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Matt Salmon on Budget & Economy

Former Republican Representative (AZ-1, 1995-2001)

 


Voted YES on prioritizing spending in case debt limit is reached.

Congressional Summary:Requires the Secretary of the Treasury, in addition to any other authority provided by law, to issue obligations to pay with legal tender, and solely for the purpose of paying, the principal and interest on U.S. obligations held by the public, or held by the Old-Age and Survivors Insurance Trust Fund and Disability Insurance Trust Fund, in the event that the federal debt reaches the statutory limit after enactment of this Act. Prohibits the issued obligations from being taken into account in applying the current $16.394 trillion public debt limit to the extent that they would otherwise cause such limit to be exceeded.

Opponent's Argument for voting No:Rep. MAFFEI: The American people want us to work together--Republicans and Democrats--to reduce our debt, pay our bills, and avoid an economic catastrophe, which would result from default. This legislation presumes it will happen and maps out not if but what happens when the United States defaults. Their plan ensures that foreign creditors such as China, Japan, and OPEC countries Iran and Saudi Arabia would continue to get paid while we halt other payments to groups of Americans who have earned those benefits. This bill prioritizes Chinese lenders ahead of American seniors and veterans and college students. That's why it's called the Pay China First Act.

White House statement in opposition:American families do not get to choose which bills to pay and which ones not to pay, and the United States Congress cannot either without putting the nation into default for the first time in its history. This bill would threaten the full faith and credit of the United States, cost American jobs, hurt businesses of all sizes and do damage to the economy. It would cause the nation to default on payments for Medicare, veterans, national security and many other critical priorities. This legislation is unwise, unworkable, and unacceptably risky."

Reference: Full Faith and Credit Act; Bill H R 807 ; vote number 13-HV807 on May 9, 2013

Allow $3 on 1040 form to pay off National Debt.

Salmon co-sponsored allowing $3 on 1040 form to pay off National Debt

OFFICIAL CONGRESSIONAL SUMMARY: Amends the Internal Revenue Code to permit an individual to designate three dollars on his or her income tax return (six dollars on a joint return) to be used to reduce the public debt of the United States.

SPONSOR'S INTRODUCTORY STATEMENT: Pres. Eisenhower apparently once said that he believed that there could be no surplus as long as our Nation was in debt. I come from that school of thought, and yet that is not exactly where we are right now in Washington.

Where we are right now is debating whether or not 90 percent or 50 percent, or some number in between, of these projected future surpluses should be allocated to the debt. What struck me is the fact that really more than just the Congress should be involved in that debate. It is for that reason that I introduce today the Taxpayers' Choice Debt Reduction Act.

What this bill would do would be to simply take the 1040, the tax return as we now know it. And right now, we can send $3 to the presidential campaign. This would create another box wherein we could send 3 bucks to debt reduction. That is not enough money to change our national debt, but it is enough money to make a small step in an important debate that we all ought to be a part of.

LEGISLATIVE OUTCOME: Referred to the House Committee on Ways and Means; never called for a House vote.

Source: Taxpayers' Choice Debt Reduction Act (H.R.5349) 00-HR5349 on Sep 29, 2000

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

Salmon is endorsed by by the Club for Growth, a conservative PAC

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."

Source: CFG website 12-CFG on Oct 31, 2012

Audit the Federal Reserve & its actions on mortgage loans.

Salmon co-sponsored Federal Reserve Transparency Act

The Federal Reserve Transparency Act directs: