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Tom Davis on Budget & Economy

Republican Representative (VA-11)


Voted NO on defining "energy emergency" on federal gas prices.

Congressional Summary:

SUPPORTER'S ARGUMENT FOR VOTING YES:Rep. WATERS: This bill preserves public housing. The administration eliminated the one-for-one replacement requirement in 1996, effectively triggering a national sloughing off of our Nation's public housing inventory. Housing authorities have consistently built back fewer units than they have torn down and, as a result, over 30,000 units have been lost. I urge you to support our Nation's low-income families and to preserve our housing stock.

OPPONENT'S ARGUMENT FOR VOTING NO:Rep. HENSARLING: President Reagan once said that the nearest thing to eternal life on Earth is a Federal program, and I don't think there is any better case study than perhaps the HOPE VI program. If there was ever a program that cried out for termination, it's this one.

This program began in 1992 with a very noble purpose of taking 86,000 units of severely distressed public housing and replacing them, demolishing them. Well, it achieved its mission. But somewhere along the line we had this thing in Washington known as mission creep.

We already have 80-plus Federal housing programs, and the budget for Federal housing programs has almost doubled in the last 10 years, from $15.4 billion to more than $30 billion now. So it's very hard to argue that somehow Federal housing programs have been shortchanged.

LEGISLATIVE OUTCOME:Bill passed House, 271-130

Reference: HOPE VI Improvement and Reauthorization Act; Bill H.R.3524 ; vote number 08-HR3524 on Jan 17, 2008

Voted NO on regulating the subprime mortgage industry.

H.R.3915: To reform consumer mortgage practices and provide accountability for such practices, to establish licensing and registration requirements for residential mortgage originators. Prohibits certain creditor practices with respect to high-cost mortgages, including:

Proponents support voting YES because:

Rep. FRANK: This legislation seeks to prevent a repetition of events that caused one of the most serious financial crises in recent times. We have a worldwide problem economically, with a terrible shortage of credit. Innovations in the mortgage industry, in themselves good and useful, but conducted in such a completely unregulated manner as to have led to this crisis. The fundamental principle of the bill is not to put remedies into place, but to stop future problems from occurring in the first place. We have had two groups of mortgage originators: banks subject to the regulation of the bank regulators; and then mortgage loans made by brokers who were subject to no regulation. The secondary market has been on the whole useful but, having been unregulated, has caused some problems.

Opponents recommend voting NO because:

Rep. HENSARLING: This is a bad bill for homeowners in America. There is no doubt that this Nation faces a great challenge in the subprime market, but this piece of legislation is going to make the situation worse. Clearly, there has to be enforcement against fraud in the subprime market. But what Congress should not do is essentially outlaw the American Dream for many struggling families who may be of low income, who may have checkered credit pasts, for whom a subprime mortgage is the only means to purchase a home.

Reference: Mortgage Reform and Anti-Predatory Lending Act; Bill HR3915 ; vote number 2007-1118 on Nov 15, 2007

Voted YES on restricting bankruptcy rules.

Vote to pass the bill that would require debtors who are able to pay back $10,000 or 25 percent of their debts over five years to file under Chapter 13, rather then seeking to discharge their debts under Chapter 7. Chapter 13, calls for a reorganization of debts under a repayment plan. A Debtor would be restricted, in this bill, to a total exemption of $125,000 in home equity for residences bought within 40 months of a bankruptcy filing. The bill also would establish permanent and retroactive Chapter 12 bankruptcy relief for farmers.
Reference: Bankruptcy Abuse Prevention and Consumer Protection Act; Bill S 1920 ; vote number 2004-10 on Jan 28, 2004

Supports balanced budget amendment & line item veto.

Davis signed the Contract with America:

[As part of the Contract with America, within 100 days we pledge to bring to the House Floor the following bill]:

The Fiscal Responsibility Act:
A balanced budget/tax limitation amendment and a legislative line-item veto to restore fiscal responsibility to an out-of-control Congress, requiring them to live under the same budget constraints as families and businesses.
Source: Contract with America 93-CWA3 on Sep 27, 1994

Maintain & enforce existing spending caps in the future.

Davis adopted the Republican Main Street Partnership issue stance:

What we offer today are not the precise spending decisions of a given year's budget; rather, we call upon the Congress and the nation to adopt the following guidelines for our fiscal policy over the next decade. This long-term blueprint is essential for maintaining both the immediate public-sector goal of balancing the budget and the private-sector goal of a healthy economy. This can be achieved through the following steps:

Source: Republican Main St. Partnership Issue Paper: Fiscal Policy 98-RMSP5 on Sep 9, 1998

Other candidates on Budget & Economy: Tom Davis on other issues:
TX Gubernatorial:
Rick Perry
TX Senatorial:
John Cornyn
Kay Bailey Hutchison


2008 Senate retirements:

Wayne Allard(R,CO)
Larry Craig(R,ID)
Pete Domenici(R,NM)
Chuck Hagel(R,NE)
Trent Lott(R,MS)
Craig Thomas(R,WY)
John Warner(R,VA)

2008 Presidential Contenders:

Chuck Baldwin(C)
Rep.Bob Barr(L)
Sen.Hillary Clinton(D)
Sen.Mike Gravel(L)
Alan Keyes(C)
Sen.John McCain(R)
Rep.Cynthia McKinney(G)
Ralph Nader(I)
Sen.Barack Obama(D)
Rep.Ron Paul(R)
2008 Senate Races:
AK:Stevens v.Begich v.Cuddy v.Sikma
AL:Sessions v.Figures
AR:Pryor v.Kennedy
CO:Schaffer v.Udall
DE:Biden v.O`Donnell
GA:Chambliss v.Martin v.Buckley
IA:Harkin v.Reed
ID:Risch v.LaRocco v.Rammell
IL:Durbin v.Sauerberg v.Stafford
KS:Roberts v.Jones v.Slattery
KY:McConnell v.Lunsford
LA:Landrieu v.Kennedy
MA:Kerry v.O`Reilly v.Beatty v.Underwood
ME:Collins v.Allen
MI:Levin v.Hoogendyk
MN:Coleman v.Franken v.Barkely v.Cavlan
MS4:Wicker v.Musgrove
MS6:Cochran v.Fleming
MT:Baucus v.Kelleher
NC:Dole v.Hagan
NE:Johanns v.Kleeb v.Larrick
NH:Sununu v.Shaheen v.Blevens
NJ:Lautenberg v.Zimmer
Pearce v.Udall
OK:Inhofe v.Rice
OR:Smith v.Merkley v.Brownlow
RI:Reed v.Young v.Tingle
SC:Graham v.Conley v.McBride
SD:Johnson v.Dykstra
TN:Alexander v.Tuke v.Lugo v.Heyward
TX:Cornyn v.Noriega v.Jameson
VA:Gilmore v.Warner
WV:Rockefeller v.Wolfe
WY4:Barrasso v.Carter v.Goodenough
WY6:Enzi v.Rothfuss
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Page last updated: Aug 12, 2008