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Susan Collins on Budget & EconomyRepublican Jr Senator (ME) |
But she said a 2005 House bill to tighten regulations was too weak, and that Allen voted against two amendments that would've strengthened it. That version died in the Senate. But a different bill, with the amendments, eventually became law last July.
Allen said the bigger problem is the economic policies of President Bush. He said they drove up the national debt. At the same time, there was a lack of oversight of Wall Street practices, Allen said. "The belief in letting the markets run their course has never been stronger than in this administration," he said.
Both Collins and Allen agreed that the revised version of the bailout vote was better than the first because it had added oversight and more safeguards for taxpayers.
The Federal Reserve Transparency Act directs:
NPR summary of HR133:
Argument in opposition: Rep. Alex Mooney (R-WV-2) said after voting against H.R. 133: `Congress voted to spend another $2.3 trillion [$900 billion for COVID relief], which will grow our national debt to about $29 trillion. The federal government will again have to borrow money from nations like China. This massive debt is being passed on to our children and grandchildren. With multiple vaccines on the way thanks to President Trump and Operation Warp Speed, we do not need to pile on so much additional debt. Now is the time to safely reopen our schools and our economy. HR133 was another 5593-page bill put together behind closed doors and released moments prior to the vote.`
Legislative outcome: Passed House 327-85-18, Roll #250, on Dec. 21. 2020; Passed Senate 92-6-2, Roll #289, on Dec. 21; signed by President Trump on Dec 27 [after asking for an increase from $600 to $2,000 per person, which was introduced as a separate vote].
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: