Finance Bill

“ I am asking the United States Congress to pass a real campaign finance reform bill this year. I ask you to increase the participation of the American people by passing the motor voter bill promptly. I ask you to deal with the undue influence of special interests by passing a bill to end the tax deduction for lobbying and to act quickly to require all the people who lobby you to register as lobbyists by passing the lobbying registration bill. ”

“ No payments will be made from the Treasury Consolidated Account except under an
appropriation made in the annual budget or supplementary budget law, under a standing
appropriation of another Law, or to make an investment in terms of Section 5 (4) (c) of this
Law.
3) Spending units will use the funds determined in the federal budget in accordance with a
spending plan that has been approved by the Minister of Finance.
4) Spending units may not commit to making expenditures that exceed the amounts allocated to
them, unless otherwise provided by the budget law. ”

“ Today, Irish Americans celebrate this history and the contributions that their brethren have made to all aspects of American life-providing leadership in Government, the law, business, finance, literature, and the arts. Renewed interest in Gaelic culture has led to university courses in Irish studies, and hundreds of Saint Patrick's Day parades across the country attest to the vigor of Irish American communities. This month and throughout the year, let us recognize the gifts brought to America by children of Ireland and honor the strengths they have added to our national character. ”

“ The budget should, among other things, show budgeted revenues, expenses, profits
or loss, capital expenditure, cash flows, borrowings, grants, transfers, contingent liabilities
including guarantees, and balance sheet. Any amendments to the budget shall also be
submitted to the Minister for Finance for review and approval. The Minister of Finance shall
respect the operational independence of public corporations. ”

“ The proper order of the leading measures of finance has always been a subject of contention. Grave differences of opinion exist, even to this day, concerning the necessity and expediency of the legal- tender provision. The judgment of many whose financial sagacity is entitled to respect is, that if the internal tax had been first levied, and the policy adopted of drawing directly upon the banks from the Treasury for the amounts of any loans in their hands, the resort by the government to irredeemable paper might at least have been postponed and possibly prevented. ”

“ On January 29, 1997, pursuant to section 115 of the URAA, the United States Trade Representative (USTR) submitted a report to the Committee on Ways and Means of the House of Representatives and the Committee on Finance of the Senate ("the Committees") that set forth the proposed tariff eliminations and corrections in existing tariff treatment, together with the advice received from the appropriate private sector advisory committee and the U.S. International Trade Commission regarding such actions. ”

“ If the Budget Law is not approved before the first day of the following fiscal year, the budget of the previous year shall be considered to be automatically prorogued until the new budget is approved.
⁠II. Once the General Budget of the State has been approved, only the Government may present Bills requiring an increase in public expenditure or a decrease in revenue, and any proposed law, or amendments to a Bill or proposed law involving an increase in expenditure or a decrease in revenue, shall require the approval of the Government before they are put through the normal channels. ”

“ First Concurrent Resolution on the Budget must be Adopted before Legislation Providing New Budget Authority, New Spending Authority, or Changes in Revenues or Public Debt Limit is Considered. (a) In General.—It shall not be in order in either the House of Representatives or the Senate to consider any bill or resolution (or amendment thereto) which provides—
(1) new budget authority for a fiscal year;
(2) an increase or decrease in revenues to become effective during a fiscal year ”

“ The members of the convention were clear on what not to do and on what not to have in a financial system ; but the absence of all discussion of financial topics, except those of the salaries and of the use of public credit, seems to indicate a pretty complete lack of constructive ideas pertaining to finance. Nevertheless, with the starting of the machinery of state government taxation and public expenditure must begin. To live the state government had to have support. Some financial system had to be evolved having conformity to the constitutional restrictions. ”

“ A revolving loan fund should be provided for the necessary financing until these agencies shall have developed means of financing their operations through regularly constituted credit institutions. Such a bill should carry authority for raising the money, by loans or otherwise, necessary to meet the expense, as the Treasury has no surplus. ”

“ The National Assembly shall have the power to alter budget items, but shall not authorize measures leading to a decrease in public revenues or to expenses exceeding the estimated revenue amounts in the budget bill.
In submitting the multiyear budget framework, the special indebtedness law and the annual budget, the National Executive Branch shall explicitly state the long term objectives of fiscal Policy and explain how these objectives are to be achieved, in accordance with principles of responsibility and a fiscal balance. ”

“ Taking out loans and putting up securities, guarantees and other warranties which may lead to expenditure in future financial years shall require a specific or specifiable legal authorisation depending on the amount. To meet the needs of overall economic equilibrium, revenue from loans may be included in the budget as a rule only up to a maximum of the sum of the expenditure for investments estimated in the budget. The details shall be regulated by legislation. ”

“ It is true, that we cannot originate such a bill; but, undoubtedly, in contemplating the condition of the public affairs, and in the right consideration of all questions touching the amount of the revenue, and the mode in which it shall be raised, and involving the great questions of expenditure and retrenchment, and how far the expenses of the government may safely and properly be diminished, it is perfectly legitimate for us to deliberate and to act as duty may demand. ”

