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Tom Perriello on Budget & Economy

 


Voted YES on $192B additional anti-recession stimulus spending.

Proponent's argument to vote Yes:Rep. LEWIS (D, GA-5): This bipartisan bill will provide the necessary funds to keep important transportation projects operating in States around the country. The Highway Trust Fund will run out of funding by September. We must act, and we must act now.

Opponent's argument to vote No:Rep. CAMP (R, MI-4): [This interim spending is] needed because the Democrats' economic policy has resulted in record job loss, record deficits, and none of the job creation they promised. Democrats predicted unemployment would top out at 8% if the stimulus passed; instead, it's 9.5% and rising. In Michigan, it's above 15%. The Nation's public debt and unemployment, combined, has risen by a shocking 40% [because of] literally trillions of dollars in additional spending under the Democrats' stimulus, energy, and health plans.

We had a choice when it came to the stimulus last February. We could have chosen a better policy of stimulating private-sector growth creating twice the jobs at half the price. That was the Republican plan. Instead, Democrats insisted on their government focus plan, which has produced no jobs and a mountain of debt.

Reference: Omnibus Appropriations Act Amendment; Bill H.R. 3357 ; vote number 2009-H659 on Jul 29, 2009

Voted YES on additional $825 billion for economic recovery package.

Congressional Summary:Supplemental appropriations for job preservation and creation, infrastructure investment, energy efficiency and science, assistance to the unemployed, and State and local fiscal stabilization, for fiscal year ending Sept. 30, 2009.

Proponent's argument to vote Yes:Rep. DAVID OBEY (D, WI-7): This country is facing what most economists consider to be the most serious and the most dangerous economic situation in our lifetimes. This package today is an $825 billion package that does a variety of things to try to reinflate the economy:

  1. creating or saving at least 4 million jobs
  2. rebuilding our basic infrastructure
  3. providing for job retraining for those workers who need to learn new skills
  4. moving toward energy independence
  5. improving our healthcare system so all Americans can have access to quality treatment
  6. providing tax cuts to lessen the impact of this crisis on America's working families.

Opponent's argument to vote No:

Rep. JERRY LEWIS (R, CA-51): Most of us would agree that the recent $700 billion Troubled Asset Relief Program (TARP) is an illustration of how good intentions don't always deliver desired results. When Congress spends too much too quickly, it doesn't think through the details and oversight becomes more difficult. The lesson learned from TARP was this: we cannot manage what we do not measure. We cannot afford to make the same mistake again.

Sen. THAD COCHRAN (R, MS): We are giving the executive branch immense latitude in the disbursement of the spending this bill contains. We are doing so without any documentation of how this spending will stimulate the economy. Normally, this kind of information would be contained in an administration budget. For items that have a short-term stimulative effect, most of us will feel comfortable debating their merits as an emergency measure. But there is a great deal of spending that is not immediately stimulative.

Reference: American Recovery and Reinvestment Act; Bill H.R.1 ; vote number 2009-H046 on Jan 28, 2009

Voted YES on monitoring TARP funds to ensure more mortgage relief.

Congressional Summary:Requires specified depository institutions under the Troubled Asset Relief Program (TARP) to report periodically on their use of TARP assistance. Requires federal banking regulatory agencies to examine annually the use of TARP funds made by the deposit institutions.

Proponent's argument to vote Yes:Rep. BARNEY FRANK (D, MA-4): Last year, after we responded to the urgent pleas of the Bush administration to authorize the $700 billion deployment of Federal funds to unstick the credit markets, many of us became very unhappy, [because Bush] repudiated commitments to use a significant part of the fund to diminish foreclosures. If we do not pass this bill today, we will make no progress in what is the single biggest economic problem we've been facing, namely, the foreclosure crisis.

Opponent's argument to vote No:Rep. RON PAUL (R, TX-14): There has been a lot of money spent to try to bail out the financial industry, and nothing seems to be working. I think it's mainly because we haven't admitted that excessive spending can cause financial problems, & excessive debt and inflation can cause problems.

Actually, the recession is therapy for all of the mistakes, but the mistakes come, basically, from a Federal Reserve system that's causing too many people to make mistakes. Interest rates are lower than they should be, so they don't save. That contributes to what we call "moral hazard" as well as the system of the Fannie Mae and Freddie Mac system. With the assumption that we're all going to be bailed out, people say, "Well, no sweat because, if there is a mistake, the government will come to our rescue." A private FDIC would never permit this massive malinvestment. There would be regulations done in the marketplace, and there would not be this distortion that we've ended up with.

