Bill Richardson on Budget & Economy

Democratic Governor (NM); Secretary of Commerce-Designee

Hiring freeze & 7% budget cut in state agencies

Like our citizens, this administration has tightened its belt since this recession began:None of these measures were popular, but all were necessary. My budget plan for the next fiscal year reduces spending by $510 million:
Source: New Mexico 2010 State of the State Address , Jan 19, 2010

Balanced 5 state budgets; priority to balance federal budget

Q: Would it be a priority of your administration to balance the federal budget every year?

A: Well, as a governor, I have to, by law, balance budgets. Ive balanced five. And it would be a major priority of mine. And this is what I would do as president. I would advocate for line-item veto authority for the president, a constitutional amendment to balance the budget. But most importantly, I believe balancing the budget should be viewed as an opportunity to have economic growth in this country.

Source: 2007 Des Moines Register Democratic debate , Dec 13, 2007

Supports restricted Constitutional balanced budget amendment

When we talk about balancing the budget -- Id advocate a constitutional amendment. Obviously, you cant do it in the time of war or recession. You cant do it in the time of an emergency. I would exclude Social Security.

But I think what is critically important is that when we talk about our most urgent national priority: weve spent $500 billion in this war. And these are funds that could go to our domestic priorities--to health care, to kids, to education, & to improving our schools.

Source: 2007 Des Moines Register Democratic debate , Dec 13, 2007

Save $150 billion in tax cuts for people who dont need them

I detailed $57 Billion in military reductions which involve missile systems, procurement reform. Weve got to recognize that the Iraq war has drained our military. We need a couple of more divisions in the army, in the marines. The VA system needs funding. Our veterans coming back are not properly being taken care of. We need to recruit and retain to keep the volunteer army going and improve our readiness and equipment, so there are some military priorities that the next president has to address.
Source: 2007 Des Moines Register Democratic Debate , Dec 13, 2007

Balanced Budget Amendment to address $9 trillion debt

Q: What should be done to restore global confidence in the dollar and how would those measures affect people of color in the US?

A: America has lost its economic leadership. We have a $9 trillion dollar debt. Weve got a weakening dollar. Weve got jobs going overseas. These are the steps that I would take as president. What is going to be key is fiscal discipline. I am for a constitutional amendment to balance the budget within a 5-6 year period. We have to balance that budget. This debt is to commercial banks, to China, to India. Im for a line item veto. We need investments also in science and technology. Give a tax incentive for increasing the prevailing wage. Invest in education, invest in kids and science and technology. Its a competitiveness issue. This is the kind of investment we need to make. Fiscal discipline, number two science and technology, invest in the new industries of the future and third invest in education. Thats how America will regain its economic leadership.

Source: 2007 Iowa Brown & Black Presidential Forum , Dec 1, 2007

Constitutionally require balanced budget & fiscal discipline

I am the only candidate here that has said, Im for a constitutional amendment to balance the budget. You have to have fiscal discipline. Youve got to also grow the economy. You have to have universal pensions. If we balance the budget, restore our fiscal house, there will be economic growth. If we invest in education and have a stronger workforce, if we incentivize and have a pro-growth economy, where we say were going to make America green, renewable energy, were going to bring new jobs.
Source: 2007 Democratic primary debate at Dartmouth College , Sep 6, 2007

Mortgage industry needs more liquidity & more transparency

Q: The Fed lowered the discount rate for banks to address the mortgage crisis. Should they lower rates for everyone else?

A: This is the Katrina of the mortgage-lending industry. The answer is yes, there has to be more liquidity, more funds in the market. What we need is more transparency. And what we also need to do is to not appoint officials that are in the industry to regulate that specific industry. The mortgage industry, a lot of them have become a bunch of loan sharks.

Source: 2007 Democratic primary debate on This Week , Aug 19, 2007

Grow the trade link to Mexico and attract Hollywood business

We have brought a new vitality to trade and cultural contacts across the New Mexico - Chihuahua border. I met personally 12 times with Mexican officials - including three meetings with President Vicente Fox - to help grow this vital trade link. We have the most competitive set of incentives in the country, and we created an on-the-job training fund to encourage film producers to hire and train New Mexicans. That, in turn, will build our available pool of trained movie industry workers.
Source: 2004 State of the State speech to the New Mexico Legislature , Jan 20, 2004

Supports Balanced Budget Amendment

Q: Do you support amending the US Constitution to require an annual balanced federal budget?

A: Yes.

Source: 1996 Congressional National Political Awareness Test , Nov 1, 1996

Other governors on Budget & Economy: Bill Richardson on other issues:
NM Gubernatorial:
Susana Martinez
NM Senatorial:
Tom Udall

Newly seated 2010:
NJ Chris Christie
VA Bob McDonnell

Term-limited as of Jan. 2011:
AL Bob Riley
CA Arnold Schwarzenegger
GA Sonny Perdue
HI Linda Lingle
ME John Baldacci
MI Jennifer Granholm
NM Bill Richardson
OK Brad Henry
OR Ted Kulongoski
PA Ed Rendell
RI Donald Carcieri
SC Mark Sanford
SD Mike Rounds
TN Phil Bredesen
WY Dave Freudenthal
Newly Elected Nov. 2010:
AL: Robert Bentley (R)
CA: Jerry Brown (D)
CO: John Hickenlooper (D)
CT: Dan Malloy (D)
FL: Rick Scott (R)
GA: Nathan Deal (R)
HI: Neil Abercrombie (D)
IA: Terry Branstad (R)
KS: Sam Brownback (R)
ME: Paul LePage (R)
MI: Rick Snyder (R)
MN: Mark Dayton (D)
ND: Jack Dalrymple (R)
NM: Susana Martinez (R)
NV: Brian Sandoval (R)
NY: Andrew Cuomo (D)
OH: John Kasich (R)
OK: Mary Fallin (R)
PA: Tom Corbett (R)
RI: Lincoln Chafee (I)
SC: Nikki Haley (R)
SD: Dennis Daugaard (R)
TN: Bill Haslam (R)
VT: Peter Shumlin (D)
WI: Scott Walker (R)
WY: Matt Mead (R)
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Page last updated: Nov 21, 2011