issues2000

Topics in the News: Bailout & Stimulus


Jeb Bush on Budget & Economy : Feb 4, 2015
6-year recovery has been slower than other comebacks

Bush said he's worried about the slow pace of the six-year economic recovery in comparison with other comebacks since World War II, which has resulted in a drop in median income and millions of people giving up looking for a job. "The recovery has been everywhere but in the family paychecks," Bush said.

"The central question we face here in Detroit and across America is this: Can we restore that dream--that moral promise--that each generation can do better?" Bush outlined what he called a set of principles embracing "reform everywhere, especially in our government," giving more power to the states to solve problems and relying less on directives from the federal government.

Click for Jeb Bush on other issues.   Source: Detroit News, "Right-to-rise society"

Lindsey Graham on War & Peace : Jun 15, 2014
ISIS plans to take Jordan; that throws Mideast into turmoil

Q: You think US airstrikes are the only answer in Iraq?

GRAHAM: Economic instability that comes from a collapsed Iraq will affect gas prices and our economic recovery. But the main reason is, if ISIS is not dealt with, that's the staging area for a new attack on the United States. They have a lot of wealth. They will plan an attack against our country. And my biggest fear is that they're going to march toward Jordan. And I hope America understands that, if the king of Jordan goes, if he's the victim of these guys, then the whole Mideast is in turmoil.

Q: And you really thinks that's possible?

GRAHAM: Yes.

Q: What makes you think they have the organization to pull something like that off?

GRAHAM: What makes you think they don't? Look what's happened. They have basically occupied a portion of Syria. They're going into Baghdad. They will consolidate economic and military power. They will march towards Jordan and Lebanon. And they will use that space to attack us.

Click for Lindsey Graham on other issues.   Source: CNN SOTU 2014 interviews of 2016 presidential hopefuls

Joe Biden on Corporations : Mar 1, 2014
We bet on Detroit automakers in 2009, and we won!

It's a January morning in Detroit, and Joe Biden, whose carefree reputation belies an obsession with preparation, is laboring over the speech he will deliver at the nearby auto show. The show is a high point of the year for Detroit, a city that can't even afford to maintain its streetlights.

When the vice president finally speaks, offering up a 20-minute performance that is a classic Biden hodgepodge, he ends up with a ramble that includes a victory lap for the 2009 auto bailout he championed ("We and the American people placed a bet on all of you sitting in front of me. We won!"), an homage to American muscle cars ("I love that Cadillac ATS!") and a bit of campaign rhetoric, ready-made to outflank Clinton in the industrial heartland ("This is going to be the American century in manufacturing!").

Click for Joe Biden on other issues.   Source: Politico Mag profile, "Joe Biden in Winter"

Jeb Bush on Budget & Economy : Feb 4, 2014
Stimulus more related to liberal agenda than stimulus

On Feb. 23, Jeb Bush called my support for the president's economic stimulus "unforgiveable." Jeb started sweetly. I was a "talented guy," he said, "about the nicest guy I've ever met in politics." Then he let loose.

"There's one thing that he has done that I just find unforgiveable. He is the only statewide political leader that I'm aware of, that embraced the stimulus package when Republicans were fighting to suggest an alternative."

Now, I do believe that some things in life are unforgiveable But accepting money from Washington to save jobs of teachers, police officers, and firefighters and help revive our economy? No, that's not one of them. Besides, almost every governor ended up taking some or all of the money. I was just the only Republican who was so up-front about it.

Jeb kept pounding on the stimulus, which he termed "a massive spending bill that is not related to stimulus. It is related to trying to carry out a liberal agenda."

Click for Jeb Bush on other issues.   Source: The Party's Over, by Charlie Crist, p.218-219

Ted Cruz on Government Reform : Jan 26, 2014
Debt ceiling limits "blank check" of federal spending

Q: Will you agree to raise the debt ceiling or demand something in return?

