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Bob Schaffer on Budget & Economy

Senate challenger 2008; previously Republican Representative (CO-4)


$700 billion bailout is necessary but essentially a tax

Udall and Schaffer sparred over who is to blame for the policies that have led to talks of a bail out of the financial industry.

Udall accused Schaffer of supporting the policies that have led to the economic crisis, while Schaffer responded that Udall has voted against having more oversight for companies like Fannie Mae and Freddie Mac.

Schaffer said the proposed $700 billion bailout is necessary but ďessentially a tax.Ē Udall says the plan is not supported by his constituents.

Source: 2008 Colorado Senate debate reported by AP in Boston Herald Sep 28, 2008

$700B bailout is dead hand of government making things worse

Q: You said you didnít like anything about this bailout bill. You described it as the dead hand of government making things worse.

SCHAFFER: Thereís nothing to like about the notion that there is a $700 billion fix needed with respect to a collapse on Wall Street. Thatís about $10,000 to $11,000 per American household. Itís essentially a tax. So youíre correct. For the Congress to suggest that thereís something to celebrate is exactly wrong.

Q: Chris Cox, the chairman of the SEC, said itís not the dead hand of government, but the blind eye of government. He now apologizes for deregulating. So isnít it time to reinstitute closer regulation of Wall Street?

SCHAFFER: In some areas, perhaps, with respect to transparency, & with respect to certain areas of accountability. But not in a way that slows or constrains the ability of the economy to grow.

Source: 2008 Colorado Senate Debate on Meet the Press Sep 28, 2008

Congressí 2007 laws made private sector pay for bailout

Q: Isnít it time to reinstitute closer regulation of Wall Street?

UDALL: What we canít do, is return to the policies that Schaffer supported & supports today, which are tax breaks for CEOs & companies that offshore jobs.

SCHAFFER: Thatís not true.

UDALL: Thatís not going to get us to health in our financial system. Schaffer supported a lessening of regulation.

SCHAFFER: Thatís not true either. You voted against several amendments. You voted against establishing minimum capital levels for Fannie Mae and Freddie Mac. You voted in 2007 to further loosen Fannie Mae and Freddie Macís credit limits. That leads directly to the crisis weíre seeing on Wall Street today.

UDALL: This is [the result of deregulation during] 10 years of the Bush administration, of the Reagan revolution coming to its logical conclusion.

SCHAFFER: Those of us whoíve been back home in the private sector working hard for the last 6 years are sick & tired of these kinds of votes that make all of the rest of us pay.

Source: 2008 Colorado Senate Debate on Meet the Press Sep 28, 2008

Balance the budget; oppose automatic pay raises in Congress

Bob has made several policy presentations to citizen groups and civic organizations throughout Colorado over the past year on the topic of responsible spending and fiscal reform. Following are some of the ideas Bob has proposed on the campaign trail: Protect Americans from wasteful earmarks; Balance the budget; Hold government accountable; Hold the Congress accountable; No more automatic pay raises for Members of Congress; Reform the budget-entitlement traditions; Consider biennial budgeting.
Source: Campaign website, www.bobschafferforsenate.com Aug 16, 2008

Allow $3 on 1040 form to pay off National Debt.

Schaffer co-sponsored allowing $3 on 1040 form to pay off National Debt

OFFICIAL CONGRESSIONAL SUMMARY: Amends the Internal Revenue Code to permit an individual to designate three dollars on his or her income tax return (six dollars on a joint return) to be used to reduce the public debt of the United States.

SPONSOR'S INTRODUCTORY STATEMENT: Pres. Eisenhower apparently once said that he believed that there could be no surplus as long as our Nation was in debt. I come from that school of thought, and yet that is not exactly where we are right now in Washington.

Where we are right now is debating whether or not 90 percent or 50 percent, or some number in between, of these projected future surpluses should be allocated to the debt. What struck me is the fact that really more than just the Congress should be involved in that debate. It is for that reason that I introduce today the Taxpayers' Choice Debt Reduction Act.

