Tom Steyer on Budget & Economy Democratic Presidential Challenger; CEO

Take Trump down on the economy

Balanced budget in good economies, but spend in tough times

STEYER: So the answer to that is, it depends, and let me tell you why. There are times when you want to have a balanced budget and there are times when you don't want a balanced budget. The whole idea about economics is as if we're a family, when times are flush, you want to be putting some money in the bank because everything is going well so you're saving. If something goes wrong, somebody gets sick, somebody loses their job, you have somebody goes to college, you have money to spend. So the answer is, when times are good like now, you should be balancing the budget. When times are tough like 2008 & 2009, you have to be able to take money out of the bank to pay for the health insurance, to pay for the unemployment, to pay for school. That's just the same with us. When times are tough, the government has got to come in with money to support the American people.

Require Rainy Day budget stabilization in state constitution

Report on Steyer's stance and spending on ballot initiatives:
• California Proposition 2, Rainy Day Budget Stabilization Fund Act (2014)
• Steyer Supported; Steyer spent $25,000; outcome: Approved
• California Proposition 2, the Rainy Day Budget Stabilization Fund Act (Assembly Constitutional Amendment 1), was on the November 4, 2014 ballot in California as a legislatively referred constitutional amendment.
• The measure was approved. The measure was formerly known as Proposition 44.
• Requires an annual deposit of 1.5% of general fund revenues annually.
• Created a distinct budget stabilization fund known as the "Proposition 98 Reserve" or Public School System Stabilization Account (PSSSA). The PSSSA is funded by a transfer of capital gains-related tax revenues in excess of 8% of general fund revenues.
• Funds are appropriated from the PSSSA when state support for K-14 education exceeds the allocation of other available resources.

Trump's $1T deficit is historic fiscal mismanagement