Reference: TARP Reform and Accountability Act; Bill H.R.384 ; vote number 2009-H026 on Jan 21, 2009

Raise small business depreciation to $125,000.

Perriello signed Small Business Growth Act

Bill to amend the Internal Revenue Code of 1986 to allow the expensing of certain real property. Amends the Internal Revenue Code to allow small business taxpayers with gross receipts of $5 million or less to elect to expense certain depreciable real property in the year such property is placed in service. Limits the amount of such expensing allowance to $125,000, adjusted for inflation after 2009.

Source: H.R.3178 2009-H3178 on Jul 10, 2009

Establish a usury limit of 16% for consumer credit cards.

Perriello signed establishing usury limit of 16% for consumer credit cards

Section 107 of the Truth in Lending Act (15 U.S.C. 1606) is amended by adding at the end the following new subsection, entitled "National Consumer Credit Usury Rate":

  1. LIMITATION ESTABLISHED--The annual percentage rate applicable to any extension of credit under, or any outstanding balance on, any credit card account under an open end consumer credit plan may not exceed 16 percent.
  2. INCLUSION OF CERTAIN FEES IN DETERMINING APR--In determining the annual percentage rate applicable to any credit card account, membership fees or annual fees shall be included in the finance charge [calculation].
  3. ADJUSTMENTS--the Board may make adjustments to the maximum annual percentage rate limitation when any such adjustment is in the public interest and economic conditions warrant. Any increase in the maximum annual percentage rate limitation [will be determined by] severe economic conditions, taking into account the prevailing bank prime rates, and statistical information the Board determines to be relevant.
    Source: National Consumer Credit Usury Rate (H.R.4300) 2009-H4300 on Dec 11, 2009

    2012 Governor, House and Senate candidates on Budget & Economy: Tom Perriello on other issues:
    VA Gubernatorial:
    Bob McDonnell
    VA Senatorial:
    Mark Warner

    Retiring to run for other office:

    Running for Mayor:
    CA-51:Bob Filner(D)

    Running for Governor:
    IN-6:Mike Pence(R)
    WA-1:Jay Inslee(D)

    Running for Senate:
    AZ-6:Jeff Flake(R)
    CT-5:Chris Murphy(R)
    FL-14:Connie Mack(R)
    HI-2:Mazie Hirono(D)
    IN-2:Joe Donnelly(D)
    MO-2:Todd Akin(R)
    MT-0:Dennis Rehberg(R)
    ND-0:Rick Berg(D)
    NM-1:Martin Heinrich(D)
    NV-1:Shelley Berkley(D)
    WI-2:Tammy Baldwin(D)
    2011-2012 Special Elections:
    AZ-8:Gabby Giffords(D)
    CA-36:Jane Harman(D)
    CA-36:Janice Hahn(D)
    NV-2:Dean Heller(R)
    NV-2:Mark Amodei(R)
    NY-9:Anthony Weiner(D)
    NY-9:Bob Turner(R)
    NY-26:Chris Lee(R)
    NY-26:Kathleen Hochul(D)
    OR-1:David Wu(D)
    OR-1:Suzanne Bonamici(D)

    Retiring 2012:
    AR-4:Mike Ross(D)
    AZ-8:Gabby Giffords(D)
    CA-2:Wally Herger(R)
    CA-6:Lynn Woolsey(D)
    CA-18:Elton Gallegly(R)
    CA-24:Dennis Cardoza(D)
    CA-41:Jerry Lewis(R)
    IL-12:Jerry Costello(D)
    IN-5:Dan Burton(R)
    KY-4:Geoff Davis(R)
    MA-1:John Olver(D)
    MA-4:Barney Frank(D)
    MI-5:Dale Kildee(D)
    NC-11:Heath Shuler(D)
    NC-13:Brad Miller(D)
    NY-22:Maurice Hinchey(D)
    OH-7:Steve Austria(R)
    OK-2:Dan Boren(D)
    PA-19:Todd Platts(R)
    TX-14:Ron Paul(R)
    TX-20:Charles Gonzalez(D)
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    Page last updated: Mar 15, 2012