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Congressman Tom McClintock

Representing the 4th District of California

Fiscal and Economic

More on Fiscal and Economic

July 19, 2017 Speeches
Since 1964, we have tried to end poverty the Democrats’ way. According to the Heritage Foundation, we have spent $22 trillion fighting the war on poverty as a result. Adjusted for inflation, this is three times more than all the military wars we have ever fought – combined. Put another way, that is $176,000 taken from the lifetime earnings of every family in America over those 50 years.
July 19, 2017 Speeches
On our current trajectory, the CBO warns that just four fiscal years from now – in 2022 – our annual deficits will surpass a trillion dollars. That’s where economists warn we run the risk of damage or even loss of our access to credit – a sovereign debt crisis.
May 9, 2017 Press Release
“President Trump has nominated a true champion of free-market principles to lead the Export-Import Bank. I have no doubt that Scott Garrett will fundamentally transform the Bank to embrace merit over political favoritism. That’s a good start.”
May 3, 2017 Vote Notes on Legislation
This bill funds the government through September 30th. Sadly, it continues a spending trajectory in which deficits are expected to hit trillion-dollar annual levels within just a few years – risking a sovereign debt crisis that has proven devastating to economic growth and often fatal to other countries...
April 27, 2017 Speeches
The last four elections have defined one of the most dramatic political realignments in our country’s history. In those elections, we’ve seen a net shift of 64 U.S. House seats, 12 U.S. Senate seats, 10 governors, 919 state legislative seats and the presidency shift from Democrats to Republicans. This happened in large part on three overarching mandates: revive the economy; secure our borders and repair our healthcare system. If President Trump can accomplish these three objectives, his administration and this congress will be remembered as one of the most successful and beneficial in our nation’s history.
April 6, 2017 Vote Notes on Legislation

H.R. 1219 – Supporting America’s Innovators Act: YES.  Venture capital firms loan money to start-up companies.  Since the adoption of Dodd-Frank, heavy government regulation has severely reduced the amount of capital loaned by these firms.  Although the JOBS Act of 2012 eased the regulatory burdens on small capital venture firms, its provisions did not apply to coordinated investment pools of more than 100 investors.  This bill simply raises that cap to 250, on funds with less than $10 million of capitalization.    

April 5, 2017 Vote Notes on Legislation

H.R. 1304  – Self Insurance Protection Act: YES.  Some employers set up their own employee health care fund, and will often buy stop-loss insurance that picks up costs above a certain amount, thus protecting the employer from catastrophic losses and assuring employees’ expenses are covered.  Some states are attempting to regulate these stop loss agreements as health insurance, driving them out of the market.  This bill makes clear that these contracts are financial instruments and not to be regulated as if they were end-user health insurance.

January 11, 2017 Speeches
In the last eight years, our nation’s debt has doubled. That means the Obama administration has borrowed as much money in eight years as our government borrowed in the 220 years between the first day of the George Washington administration until the last day of the George W. Bush administration.
December 8, 2016 Vote Notes on Legislation

Continuing Resolution to Fund the Government: Yes.  Hopefully, this is the last continuing resolution that we will see.  Like those before it, it spends too much, abandons Congress’ fundamental responsibility to superintend the nation’s finances, and circumvents the normal budget process.  But it also gets us out of the debt, doubt and despair of the Obama administration into the prosperity, hope and promise of the Trump era.

December 1, 2016 Speeches
President-elect Trump has many difficult fiscal tasks ahead – one of which is to promote long-overdue infrastructure construction at a time when the national debt exceeds our entire economy and interest costs alone are eating us alive. Some have said that a rebounding economy resulting from tax reform will pay for it. That may be, but it’s not guaranteed; it cannot be accurately forecast; and we’ll need any new revenues to beef up our defenses and reduce our deficit – two other critical objectives of the new administration.