CRUZ: Of course we should do something. We shouldn't just write a blank check. Five years ago, the national debt was $10 trillion. Today, it's over $17 trillion. It's grown nearly 70% with one president in five years. Ask any American outside of Washington, "Should we just keep raising the debt ceiling while doing nothing to have fundamental structural control of spending?" In the past, the debt ceiling has been the most effective lever point for real structural reforms whether it was Graham-Rudman, which did great job of getting government spending under control, or whether it was the Budget Control Act. Both of those came through the debt ceiling. And what the president is saying is he just wants a blank credit card to keep growing and growing the dealt. And I think that's irresponsible. I think it's irresponsible to our kids and grandkids to stick that debt on them, because we can't live within our means.

Click for Ted Cruz on other issues.   Source: Face the Nation 2014 interview: 2016 presidential hopefuls

Scott Walker on Corporations : Jan 22, 2014
Put in place manufacturing/agriculture production tax credit

Manufacturing and agriculture are two of our core industries in Wisconsin. Thankfully, both are playing a big role in our economic recovery. From Nov. 2012 to Nov. 2013, we rank 7th highest in the country in manufacturing job growth. Milk production went up at double the national rate over the past year.

To keep these positive trends going, we put in place the manufacturing and agriculture production tax credit last year. Now, if you are an employer in one of these key industries, you should look at growing in Wisconsin as this credit will eventually wipe out almost all of your taxable liability. That is a really big deal because it gives you the opportunity to invest the capital necessary to help create more jobs. This program is a game changer for employers in manufacturing and agriculture.

Click for Scott Walker on other issues.   Source: 2014 State of the State Address to Wisconsin legislature

Paul Ryan on Tax Reform : Jan 27, 2013
Are we for more revenues? No, we're not.

Q: This debt ceiling has been raised, at least temporarily, but you said that your priority is to make a big down payment on the debt.

RYAN: That's right.

Q: What do you specifically require?

RYAN: Our goal is to get cuts and reforms that put us on a path to balancing the budget within a decade. But literally the Senate hasn't budgeted in four years. We need to have a kind of debate in this country about how we're going to make these choices

Q: A lot of the Democrats and even the White House say they're willing to do tax reform where there could be additional revenue. Are you saying that you're opposed to any additional revenue that could come from tax reform?

RYAN: Are we for more revenues? No, we're not.

Q: Even if it comes from tax reform?

RYAN: If you keep raising revenues, you're not going to get decent tax reform. If you keep chasing higher spending with higher revenues, as they're calling for, you're going to actually hurt economic growth. You'll never catch up.

Click for Paul Ryan on other issues.   Source: Meet the Press 2013 interviews: 2016 presidential hopefuls

Lindsey Graham on Budget & Economy : Jan 6, 2013
Dollar-for-dollar offset: cut spending to raise debt ceiling

Q: This debt ceiling will need to be raised sometime in February. Where are you on the idea of a partial or a full government shutdown to stop the spending in order to get some cuts in exchange raising the debt ceiling?

GRAHAM: I believe we need to raise the debt ceiling, but if we don't raise it without a plan to get out of debt, all of us should be fired. Every American owes $52,000 in terms of their share of the national debt. I want to raise the debt ceiling, but I will not do it without a plan to get out of debt. If you raise the debt ceiling by a dollar, you should cut spending by a dollar. That is the way to go forward. So a dollar for dollar offset and a budget I think are two conditions to raising the debt ceiling.

Q: And you would not raise them unless you've got cuts certain in spending. You will not raise the debt ceiling?

GRAHAM: I'm not going to borrow trillions more dollars without a plan to get out of debt.

Click for Lindsey Graham on other issues.   Source: CNN SOTU 2013 interview on 2014 South Carolina Senate race

Paul Ryan on Budget & Economy : Apr 24, 2012
Mandatory spending cap as percentage of GDP

David Camp led off with a brief presentation on the 220-year history of the debt ceiling and the Treasury Secretary's statement that it must be raised to avoid federal default. Though he did not volunteer this, Camp himself had voted to raise the debt ceiling in the past, as had Ryan, the next speaker. Ryan then discussed some basic options for the members to consider demanding of the White House, including mandatory spending caps as a percentage of gross domestic product.
Click for Paul Ryan on other issues.   Source: Do Not Ask What Good We Do, by Robert Draper, p.226

Paul Ryan on Budget & Economy : Apr 24, 2012
Reduce deficit by $6.2T over 10 years with no tax increase