“ If this be the case, the public debt must accumulate; and as we do not know when the time may come for its extinguishment, the provision cannot be limited; for every gentleman will agree, that if the demand for revenue be increased, the fund ought to be commensurate to the object. Is there any time when the civil list will cease its demand? If there is not, there will be a perpetual call for revenue. He thought it absolutely impossible to provide for the payment of the debts, if the bill was limited to two, three, or four years ”

“ Another suggestion has been made; that paper currency, which has a fund assigned for its redemption by the state, which authorizes its issue, does not constitutionally fall within the description of "bills of credit." The latter words (it is said) appropriately import bills drawn on credit merely, and not bottomed upon any real or substantial fund for their redemption; and there is a material, and well known distinction between a bill drawn upon a fund, and one drawn upon credit only. ”

“ The Ministry of Finance can authorize the responsible Minister or Ministers, subject to the
provision below, to reallocate the approved budget appropriations from one spending unit to
another up to a limit of five per cent of the amount approved by the annual or supplementary
budget law for the spending unit that is to have its appropriation reduced. ”

“ It will be the duty of Congress wisely to forecast and estimate these extraordinary demands, and, having added them to our ordinary expenditures, to so adjust our revenue laws that no considerable annual surplus will remain. We will fortunately be able to apply to the redemption of the public debt any small and unforeseen excess of revenue. This is better than to reduce our income below our necessary expenditures, with the resulting choice between another change of our revenue laws and an increase of the public debt. ”

“ It is well known, that the great minister who presides over our finances, took occasion, at opening the Budget in April last, to enter into a particular account of the state of the nation. In this account, he represented us as in a condition the most sound and happy; our trade and revenue flourishing; our common people well provided for; our debts and taxes light; our current specie sufficiently ample; our paper-circulation safe; and the Bank, in particular, as little less firm and durable than the world. ”

“ We have made great strides in bringing the Federal budget deficit under control. Fiscal restraint has prompted a surge in business investment. We are in the process of implementing a policy that encourages private and public partnerships. ”

“ The Committee said explicitly: 'Under the present law worthless debts are deductible in full or not at all.' [5] While the change was struck out by the Finance Committee of the Senate, the provision was restored on the floor of the Senate and became a law as proposed by the House. ”

“ Financial measures, of various kinds, for borrowing money to supply the wants of the treasury, beyond the receipts from taxation and the sales of the public lands, have been adopted by the government since the United States became an independent nation. Subscriptions for a loan of twelve millions of dollars were, on the 4th of August, 1790, directed to be opened at the treasury, to be made payable in certificates issued for the debt according to their specie value. ”

“ For the loan which has been made since the last session of Congress, we should now set the example of appropriating some particular tax, sufficient to pay the interest annually, and the principal within a fixed term, less than nineteen years. And I hope yourself and your committee will render the immortal service of introducing this practice. Not that it is expected that Congress should formally declare such a principle. They wisely enough avoid deciding on abstract questions. But they may be induced to keep themselves within its limits. ”

“ The Council of Ministers
may, within the agreed aggregate limit, adjust appropriations in accordance with their
collective priorities. Any increase in the aggregate spending limit must be based on a
proposal submitted by the Minister of Finance and approved by the Council of Ministers. ”

“ In view of the large national debt existing and the obligation to add 1 per cent per annum to the sinking fund, a sum amounting now to over $34,000,000 per annum, I submit whether revenues should not be increased or expenditures diminished to reach this amount of surplus. Not to provide for the sinking fund is a partial failure to comply with the contracts and obligations of the Government. At the last session of Congress a very considerable reduction was made in rates of taxation and in the number of articles submitted to taxation ”

“ At the last session I had occasion to return with my objections several bills making provisions for the erection of public buildings for the reason that the expenditures contemplated were, in my opinion, greatly in excess of any public need. No class of legislation is more liable to abuse or to degenerate into an unseemly scramble about the public Treasury than this. There should be exercised in this matter a wise economy, based upon some responsible and impartial examination and report as to each case, under a general law. ”

“ Sound policy demands that Government expenditures be reduced to the lowest amount which will permit the various services to operate efficiently and that Government receipts from taxes and salvage be maintained sufficiently high to provide for current requirements, including interest and sinking fund charges on the public debt, and at the same time retire the floating debt and part of the Victory Loan before maturity. ”

“ The temporary loan obtained in the latter end of the year 1810 has also been reimbursed, and is not included in that amount.
The decrease of revenue arising from the situation of our commerce, and the extraordinary expenses which have and may become necessary, must be taken into view in making commensurate provisions for the ensuing year; and I recommend to your consideration the propriety of insuring a sufficiency of annual revenue at least to defray the ordinary expenses of Government, and to pay the interest on the public debt, including that on new loans which may be authorized. ”

“ In the present state of legislation the only pretense of any existing executive power to restore at this time any part of our surplus revenues to the people by its expenditure consists in the supposition that the Secretary of the Treasury may enter the market and purchase the bonds of the Government not yet due, at a rate of premium to be agreed upon. ”

“ With rigid economy, vigorous salvage operations, and adequate revenues from taxation, a surplus of current receipts over current expenditures can be realized and should be applied to the floating debt. All branches of the Government should cooperate to see that this program is realized. I cannot overemphasize the necessity of economy in Government appropriations and expenditures and the avoidance by the Congress of practices which take money from the Treasury by indefinite or revolving fund appropriations. ”