Rick Perry on Budget & Economy Republican Governor (TX)

I pushed TX to 2nd-lowest debt per capita in the US

PERRY: Texas had the 6th-lowest debt per capita when I started as governor in 2000. And today, Texas has the 2nd-lowest debt per capita in the US. I think that's what America's looking for, is a president that understands how to balance budgets, how to deal with the spending issue and how to get Americans back working again.

I've signed six balanced budgets in Texas

CAIN: Two things: Present a bold plan to grow this economy. It starts with throwing out the current tax code and putting in the 9-9-9 plan. Secondly, get serious about bringing down the national debt. The only way we're going to do that is the first year that I'm president and I oversee a fiscal year budget, make sure that revenues equals spending. If we stop adding to the national debt, we can bring it down. So the answer is, we must grow this economy with a bold solution, which is why I've proposed 9-9-9 and at same time get serious about not creating annual deficits, so we can bring the national debt. That will re-establish confidence in our system, and I believe we could get our credit rating back.

PERRY: I've signed six balanced budgets as the governor of Texas. Working with folks on both sides of the aisle and--and bringing ideas, whether it's ways to redo your tax structure or what have you.

Don't trade tax increases for spending cuts; BBA instead

PERRY: Pres. Reagan was willing to trade tax increases for reductions, and I don't think he ever saw those reductions, he just saw the tax increase. As a matter of fact, in his diary he made that statement that he's still looking around for those reductions. One of the reasons that Americans are so untrustworthy of what's going on in Washington is because they never see a cut in spending. They always hear the siren song, "if you'll allow us to raise taxes, then we'll make these reductions over here," when the fact of the matter is the issue is we need to have a balanced budget amendment to the United States Constitution. And the next president of the United States needs to spend his time passing a balanced budget amendment to the United States Constitution.

People are tired of spending on programs we don't want

PERRY: And he's going to pay for them all with raising your taxes. That is the issue. He had $800 billion worth of stimulus in the first round of stimulus. It created zero jobs, $400-plus billion dollars in this package. And I can do the math on that one. Half of zero jobs is going to be zero jobs.

Q: So whenever the president supports tax cuts, that has to be balanced with spending cuts?

PERRY: I would suggest to you that people are tired of spending money we don't have on programs we don't want.

Using the Federal Reserve for political purposes is treason

BACHMANN: As president, I would not be reappointing Ben Bernanke. With the $700 billion bailout, the Federal Reserve was making loans to private American businesses. And not only that, they're making loans to foreign governments.

Q: Do you agree with Gov. Perry that Ben Bernanke is engaged in treason?

BACHMANN: Well, that's for Gov. Perry to make that decision. My opinion is, I would not reappoint Ben Bernanke.

Q: You stand by those remarks, Governor?

PERRY: I said that, if you are allowing the Federal Reserve to be used for political purposes, that it would be almost treasonous. I think that is a very clear statement of fact. I am not a fan of the current chairman allowing that Federal Reserve to be used to cover up bad fiscal policy by this administration. And that, I will suggest to you, is what we have seen.

We cannot spend our way to prosperity

Keynesian theory is now done; never again in America

Balanced Budget Amendment is the only way to sleep at night

PERRY: I join my fellow participants here. What we should have been looking at is a way to get the spending under control and capping it, cutting it, and getting a balanced budget amendment. When you get a balanced budget amendment in Washington, D.C., you will finally start getting the snake's head cut off. I mean, the fact of the matter is, until you get a balanced budget amendment--I don't care whether Democrats or Republicans are going to be in control in Washington, D.C.--balanced budget amendment, and then the American people can go to sleep at night with a little more comfort that they're going to wake up and not be broke in the morning.

Priorities: education; transportation; border; e-government

“This budget meets important state needs-like education, health and criminal justice-and appropriately invests in the future, without raising taxes. The Texas economy is strong, but cooling, and that requires increased caution in the state budget. This proposal balances the competing demands for state resources and does so in a fiscally responsible manner.” The nation’s and the state’s cooling economy dictate that most of the increased spending go toward maintaining current government services.

Bankruptcy reform: limit Chapter 7; protect states' role.

The Governors are particularly concerned that bankruptcy reform legislation address the following issues:
1. Prevent Chapter 7 Use by Those with the Ability to Pay: Present bankruptcy law does not prevent use of Chapter 7 by those with ability to repay, nor does it require that debtors use Chapter 13, which would require them to repay creditors what the debtor can afford. The Governors strongly support federal efforts to prevent debtors from using Chapter 7 when they are financially able to pay some or all of their unsecured debts.
2. Encourage Payment of Domestic Support Obligations: Bankruptcy interferes significantly with states’ ability to assist citizens owed domestic support and to collect unpaid domestic support owed them. The Governors strongly encourage Congress to ensure that any federal bankruptcy reform requires that domestic support obligations have the highest possible repayment priority, that all domestic support obligations be nondischargeable, and that commencement of bankruptcy not prevent the continued collection of child and other support obligations.
3. Give State Claims Parity with Federal Claims in Bankruptcy: Today, bankruptcy rightly gives certain preferences in payment to federal claims against the bankruptcy estate, but similar treatment is not always accorded state claims. The Governors strongly support congressional efforts to reform the treatment of state claims in bankruptcy to provide parity of treatment with federal claims.
4. Protect the State Role: The Governors oppose efforts to preempt state authority to determine exemptions under state bankruptcy law. Currently, debtors have a right to choose between federal and state exemptions. The Governors support efforts to shape bankruptcy reform policy that protects the rights of states to determine their own standards instead of having uniform federal regulations imposed without regard for individual state needs.

Uphold commitments to states before other spending.

The Issue

NGA’s Position