Tim Walz on Budget & Economy

	Tim Walz on Budget & Economy Democrat

Our plan will repair and replace critical infrastructure

In 2020, we passed the largest jobs bill in state history, investing in the projects that local communities told us matter most to them. Now with Minnesota's strong economic outlook, we have an opportunity to make even more progress.

With a focus on projects like roads, bridges, fire stations, and veterans homes, our plan will repair and replace critical infrastructure and improve the lives of Minnesotans in every corner of the state.

Source: 2022 State of the State Address to Minnesota legislature , Jan 18, 2022

$1 billion+ to maintain and renew existing state property

Asset Preservation: Maintaining and renewing existing assets is an important part of a safe, healthy, and fiscally responsible state budget. The Governor and Lieutenant Governor know that when you take care of the property you have, it will last for generations to come. That's why their 2022 Local Jobs and Projects Plan includes more than $1 billion in funding to maintain and renew the property that taxpayers own and rely on every day. Source: 2022 State of the State Address to Minnesota legislature , Jan 18, 2022

Reach communities excluded from past capital investment

Propose investing nearly $400 million to support projects across the state that build thriving communities. This includes a $100 million focus on equity in bonding to ensure projects reach those communities that have been traditionally excluded from capital investments and investing in organizations serving Black, Native, and communities of color. These investments will help communities grow and prosper, from renovating community centers and libraries to replacing outdated fire stations. Source: 2022 State of the State Address to Minnesota legislature , Jan 18, 2022

Level playing field for working families, small businesses

My proposed budget aims to level the playing field by supporting working families, helping small businesses stay afloat, and ensuring students catch up on learning. My budget ensures that those who have been hit hardest by the pandemic have the resources they need to get back on their feet. It gives a tax break to more than 300,000 Minnesota families, makes nearly all Paycheck Protection Program loans tax exempt for small businesses, and provides cash payments to over 32,000 Minnesota families. Source: 2021 State of the State Address to the Minnesota legislature , Mar 28, 2021

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

Walz 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

More enforcement of mortgage fraud and TARP fraud.

Walz signed Fight Fraud Act

Amends the federal criminal code to include within the definition of `financial institution` a mortgage lending business or any entity that makes a federally related mortgage loan.
Extends the prohibition against making false statements in a mortgage application to employees and agents of a mortgage lending business.
Applies the prohibition against defrauding the federal government to fraudulent activities involving the Troubled Assets Relief Program (TARP) or a federal economic stimulus, recovery, or rescue plan.
Expands securities fraud provisions to cover fraud involving options and futures in commodities.
Authorizes appropriations to the Attorney General, the Postal Service, and HUD, for investigations, prosecutions, and civil proceedings involving federal assistance programs and financial institutions.
Amends the Omnibus Crime Control and Safe Streets Act of 1968 to define `covered criminal activity` as including a criminal conspiracy including economic crime, financial fraud, and mortgage fraud.

Source: S.386&HR1748 2009-S386 on May 4, 2009

Ban abusive credit practices & enhance consumer disclosure.

Walz signed Credit CARD Act

Tile I: Amends the Truth in Lending Act to require advance notice of any increase in the annual percentage rate of interest (APR) pertaining to a credit card account under an open end consumer credit plan.
Imposes a freeze on interest rate terms and fees on canceled cards.
Sets limits on fees and interest charges, including a prohibition against penalties for on-time payments.
Allows imposition of an over-the-limit fee only once during a billing cycle. Prohibits its imposition in a subsequent billing cycle.
Requires fees for cardholder agreement violations and currency exchanges to be reasonable.
Prohibits a creditor from furnishing information to a consumer reporting agency concerning a newly opened credit card account until the credit card has been used or activated by the consumer.
Title II: Enhanced Consumer Disclosures: Requires the creditor to provide a toll-free telephone number at which the consumer may receive information about accessing credit counseling and debt management services.
Revises requirements relating to late payment deadlines and penalties.
Requires a periodic statement of account to disclose: (1) the date by which a payment must be postmarked, if paid by mail, in order to avoid the imposition of a late payment fee; and (2) any possible resulting increase in interest rates for late payments.
Title III: Protection of Young Consumers: Prohibits issuance of a credit card on behalf of a consumer under age 21, unless the consumer has submitted a written application meeting specified requirements.

Source: S.414 & H.R.627 2009-S414 on Feb 11, 2009

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