Mike Pence on Budget & Economy

Republian nominee for Vice President; Governor of Indiana; former Representative (IN-6)


I pushed for deficit reduction before it was cool

V.P. Mike PENCE: Vivek, you recently said a President can't do everything. Well, I got news for you. I've been in the West Wing. A President has to confront every crisis facing America. I will put our nation back on the path to growth and prosperity.

Vivek RAMASWAMY: The only war that I will declare as US President will be the war on the federal administrative state that is the source of toxic regulations acting like a wet blanket on the economy. So, I'm not sure exactly understood Mike Pence's comment.

PENCE: Let me explain it to you. I was a House conservative leader before it was cool. I actually pushed the Deficit Reduction Act. That was the last time we actually reduced the national debt in the United States. I balanced budgets and cut taxes when I was Governor. Joe Biden has weakened this country at home and abroad. Now is not the time for on-the-job training. We don't need to bring in a rookie.

Source: Fox News 2023 Republican primary debate in Milwaukee , Aug 23, 2023

Freeze nondefense discretionary spending across the board

We need to get federal spending under control. I think we ought to impose a freeze on all nondefense discretionary spending across the board. And we ought to turn off all that unnecessary COVID spending in its entirety. Secondly, I think we got to get the Federal Reserve back to doing its job, which is protecting the currency. Let them protect the dollar, and let's hold our political leaders to account for keeping Americans working.
Source: CNN Town Hall: interviews of 2024 presidential candidates , Jun 7, 2023

Consumer Protection Act is a job-killer

[On consumer protection]: "Mr. Speaker, I rise in opposition to the rule and to the underlying bill, the so-called, Wall Street Reform and Consumer Protection Act of 2009. Unfortunately, as it has been said, there is not much taxpayer protection in the bill and there is even less Wall Street reform. I see this bill as nothing more than a permanent bailout and a job-killer." [Office Of Rep. Mike Pence, 12/14/09]
Source: Trump Research Book on Mike Pence , Sep 22, 2020

Economic development grants at regional level, not cities

[As governor, Mike Pence introduced the Regional Cities Initiative]. One main idea of the program was that that communities in the same area should work together. For years, cities and towns would view their immediate neighbors as economic rivals, trying to lure jobs across a city limit or county line. But since many workers commute across these boundaries anyway, it does no good to add jobs at the expense of the next town over.

True regional collaboration proactively working with other cities by sharing resources to grow the economy--was still rare in Indiana. To incentivize better behavior, the state offered a major grant for local economic development work, not to a city but to a region. In order to compete with the funding, all the counties and cities in an area would have to band together, show they could collaborate, and submit a joint application showing how they would share the funds.

Source: Shortest Way Home, by Pete Buttigieg, p.207 , Feb 12, 2019

Great Recession tax-&-spend policy led to weak recovery

Q [to PENCE]: Your response to President Obama's comments?

(VIDEOTAPE) OBAMA: By the time I left office, household income was near its all-time high, and the uninsured rate had hit an all-time low, and wages were rising, and poverty rates were falling. I mention all this just so when you hear how great the economy is doing right now, let's just remember when this recovery started.

PENCE: This country was struggling. I mean, it was the weakest economic recovery since the Great Depression because having inherited a recession, President Obama's answer was to raise taxes, to double the national debt, to increase regulation, to pass Obamacare into law, to stifle American energy.

Q: But he says the economic upswing began on his watch.

PENCE: He said that but I don't think too many Americans noticed it.

Source: CBS Face the Nation 2018 interviews of 2020 hopefuls , Sep 9, 2018

We've almost doubled the national debt; but not Indiana

Q: Are you concerned that adding more to the debt could be disastrous?

A: I think the fact that under this past administration was of which Clinton was a part, we've almost doubled the national debt is atrocious. Indiana has balanced budgets. We cut taxes, we've made record investments in education and in infrastructure, and I still finish my term with $2 billion in the bank. Kaine [as governor] actually tried to raise taxes by about $4 billion. He left his state about $2 billion in the hole.