Throughout the talks [on the debt ceiling], 4 documents sat alongside the 7 men: the Ryan budget proposal, Obama's budget framework, the report by the White House debt commission known as Bowles-Simpson, and the bipartisan task force plan steered by former Republican Senator Pete Domenici and former Clinton White House budget director Alan Rivlin. Obama's framework proposed to reduce the deficit by $2.5 trillion over the next decade; Bowles-Simpson by $3.8 trillion; Rivlin-Domenici by $6 trillion; and Ryan's plan by $6.2 trillion. 3 of the 4 proposals included revenue increases as part of the package. Only the Republican plan authored by Paul Ryan did not.

During the very first meeting, Biden made clear that Obama would only sign on to a deal that included revenue increases. Biden repeated publicly the stipulation that "revenues are gonna have to be in the deal."

Click for Paul Ryan on other issues.   Source: Do Not Ask What Good We Do, by Robert Draper, p.230-232

Joe Biden on Tax Reform : Apr 24, 2012
Tax revenue increases must be part of budget deal

Throughout the talks [on the debt ceiling], 4 documents sat alongside the 7 men: the Ryan budget proposal, Obama's budget framework, the report by the White House debt commission known as Bowles-Simpson, and the bipartisan task force plan known as Rivlin-Domenici. Obama's framework proposed to reduce the deficit by $2.5 trillion over the next decade; Bowles-Simpson by $3.8 trillion; Rivlin-Domenici by $6 trillion; and Ryan's plan by $6.2 trillion. 3 of the 4 proposals included revenue increases as part of the package. Only the Republican plan authored by Paul Ryan did not.

During the very first meeting, Biden made clear that Obama would only sign on to a deal that included revenue increases. Cantor did not object. Biden repeated publicly the stipulation that "revenues are gonna have to be in the deal," while Cantor publicly said the opposite: "Tax increases are not going to be something we're going to support in the House."

Click for Joe Biden on other issues.   Source: Do Not Ask What Good We Do, by Robert Draper, p.230-232

Nikki Haley on Budget & Economy : Apr 3, 2012
No debt-ceiling increase without spending cuts & caps

Holding government accountable and breaking the spend-and-borrow cycle is why I worked with Texas governor Rick Perry to recruit other governors to support the "cut, cap and balance" plan in the debt-ceiling negotiations last summer. Governor Perry and I wrote an op-ed for the Washington Post in which we opposed an increase in the debt ceiling unless 3 commonsense things happened: First, we needed to have substantial cuts in spending. Otherwise, what was the point? Second, we needed to have enforceable spending caps to prevent Congress from spending extra revenues instead of using them to pay down the debt or returning them to the taxpayers. And third, we wanted to see congressional passage of a balanced-budget amendment to the US Constitution. The federal government should be forced to do what most of the 50 states already have to do.

We didn't get "cut, cap and balance." So what DID we get? A whole lot of talk, some good intentions, but no resolution to our debt crisis.

Click for Nikki Haley on other issues.   Source: Can't Is Not an Option, by Gov. Nikki Haley, p.231

Rick Perry on Budget & Economy : Apr 3, 2012
No debt-ceiling increase without spending cuts & caps

Holding government accountable and breaking the spend-and-borrow cycle is why I worked with Texas governor Rick Perry to recruit other governors to support the "cut, cap and balance" plan in the debt-ceiling negotiations last summer. Governor Perry and I wrote an op-ed for the Washington Post in which we opposed an increase in the debt ceiling unless 3 commonsense things happened: First, we needed to have substantial cuts in spending. Otherwise, what was the point? Second, we needed to have enforceable spending caps to prevent Congress from spending extra revenues instead of using them to pay down the debt or returning them to the taxpayers. And third, we wanted to see congressional passage of a balanced-budget amendment to the US Constitution. The federal government should be forced to do what most of the 50 states already have to do.

We didn't get "cut, cap and balance." So what DID we get? A whole lot of talk, some good intentions, but no resolution to our debt crisis.

