*Kathy Hochul on other issues:*
[Title7]	*Gubernatorial Debates 2023:* KY: Incumbent Andy Beshear(D) vs.State A.G. Daniel Cameron(R) vs.Ambassador Kelly Craft(R) vs.State Auditor Mike Harmon(R) LA: Incumbent John Bel Edwards(D,term-limited) vs.Jeff Landry(R) vs.Shawn Wilson(D) vs.John Schroder(R) vs.Sharon Hewitt(R) MS: Incumbent Tate Reeves(R) vs.Bill Waller(R,withdrew) vs.Brandon Presley(D) *Gubernatorial Debates 2024:* DE: Gov. John Carney (D, term-limited); Lt. Gov. Bethany Hall-Long (D) vs. Matt Meyer (D) IN: Gov. Eric Holcomb (R, term-limited); Sen. Mike Braun (R) vs. Suzanne Crouch (R) vs. Jennifer McCormick (D) MO: Gov. Mike Parson (R, term-limited): Jay Ashcroft (R) vs. Bill Eigel (R) vs. Mike Kehoe (R) vs. Crystal Quade (D) MT: Gov. Greg Gianforte (R) vs. Tanner Smith (R) vs. Ryan Busse (D)	*Gubernatorial Debates 2024 (continued):* NC: Gov. Roy Cooper (D, term-limited); Dale Folwell (R) vs. Michael Morgan (D) vs. Mark Robinson (R) vs. Josh Stein (D) vs. Andy Wells (R) ND: Gov. Doug Burgum (R) vs. State Rep. Rick Becker (R) NH: Gov. Chris Sununu (R, retiring) vs. Sen. Kelly Ayotte (R) vs. Joyce Craig (D) vs. Chuck Morse (R) vs. Cinde Warmington (D) UT: Gov. Spencer Cox (R) vs. State Rep. Phil Lyman (R) VT: Gov. Phil Scott (R) unopposed WA: Gov. Jay Inslee (D, retiring); Hilary Franz (D, withdrew) vs. State Sen. Mark Mullet (D) vs. County Chair Semi Bird (R) vs. WA Attorney General Bob Ferguson (D) WV: Gov. Jim Justice (R, term-limited); vs. WV State Auditor JB McCuskey (R, withdrew) vs. WV Secretary of State Mac Warner (R) vs. State Del. Moore Capito (R) vs. WV Attorney General Patrick Morrisey (R) vs. Huntington Mayor Steve Williams (D)	Abortion Budget/Economy Civil Rights Corporations Crime Drugs Education Energy/Oil Environment Families/Children Foreign Policy Free Trade Govt. Reform Gun Control Health Care Homeland Security Immigration Infrastructure/Technology Jobs Local Issues Principles/Values Social Security Tax Reform War/Iraq/Mideast Welfare/Poverty [Title9]