OnTheIssuesLogo

Bobby Bright on Budget & Economy

 

 


$800B stimulus was too rushed, and not necessary

Rep. Bright's statement on the passage of H.R. 1, The American Recovery and Reinvestment Act: "There is no doubt that we are in tough economic times and the American people are expecting action from Congress. They also expect us to make smart, sound, and deliberate decisions which reflect the tremendous responsibility that Americans have placed in lawmakers' hands. With this in mind, I could not vote for final passage of the American Recovery and Reinvestment Act. This bill has been rushed through Congress with little debate or opportunity to offer meaningful changes and as a result, the response from my constituents has been overwhelmingly in opposition to this bill. They have little faith that a nearly $800 billion bill will be worth its tremendous price tag. I share their concerns, and I have not been convinced that this is the right--and necessary--action to take for the future of America."
Source: VoteSmart Congressional voting records , Feb 26, 2009

TARP uses taxpayer money to pay for bad business practices

Bobby Bright's statement on H.R. 384, TARP (Troubled Assets Relief Program): "Yesterday, I voted against the TARP Reform and Accountability Act. While I applaud the efforts to make TARP funds more transparent and accountable and I am glad this bill focused on Main Street and not just Wall Street, I could not support its final passage because it endorsed the use of taxpayer money to pay for bad business practices and paved the way for more automobile manufacturer bailouts. I continue to disagree with the principle behind bailouts because they reward mismanagement at the expense of the American taxpayer. That's why I voted today in favor of the resolution disapproving the release $350 billion in additional money for the bailout. There's no doubt we're in tough economic times, and Congress should focus on creating jobs and protecting the ones we have. This legislation does not do enough to help hard-working Americans and address fundamental problems that plague our financial markets."
Source: VoteSmart Congressional voting records , Jan 15, 2009

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 NO on modifying bankruptcy rules to avoid mortgage foreclosures.

Congressional Summary:Amends federal bankruptcy law to exclude debts secured by the debtor's principal residence that was either sold in foreclosure or surrendered to the creditor.

Proponent's argument to vote Yes:Rep. PETER WELCH (D, VT-0): Citigroup supports this bill. Why? They're a huge lender. They understand that we have to stabilize home values in order to begin the recovery, and they need a tool to accomplish it. Mortgages that have been sliced and diced into 50 different sections make it impossible even for a mortgage company and a borrower to come together to resolve the problem that they share together.

Sen. DICK DURBIN (D, IL): 8.1 million homes face foreclosure in America today. Last year, I offered this amendment to change the bankruptcy law, and the banking community said: Totally unnecessary. In fact, the estimates were of only 2 million homes in foreclosure last year. America is facing a crisis.

Opponent's argument to vote No:

Sen. JON KYL (R, AZ): This amendment would allow bankruptcy judges to modify home mortgages by lowering the principal and interest rate on the loan or extending the term of the loan. The concept in the trade is known as cram-down. It would apply to all borrowers who are 60 days or more delinquent. Many experts believe the cram-down provision would result in higher interest rates for all home mortgages. We could end up exacerbating this situation for all the people who would want to refinance or to take out loans in the future.

Rep. MICHELE BACHMANN (R, MN-6): Of the foundational policies of American exceptionalism, the concepts that have inspired our great Nation are the sanctity of private contracts and upholding the rule of law. This cramdown bill crassly undercuts both of these pillars of American exceptionalism. Why would a lender make a 30-year loan if they fear the powers of the Federal Government will violate the very terms of that loan?

Reference: Helping Families Save Their Homes Act; Bill HR1106&S896 ; vote number 2009-H104 on Mar 5, 2009

Voted NO 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 NO 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

Balanced Budget Amendment with 3/5 vote to override.

Bright signed H.J.RES.1& S.J.RES.22

Constitutional Amendment to prohibit outlays for a fiscal year (except those for repayment of debt principal) from exceeding total receipts for that fiscal year (except those derived from borrowing) unless Congress, by a three-fifths rollcall vote of each chamber, authorizes a specific excess of outlays over receipts.

Source: Joint Resolution for Amendment to the Constitution 09-HJR1 on Jan 6, 2009

Raise small business depreciation to $125,000.

