State of Kentucky Archives: on Budget & Economy

James Comer: Federal fiscal restraint to tackle $19 trillion debt

The national debt is now over $19 trillion. By comparison, the total debt when Obama took office was $7.5 trillion. This type of spending is unacceptable. We must get the spending in Washington under control so that we do not saddle our children and grandchildren with unmanageable mountains of debt. This is why I support a Balanced Budget Amendment to the Constitution.

When I was Agriculture Commissioner, my department was one of the first to return money back to the taxpayer. I will bring this same fiscal restraint to Washington. We need to turn our economy around by spending less and taxing less in Washington. That way, we can give private sector businesses the stability and certainty they need to create good-paying jobs for hardworking Kentuckians.

Source: 2016 Kentucky House campaign website Nov 8, 2016

Jim Gray: Think globally when talking about job creation

Jim's top priority is to grow the economy and make sure it works for all of us, especially hardworking families in Kentucky who play by the rules. Our economy has changed, and our policies need to change with it. We need to focus on growth, help small businesses thrive, revitalize manufacturing, empower startups to take off, promote innovation, invest in infrastructure and strengthen our workforce.

Jim will work to create new opportunities and careers across the Commonwealth. He's done this work throughout his career, in business and as Mayor. That work highlights the importance of advanced manufacturing to Kentucky's economy and establishes goals that are critical to providing jobs for Kentucky workers. We have to think globally when talking about job creation in our state and driving exports, training workers, and attracting foreign investment are three critical components to rebuilding our state's unique economy.

Source: 2016 Kentucky Senate campaign website, Aug 8, 2016

Matt Bevin: Must rely on cutting spending to improve financial outlook

Taking immediate action to stabilize Kentucky's future is no longer an option--it is a necessity.

There is no magic wand or money tree in Frankfort to fix Kentucky's financial woes and improve the Commonwealth's credit rating. This budget must rely on either tax increases or spending cuts to get Kentucky's fiscal house in order. Because Kentuckians cannot afford any tax increases, this budget proposal cuts spending and allocates Kentucky's scarce taxpayer dollars more prudently than in years past.

Source: 2016 State of the State speech to Kentucky legislature Jan 26, 2016

Matt Bevin: AdWatch: Supporting a debt-limit increase is too liberal

Matt Bevin blasts McConnell for supporting a debt-limit increase and launching "false attack ads" in a new ad. It's the candidate's first significant statewide broadcast buy, and will also air statewide on cable, according to his campaign.

The ad features Bevin speaking direct-to-camera, declaring "after caving yet again to President Obama on the debt ceiling, all that Mitch McConnell can do is run false attack ads."

A narrator goes on to declare that "thirty years is enough," and calls McConnell "too liberal" and "too long."

McConnell has attacked Bevin in radio ads, knocking him for what the campaign sees as a "pattern of deceptions" from Bevin. McConnell's vote to raise the debt limit drew heavy criticism from conservatives and was seen as a risky vote for him. But the senator retains a solid lead over Bevin, and is heavily favored in the primary.

Source: AdWatch by The Hill weblog on 2014 Kentucky Senate race Mar 31, 2014

Matt Bevin: No budget deal; let the sequester cuts take place

Matt Bevin called on Senate Minority Leader Mitch McConnell to oppose the budget compromise negotiated by Republican Rep. Paul Ryan and Democratic Sen. Patty Murray. The budget deal would keep government running for two years, would increase spending from $967 billion to $1.012 trillion but would pay down the deficit by an additional $20 billion.

McConnell hasn't expressed an opinion specifically about the Ryan-Murray compromise but he has urged other Republicans to stand their ground on the budget and allow another round of sequester-related budget cuts to go into effect in January.

Bevin said he doesn't believe the plan's promised deficit reduction will ever happen: "Mitch McConnell is dodging a major issue. This deal is bad for America because it raises spending in the short-term for long-term cuts that everyone knows will never happen. McConnell should lead Republicans in demanding a deal that, at a bare minimum, sticks to the existing savings of the sequester."

Source: Joseph Gerth in Courier-Journal on 2014 Kentucky Senate race Dec 13, 2013

Mitch McConnell: Proud of role in high-profile deal to end federal shutdown

Alison Grimes' campaign has waged a news-release campaign against McConnell since the partial government shutdown began, accusing him daily of being responsible for the shutdown and labeling him "Senator Gridlock."

McConnell said that his high-profile part in the deal that ended the shutdown and extended the debt ceiling had taken the air out of Grimes' message. "It steps on the whole narrative of her campaign, and so she's desperately trying to criticize something I was praised for by Harry Reid, among others," McConnell said.

The Grimes campaign fired back by noting a number of past remarks McConnell has made proudly proclaiming himself a "guardian of gridlock." A Grimes spokesperson said, "It is an embarrassment that McConnell waited until the 11th hour to stop the manufactured crisis that he and members of Congress created. It is not heroic for McConnell to do his job and reopen the government. Kentuckians now have to pay for McConnell's Washington dysfunction."

Source: Lexington Herald Leader on 2014 Kentucky Senate debate Oct 17, 2013

Mitch McConnell: Supports sequester cuts: 2.4% out of $3.6 trillion budget

Q: Are these budget cuts a done deal?

