Phil English on Budget & Economy Republican Representative (PA-3)

Voted YES on $15B bailout for GM and Chrysler.

• Requires each automaker to submit a restructuring plan which includes:
• the repayment of all government-provided financing
• the domestic manufacturing of advanced technology vehicles
• restructuring existing debt.

Proponent's argument to vote Yes:Rep. BARNEY FRANK (D, MA-4): This economy is in the worst shape that it has been in since the Great Depression. This Congress voted 2 months ago to advance $25 billion to the auto industry to promote innovation. This $15 billion is an additional "bridge loan."

Opponent's argument to vote No:Rep. SPENCER BACHUS (R, AL-6): We all understand that the bankruptcy of either GM or Chrysler would have a cascading effect on other manufacturers. But I cannot support this plan because it spends taxpayer money without any real promise to return the industry to profitability. I see several glaring flaws. We are creating a new car czar to manage these companies from Washington; not a CEO, but a car czar. Second, this legislation actually imposes new and expensive mandates on our automobile companies. Third, this legislation imposes Federal Government management on the Big Three, the wisdom of Washington. It is clear that the management of these companies have made mistakes, many mistakes, but to set up a command and control Federal bureaucrat is exactly the wrong solution.

Rep. RON PAUL (R, TX-14): The problems that we are facing today date back to 1971. But we don't seem to want to go back and find out how financial bubbles form and why they burst. Instead, we just carry on doing the same old thing and never look back. We spend more money, we run up more debt, we print more money, and we think that is going to solve the problem that was created by spending too much money, running up debt, printing too much money. Today, we are talking about tinkering on the edges without dealing with the big problem.

Voted YES on $60B stimulus package for jobs, infrastructure, & energy.

Supplemental appropriations for:
1. Infrastructure Investments: Transportation: DOT, FAA, AMTRAK, and FTA
2. Clean Water (EPA)
3. Flood Control and Water Resources (ACE)
4. 21st Century Green High-Performing Public School Facilities (ED)
5. Energy Development (DOE)
6. Extension of Unemployment Compensation and Job Training
7. Temporary Increase in Medicaid Matching Rate
8. Temporary Increase in Food Assistance

Proponent's argument to vote Yes:Rep. DAVID OBEY (D, WI-7): Congress has tried to do a number of things that would alleviate the squeeze on the middle class. Meanwhile, this economy is sagging. Jobs, income, sales, and industrial production have all gone down. We have lost 600,000 jobs. We are trying to provide a major increase in investments to modernize our infrastructure and to provide well-paying construction jobs at the same time.

Opponent's argument to vote No:Rep. JERRY LEWIS (R, CA-41): Just 2 days ago we were debating an $800 billion continuing resolution. Now in addition to being asked to pay for a bailout for Wall Street, taxpayers are being asked to swallow an additional $60 billion on a laundry list of items I saw for the first time just a few hours ago. The Democratic majority is describing this legislation as a "stimulus package" to help our national economy. But let's not fool ourselves. This is a political document pure and simple. If these priorities are so important, why hasn't this bill gone through the normal legislative process? We should have debated each of the items included in this package.

It doesn't take an economist to tell you that the economy needs our help. But what does this Congress do? It proposes to spend billions more without any offsets in spending. The failure to adhere to PAYGO means that this new spending will be financed through additional borrowing, which will prove a further drag on our struggling economy.

Voted YES on defining "energy emergency" on federal gas prices.

• Makes it unlawful, during a period proclaimed by the President as an energy emergency, to sell gasoline at a price that:
  1. is unconscionably excessive; or
  2. indicates the seller is taking unfair advantag are fair and justified. A vote against my bill is a vote against consumers and a vote for Big Oil. Opponents argument for voting NAY:Rep. BARTON of Texas: [My first issue the bill is that by the bill's own definition], we don't have price g Reference: Federal Price Gouging Prevention Act; Bill H R 6346 ; vote number 2008-448 on Jun 24, 2008

     Voted NO on revitalizing severely distressed public housing.

     CONGRESSIONAL SUMMARY: HOPE VI Improvement and Reauthorization Act of 2008:
  3. Makes promoting housing choice among low-income families one of the purposes of the HOPE VI grant program for revitalization of severely distressed public housing.
  4. Prohibits the award of demolition-only grants
  5. Specifies requirements for revitalization plans including:
     1. involvement of public housing residents;
     2. a program for relocation;
     3. one-for-one replacement of demolished dwelling units; and
     4. green developments.

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

Voted YES on regulating the subprime mortgage industry.

• recommending default on an existing loan in connection with closing of a high-cost mortgage
• steering incentives to mortgage originators
• exercising sole discretion to accelerate indebtedness
• single premium credit insurance and
• negative amortization mortgages.

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.

Voted YES on restricting bankruptcy rules.

Maintain public information about M3 money supply.

Requires the Board of Governors of the Federal Reserve System to continue, after March 22, 2006, to compile and publish on a weekly basis the measure of the M3 monetary aggregate and components of the M3 that are not included in the measure of the M2 monetary aggregate.

Introductory statement by Sponsor:

Rep. PAUL: The monetary measure known as M3 consists of M1 (currency in circulation plus travelers' checks, demand deposits, and similar interest-earning checking account balances) plus M2 (M1 plus household holdings of savings deposits, small time deposits, and retail money market mutual funds balances except for balances held in IRA and Keogh accounts) plus institutional money market mutual fund balances and managed liabilities of deposits consisting of large time deposits, repurchase agreements, and Eurodollars.

The Federal Reserve Board has recently announced it will stop reporting M3, thus depriving Congress and the American people of the most comprehensive measure of the money supply. The cessation of Federal Reserve's weekly M3 report will make it more difficult for policymakers, economists, investors, and the general public to learn the true rate of inflation.

The Federal Reserve Board has claimed neither policymakers nor the Federal Reserve staff closely track M3. Even if M3 is not used by Federal Reserve Board economists or legislators, many financial services professionals whose livelihoods depend on their ability to obtain accurate information about the money supply rely on M3.

Knowledge of the money supply is one of the keys to understanding the state of the economy. The least the American people should expect from the Federal Reserve Board is complete and accurate information regarding the money supply. I urge my colleagues to ensure that the American people can obtain that information.

Supports balanced budget amendment & line item veto.

[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.

Maintain & enforce existing spending caps in the future.

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.