Bright 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

2016-17 Governor, House and Senate candidates on Budget & Economy: Bobby Bright on other issues:
AL Gubernatorial:
Chris Countryman
David Carrington
Jeff Sessions
Kay Ivey
Parker Griffith
Robert Bentley
Stacy Lee George
Tommy Battle
Walt Maddox
AL Senatorial:
Doug Jones
Luther Strange
Marcus Bowman
Richard Shelby
Ron Crumpton
Roy Moore

Special elections in 2017-18:
AZ-8:Franks(R, resigned in sex scandal)
AZ-8:Lesko(R, elected April 24, 2018)
CA-34:Becerra(D; appointed CA Atty General)
CA-34:Gomez(D; elected June 6, 2017)
CA-34:Ahn(D; lost primary)
GA-6:Price(R; appointed HHS Secretary)
GA-6:Handel(R; elected June 20)
GA-6:Ossoff(D; lost election June 20, 2017)
KS-4:Pompeo(R; appointed CIA Director)
KS-4:Estes(R; elected April 11)
MT-0:Zinke(R; appointed DOI Secretary)
MT-0:Gianforte(R; elected May 25)
OH-12:Tiberi(R, resigned to become a lobbyist)
OH-12:Balderson(R, elected Aug. 24, 2018)
PA-18:Murphy(R, resigned in sex scandal)
PA-18:Lamb(D; elected April 2018)
SC-5:Mulvaney(R; appointed OMB Director)
SC-5:Norman(R; elected June 20)
TX-27:Farenthold(R, resigned in sex scandal)
TX-27:Cloud(R, elected June 30, 2018)
UT-3:Chaffetz(R, resigned for unexplained reasons)
UT-3:Curtis(R, elected Nov. 7, 2017)
Retirements as of January 2019 (Republicans):
AZ-2:Martha McSally
CA-49:Darrell Issa
FL-6:Ron DeSantis
FL-15:Dennis Ross
FL-17:Tom Rooney
FL-27:Ileana Ros-Lehtinen
ID-1:Raul Labrador
IN-4:Todd Rokita
IN-6:Luke Messer
KS-2:Lynn Jenkins
MI-11:Dave Trott
MS-3:Gregg Harper
NH-1:Carol Shea-Porter
NJ-2:Frank LoBiondo
NJ-11:Rodney Frelinghuysen
NM-2:Steve Pearce
NY-27:Chris Collins
NC-9:Robert Pittenger
ND-0:Kevin Cramer
OH-16:Jim Renacci
OK-1:Jim Bridenstine
PA-6:Ryan Costello
PA-7:Pat Meehan
PA-9:Bill Shuster
PA-11:Lou Barletta
PA-15:Charlie Dent
PA-18:Tim Murphy
SC-1:Mark Sanford
SC-4:Trey Gowdy
SC-5:Mick Mulvaney
SD-0:Kristi Noem
TN-2:Jimmy Duncan
TN-6:Diane Black
TN-7:Marsha Blackburn
TX-2:Ted PoeTX02'>2
TX-3:Sam Johnson
TX-5:Jeb Hensarling
TX-6:Joe Barton
TX-21:Lamar Smith
TX-27:Blake Farenthold
UT-3:Jason Chaffetz
VA-5:Tom Garrett
VA-6:Bob Goodlatte
WA-8:Dave Reichert
WV-3:Evan Jenkins
WI-1:Paul Ryan
Retirements as of January 2019 (Democrats):
AZ-9:Kyrsten Sinema
CO-2:Jared Polis
CT-5:Elizabeth Esty
HI-1:Colleen Hanabusa
IL-4:Luis Gutierrez
MD-6:John Delaney
MA-3:Niki Tsongas
MI-9:Sander Levin
MN-1:Tim Walz
MN-5:Keith Ellison
MN-8:Rick Nolan
NV-3:Jacky Rosen
NV-4:Ruben Kihuen
NM-1:Michelle Lujan-Grisham
PA-1:Bob Brady
TX-16:Beto O'Rourke
TX-29:Gene Green

Challengers for November 2018 (Democrats):
DE-0:Rochester(D)
KY-6:McGrath(D)
MA-7:Pressley(D)
MI-13:Brenda Jones
MI-13:Rashida Tlaib

Challengers for November 2018 (Republicans):
CA-49:Rocky Chavez
HI-1:Cam Cavasso
ID-1:Russ Fulcher
NV-3:Danny Tarkanian
OH-12:Troy Balderson
PA-14:Rick Saccone
PA-16:Lloyd Smucker
PA-18:Rick Saccone
SC-4:Lee Bright
SC-5:Pope(R)
TX-27:Michael Cloud
UT-3:John Curtis
WA-8:Dino Rossi
Abortion
Budget/Economy
Civil Rights
Corporations
Crime
Drugs
Education
Energy/Oil
Environment
Families
Foreign Policy
Free Trade
Govt. Reform
Gun Control
Health Care
Homeland Security
Immigration
Jobs
Principles
Social Security
Tax Reform
Technology
War/Peace
Welfare/Poverty

Vacancies for November 2018 election:
MI-13:Conyers(D, resigned in sex scandal)
NY-25:Slaughter(D, deceased March 2018)
OK-1:Bridenstine(R; resigned to head NASA)
PA-7:Meehan(R, resigned in sex scandal)
PA-15:Dent(R; resigned May 2018)


Candidate Information:
Main Page
Profile
AL politicians

Contact info:
Email Contact Form
Fax Number:
202-225-8913
Phone number:
(202) 225-2901
Search for...





Page last updated: Aug 27, 2018