McCONNELL: The question is: Are we going to keep the commitment we made to the American people a year and a half ago, a bipartisan agreement signed by the president, that we would reduce spending without raising taxes by this amount of money in this fiscal year? This modest reduction of 2.4% in spending over the next six months is a little more than the average American experienced just two months ago, when the payroll tax holiday expired.

Q: You call this a modest cut, but it will cost about 750,000 jobs.

McCONNELL: By any objective standard, cutting 2.4% out of $3.6 trillion is certainly something we can do.

Q: Over a short period of time?

McCONNELL: The sequester was actually the president's idea. He knows that we were not going to raise taxes to achieve this spending reduction this year. The American people need to know that we have a spending addiction in Washington. We've added $6 trillion to the national debt in just four years.

Source: CNN SOTU 2013 interview on 2014 Kentucky Senate race Mar 3, 2013

Jack Reed: Address the sequester & debt ceiling without any new taxes

Q: You think that the budget deal you negotiated is imperfect, and you want to fix it?

McCONNELL: These last-minute deals are no way to run the government. These three issues are coming up: the sequester, the debt ceiling, and the continuing resolution to operate the government. Look, the biggest problem confronting the country is not taxes. It's spending. We don't have this problem because we tax too little; we have it because we spend too much.

Q: The president has said he's willing to engage in more discussions over the sequester and the government shutdown, but that would also include new revenues.

McCONNELL: The tax issue is finished, over, completed. Now the question is, what are we going to do about the biggest problem confronting our country and our future? And that's our spending addiction. It's time to confront it.

Q: You will not accept any new revenues in any new deal?

McCONNELL: Yeah, absolutely. The tax issue is behind us.

Source: ABC This Week 2013 on 2014 Kentucky Senate race Jan 6, 2013

Jack Conway: Against TARP bailouts due to lack of accountability

PAUL: Do you support the president's agenda or do you not support it?

CONWAY: I support some of President Obama's agenda. The stimulus, 1/3 of it went to tax cuts. 1/3 of it went to keeping the jobs of police and firefighters. And 1/3 supposedly went to shovel-ready projects where the administration hasn't done that great a job. Actually, I wouldn't have voted for the bailouts. There weren't enough accountability in them. We had people getting bonuses after getting the bailouts. And on health care, look, we've got 654,000 Kentuckians getting health care for the first time as a result of this bill. What I'm not for, is the $2,000 deductible and taking our health care system back to a pre-World War II system, which is what Rand Paul's on the record as having said. So I'd like to fix health care. He wants to repeal it. And I think that's a stark difference.

Source: Fox News Sunday, 2010 Kentucky Senate debate Oct 3, 2010

Rand Paul: Bank bailout was bad policy & helped no banks in KY

CONWAY: Chris, I'm proposing a hometown tax credit, a 20% tax credit, for the cost of creating a new job. I think it's important that Americans see that our government is not just growing but that we're providing the incentives for the private sector to grow us out of the recession. I also think that we need to get the small and community banks lending once again, because the government bailed out a bunch of big banks on Wall Street, and these regulators have come down awfully hard on the small communit banks.

PAUL: But here's the problem. You say you want new lending from small banks, but you support the banking regulation bill. The problem was with government banks--Fannie Mae, Freddie Mac--bad policy at the Federal Reserve caused the recession, caused the credit crunch. But yet Jack supports--President Obama supports--the new banking regulations, which every bank in Kentucky will tell you it wasn't our problem. No banks failed in Kentucky. But it's much harder to get a loan in Kentucky now.

Source: Fox News Sunday, 2010 Kentucky Senate debate Oct 3, 2010

Steve Beshear: Cut government spending due to the revenue shortfall

Because of the economic slowdown, the cooling of the housing market, oil prices and a gap between what we spend and what we earn, we are facing an unprecedented budgetary shortfall. While this is a situation I inherited, it is my job to fix it. It is not a time for whining or “woe is us”--it is a time for leadership, bold action and temporary cost cutting. We have two options: raise taxes, or cut spending. If the Commonwealth of Kentucky were a family, and we realized we were spending more than we could afford, we’d have no choice but to tighten our belts. Even though state government is not a family, it’s about time we began acting more like one. After all, it is the people’s money, and we need to be as efficient as possible when it comes to taxpayer dollars. Raising taxes is and will continue to be a last resort as long as I’m Governor. So, that leaves cutting government spending. We can wring more efficiency out of state government and I intend to do just that.
Source: Kentucky 2008 State of the State Address Jan 14, 2008

Steve Beshear: Some budget priorities won’t go away despite budget crisis

In the short-term, this budget crisis will unfortunately reduce our ability to make major new investments in some important priorities. However, the need to lower prescription drug costs for our senior citizens will not go away! The need to increase college aid and job training will not go away! The need to send colleges and universities better prepared students will not go away! The need to invest in new 21st century jobs will not go away. I remain fully committed to those priorities.
Source: Kentucky 2008 State of the State Address Jan 14, 2008

Steve Beshear: Revenue situation becomes a golden opportunity for change

Ironically, the revenue situation I inherited becomes a golden opportunity to change the way we do business in Kentucky. It is an opportunity to make every state agency leaner, more efficient and more responsive. It is an opportunity to begin preparing Kentucky to compete in the new economy. It is a way to focus on economic development that will create a stronger economy with jobs of the future rather than those of the past.
Source: Kentucky 2008 State of the State Address Jan 14, 2008

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