What this bill would do would be to simply take the 1040, the tax return as we now know it. And right now, we can send $3 to the presidential campaign. This would create another box wherein we could send 3 bucks to debt reduction. That is not enough money to change our national debt, but it is enough money to make a small step in an important debate that we all ought to be a part of.

LEGISLATIVE OUTCOME: Referred to the House Committee on Ways and Means; never called for a House vote.

Source: Taxpayers' Choice Debt Reduction Act (H.R.5349) 00-HR5349 on Sep 29, 2000

2010 Governor, House and Senate candidates on Budget & Economy: Bob Schaffer on other issues:
CO Gubernatorial:
John Hickenlooper
CO Senatorial:
Mark Udall
Michael Bennet

Dem. Freshmen
in 112th Congress:

AL-7:Terri Sewell
CA-33:Karen Bass
DE-0:John Carney
FL-17:Frederica Wilson
HI-1:Colleen Hanabusa
LA-2:Cedric Richmond
MA-10:Bill Keating
MI-13:Hansen Clarke
RI-1:David Cicilline
GOP Freshmen
in 112th Congress:

AL-2:Martha Roby
AL-5:Mo Brooks
AZ-1:Paul Gosar
AZ-3:Ben Quayle
AZ-5:David Schweikert
AR-1:Rick Crawford
AR-2:Tim Griffin
AR-3:Steve Womack
CA-19:Jeff Denham
CO-3:Scott Tipton
CO-4:Cory Gardner
FL-12:Dennis Ross
FL-2:Steve Southerland
FL-21:Mario Diaz-Balart
FL-22:Allen West
FL-24:Sandy Adams
FL-25:David Rivera
FL-5:Rich Nugent
FL-8:Dan Webster
GA-2:Mike Keown
GA-7:Rob Woodall
GA-8:Austin Scott
ID-1:Raul Labrador
IL-8:Joe Walsh
IL-10:Bob Dold
IL-11:Adam Kinzinger
IL-14:Randy Hultgren
IL-17:Bobby Schilling
IL-8:Joe Walsh
IN-3:Marlin Stutzman
IN-4:Todd Rokita
IN-8:Larry Bucshon
IN-9:Todd Young
KS-1:Tim Huelskamp
KS-3:Kevin Yoder
KS-5:Mike Pompeo
LA-3:Jeff Landry
MD-1:Andy Harris
MI-1:Dan Benishek
MI-2:Bill Huizenga
MI-3:Justin Amash
MI-7:Tim Walberg
MN-8:Chip Cravaack
MO-4:Vicky Hartzler
MO-7:Billy Long
MS-1:Alan Nunnelee
MS-4:Steven Palazzo
GOP Freshmen
in 111th Congress:

NC-2:Renee Ellmers
ND-0:Rick Berg
NH-2:Charlie Bass
NH-1:Frank Guinta
NJ-3:Jon Runyan
NM-2:Steve Pearce
NV-3:Joe Heck
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NY-19:Nan Hayworth
NY-20:Chris Gibson
NY-24:Richard Hanna
NY-25:Ann Marie Buerkle
NY-29:Tom Reed
OH-1:Steve Chabot
OH-15:Steve Stivers
OH-16:Jim Renacci
OH-18:Bob Gibbs
OH-6:Bill Johnson
OK-5:James Lankford
PA-10:Tom Marino
PA-11:Lou Barletta
PA-3:Mike Kelly
PA-7:Patrick Meehan
PA-8:Mike Fitzpatrick
SC-1:Tim Scott
SC-3:Jeff Duncan
SC-4:Trey Gowdy
SC-5:Mick Mulvaney
SD-0:Kristi Noem
TN-3:Chuck Fleischmann
TN-4:Scott DesJarlais
TN-6:Diane Black
TN-8:Stephen Fincher
TX-17:Bill Flores
TX-23:Quico Canseco
TX-27:Blake Farenthold
VA-2:Scott Rigell
VA-5:Robert Hurt
VA-9:Morgan Griffith
WA-3:Jaime Herrera
WI-7:Sean Duffy
WI-8:Reid Ribble
WV-1:David McKinley
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Page last updated: Mar 08, 2011