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Mark Foley on Budget & Economy
Former Republican Representative (FL-16, 1995-2006)
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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 & on-budget accounting.
Foley adopted the Republican Liberty Caucus Position Statement:
The Republican Liberty Caucus endorses the following [among its] principles:- There should be an amendment to the US Constitution to require a balanced budget, provided it includes a supermajority requirement to raise taxes and provided it does not empower the judiciary to unilaterally raise taxes.
- Honest accounting dictates that all federal expenditures should be on budget.
- Each budget should be derived based upon the justification for and needs of each program, with no program being either budgeted for or increased automatically.
Source: Republican Liberty Caucus Position Statement 00-RLC8 on Dec 8, 2000
Supports balanced budget amendment & line item veto.
Foley 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.
Foley 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:
- A commitment to maintaining and enforcing existing spending caps in the future, when such discipline becomes more difficult to achieve;
- A careful and considerate re-definition of the federal role in society (what should be the legitimate and proper role of the federal government in the twenty-first century, and how do we prioritize competing demands?); and
- An evaluation of implementing tax cuts based on their social fairness.
Source: Republican Main St. Partnership Issue Paper: Fiscal Policy 98-RMSP5 on Sep 9, 1998
Page last updated: Mar 10, 2011