Source: 2016 Vice-Presidential Debate at Longwood University , Oct 4, 2016

Change of leadership will lead to America's comeback

The potential is there to really change the direction of this country, but it's going to take leadership to do it. The American people want to see our nation standing tall on the world stage again. They want to see us supporting our military, rebuilding our military, commanding the respect of the world, and they want to see the American economy off to the races again. They want to see an American comeback.
Source: 2016 Vice-Presidential Debate at Longwood University , Oct 4, 2016

Conservative principles lead to less debt & more jobs

Indiana is a state that works because conservative principles work every time you put them into practice. The nation suffers under the weight of $19 trillion in debt, we in Indiana have a $2 billion surplus. The highest credit rating in the nation, though we've cut taxes every year since I became governor. We have fewer state employees than when I took office, and businesses large and small have created nearly 150,000 new jobs. That is what you can do with commonsense Republican leadership.
Source: Speech at the 2016 Republican National Convention , Jul 20, 2016

Amend state constitution to require a balanced budget

Fiscal discipline has been the hallmark of the past decade of Indiana governance. Our balanced budgets have led to economic growth, lower tax rates and job creation.

Remarkably, Indiana is one of the few states in the country that does not have a balanced budget requirement in its constitution. It is a tribute to the public servants in this room that Indiana has adhered to that practice in recent years even though it is not required.

A balanced budget requirement in the Constitution will assure Hoosiers that today and tomorrow Indiana will spend wisely, protect our state from an economic downturn, and unlike Washington, D.C., we won't bury our children and grandchildren under mountains of debt.

I call on this General Assembly to begin the process of adding a balanced budget amendment to the Indiana Constitution in this session and send this historic reform to the people of Indiana.

Source: State of the State address to 2015 Indiana Legislature , Jan 13, 2015

Wealth begets wealth: finance economic development

Over the next year, our economic development corporation will detail evidence-based drivers of metropolitan, economic growth. The goal will be to develop options for financing this new investment in the kinds of things that attract the best talent and the most capital. Research shows that as regions attract more professional talent, the economic benefits expand the services and other sectors of the economy. Wages rise across sectors.

Wealth begets wealth, even outside the sector in which it was generated. Our assessment will also consider how to ensure the benefits of the investments in our cities extend to the outlying rural areas. Research has also shown that income and population growth in metro areas benefit rural areas. When metro areas decline, so do surrounding rural communities. Our tax and economic development policies are aimed, in part, at attracting entrepreneurs and new investors to our state.

Source: Introduction of 2014 Jobs & Economy Agenda , Dec 17, 2013

Moral obligation to stop piling debt onto future generations

Our nation is facing a fiscal crisis of unprecedented proportions. Current levels of spending are economically unsustainable, and unfortunately our nation's fiscal situation will only worsen unless Congress enacts real and meaningful reforms in the way we spend the people's money in the long term and the short term. We must not let our federal government mortgage away the future prosperity of its children and grandchildren.

Throughout my time in Congress, I have fought hard against runaway spending. I have voted in opposition to federal bailouts, wasteful "stimulus" bills, and the fiscally unsustainable health care spending law. I have also introduced a Spending Limit Amendment to the U.S. Constitution. This amendment would constitutionally limit federal spending to 1/5 of the American economy--the historical average since WWII. Our spending problems are tantamount to generational theft, and a Spending Limit Amendment would allow us to fundamentally define the size of our government.

Source: House of Representatives website mikepence.house.gov , Jan 8, 2012

2008: Lonely GOP dissent against Wall Street bailout

Pence had risen in lonely dissent against his party's president on the question of the Wall Street bailout in the fall of 2008. Many establishment Republican types pronounced that Pence's political apostasy would cost him his career. But for Pence--and for a number of his colleagues who joined him to vote nay--that vote was defining. That vote was about principle, not party. Mike Pence would later become the House Republican Conference chairman, proving our oft-said adage: Good policy is good politics.
Source: Give Us Liberty, by Rep. Dick Armey, p.124-125 , Aug 17, 2010

Across-the-board tax relief stimulates broad-based growth

Rep. PENCE: Republicans offered a stimulus bill that essentially was across-the-board tax relief. Would you be willing to consider embracing the kind of across-the-board tax relief that President Kennedy advocated, that President Reagan advocated and tha has always been the means of stimulating broad-based economic growth?

Pres. OBAMA: I'm going to take a look at what you guys are proposing. What you may consider across-the-board tax cuts could be, for example, greater tax cuts for people who are makin a billion dollars. I may not agree to a tax cut for Warren Buffet. You may be calling for an across-the-board tax cut for the banking industry right now. I may not agree to that. If you're calling for just across-the-board tax cuts, and then on the other hand saying that we're somehow going to balance our budget, I'm going to want to take a look at your math and see how that works, because the issue of deficit and debt is another area where there has been a tendency for some inconsistent statements.

Source: Obama Q&A at 2010 House Republican retreat in Baltimore , Jan 29, 2010

Balanced Budget Amendment with 3/5 vote to override.

Pence 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

Member of the House Republican Economic Recovery Working Group.

Pence is a member House Republican Economic Recovery Working Group

On Jan. 23, 2009, House Republican presented an alternative stimulus bill to the $787 billion stimulus bill that was eventually passed by the Democratic Congress. The alternative stimulus bill was a simple, direct way to create jobs and help our economy by focusing on small businesses. Here are the highlights:

Source: Young Guns 10-ERWG on Sep 14, 2010

Proposing a balanced budget amendment to the US Constitution.

Pence signed Balanced Budget Amendment

RESOLVED by the Senate and House of Representatives of the United States of America in Congress assembled (2/3rds of each House concurring therein), That the article is proposed as an amendment to the Constitution of the United States, which shall be valid to all intents and purposes as part of the Constitution when ratified by the legislatures of 3/4ths of the several States within 7 years after the date of its submission for ratification.

This article shall take effect beginning with the later of the second fiscal year beginning after its ratification or the first fiscal year beginning after December 31, 2016.

Source: H.J.Res.2 11-HJRES2 on Jan 5, 2011

Reclaim all bonuses paid to AIG executives & employees.

Pence signed bill to reclaim all bonuses paid to AIG executives

    To require the Secretary of the Treasury to pursue every legal means to stay or recoup certain incentive bonus payments and retention payments made by American International Group, Inc. (AIG) to its executives and employees, and to require the Secretary`s approval of such payments by any financial institution who receives funds under the Emergency Economic Stabilization Act of 2008.
  1. Not later than 2 weeks after the date of enactment of this Act, the Secretary of the Treasury shall establish a plan to pursue every legal means to stay or recoup incentive bonus payments and retention payments made after September 16, 2008, by AIG to its executives and employees.
  2. The Secretary of the Treasury shall not authorize any payment or other provision of Federal assistance to AIG unless the executives and employees then employed by AIG surrender to the Treasury any incentive bonus payments and retention payments received by such executives and employees after September 16, 2008.
  3. The Secretary of the Treasury shall require any financial institution that has received any assistance under the Emergency Economic Stabilization Act, and that has not repaid in full such assistance, to submit incentive bonus and retention payment plans for approval by the Secretary before making any incentive bonus payment or retention payment to any executive or employee.
Source: H.R.1577 2009-H1577 on Mar 18, 2009

Other candidates on Budget & Economy: Mike Pence on other issues:
2024 Republican Presidential Candidates:
Gov. Doug Burgum (R-ND)
Gov. Chris Christie (R-NJ)
Gov. Ron DeSantis (R-FL)
Larry Elder (R-CA;withdrew)
Gov. Nikki Haley (R-SC)
Rep. Will Hurd (R-FL;withdrew)
Gov. Asa Hutchinson (R-AR)
Perry Johnson (R-IL)
Mayor Steve Laffey (R-RI)
Former V.P.Mike Pence (R-IN;withdrew)
Vivek Ramaswamy (R-OH)
Sen. Tim Scott (R-SC)
Secy. Corey Stapleton (R-MT)
Mayor Francis Suarez (R-FL;withdrew)
Former Pres.Donald Trump (R-NY)

2024 Democratic and 3rd-party primary candidates:
Pres. Joe Biden (D-DE)
V.P.Kamala Harris (D-CA)
Robert F. Kennedy, Jr. (I-NY)
Chase Oliver (L-GA)
Rep.Dean Phillips (D-MN)
Jill Stein (Green)
Cornel West (Green Party)
Kanye West (Birthday Party)
Marianne Williamson (D-CA)
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