Click for Rick Perry on other issues.   Source: Can't Is Not an Option, by Gov. Nikki Haley, p.231

Paul Ryan on Budget & Economy : Apr 2, 2012
Replace PAYGO with CUTGO: new spending must cut elsewhere

Click for Paul Ryan on other issues.   Source: The Path to Prosperity, by Paul Ryan, p. 72

Rick Santorum on Budget & Economy : Feb 22, 2012
I opposed the Wall Street bailouts and the auto bailout

Q: You opposed the auto bailout. What do you say to an auto worker who has that job because of the bailout?

SANTORUM: I would just say to them that I in principle oppose government coming in and bailing out an industry with government dollars and with government manipulation of that market, which is exactly what happened twice, in 2008 & 2009. The first time was the Wall Street bailout. On principle, I opposed the Wall Street bailout, even though I understand reasonable people could disagree. I felt that having the government come in in such a major way and have a huge influence over the direction of that industry, that that would be damaging to what I believe is the best way to resolve these types of problems, which lets the market work, constructive capitalism. And that means pain. I understand that. But it also means limited government and allowing markets to work because we believe they're more efficient over time. I held the same consistent position when it came to the auto bailouts.

Click for Rick Santorum on other issues.   Source: CNN's 2012 GOP Debate on eve of Arizona Primary

Mitt Romney on Corporations : Feb 22, 2012
We should have forced automakers into managed bankruptcies

SANTORUM [to Romney]: On principle, I opposed the Wall Street bailout. I held the same consistent position when it came to the auto bailouts. With Gov. Romney, that was not the case. He bailed out Wall Street. And then when it came to the auto workers, he said no.

ROMNEY: Let's go back to the auto industry in 2008. The three CEOs of the three major auto companies got in their private planes and flew to Washington and said, please write us a check. I think they wanted $50 billion. And I wrote an Op-Ed and said, absolutely not. These companies need to go through a managed bankruptcy, just like other industries have. And if they shed the excessive cost that's been put on them by the UAW and by their own mismanagement, then if they need help coming out of bankruptcy, the government can provide guarantees. No way would we allow the auto industry in America to totally implode and disappear. With TARP, there were some pretty high risks that not just Wall Street banks, but all banks would collapse

Click for Mitt Romney on other issues.   Source: CNN's 2012 GOP Debate on eve of Arizona Primary

Mitt Romney on Jobs : Feb 22, 2012
Mistake to give automakers to unions as part of auto bailout

Q: During the 2008 auto bailout, people in the Bush administration said they would have preferred the structured bankruptcy route that you advocate, but that there was no private capital available. That nobody would give the auto companies money, so their choice was to either give government money or have them liquidate.

ROMNEY: I wrote in my Op-Ed piece, look, these companies need to go through managed bankruptcy. And the head of the UAW said "We can't; the industry will disappear if that happens." And the politicians, Barack Obama's people, "oh no, we can't go through managed bankruptcy." They wrote $17 billion in checks to the auto companies in 6 months. Then they finally realized I was right. They finally put them through managed bankruptcy. Those monies they put in beforehand--it was wasted money. And because they put that money in, the president gave the companies to the UAW, they were part of the reason the companies were in trouble. Giving these companies to the UAW was wrong

Click for Mitt Romney on other issues.   Source: CNN's 2012 GOP Debate on eve of Arizona Primary

Rand Paul on Budget & Economy : Jan 10, 2012
We are borrowing $40,000 per second

Strong GOP support for the Cut, Cap, and Balance plan (which would cut current spending, cap future spending, and balance the federal budget) in the House signaled that more Republicans than ever were finally willing to get behind serious reform. Changing Washington's spending habits simply requires the will to do so. There are solutions on the table. I've proposed them. So have others.

At best, our current policies are merely slowing down our fast-approaching default. We are borrowing $40,000 per second. Entitlements and interest will consume the entire budget within a decade. When they say the appointed Super Committee that was part of the 2011 budget deal will cut $2 trillion, what they really mean is that it will cut $2 trillion from proposed increases in spending. So instead of adding $9 trillion to the debt over 10 years, we will merely add $7 trillion. Suffice it to say, this is not a cut. Only in Washington can the accumulation of so much new debt be seen as fiscal responsibility

Click for Rand Paul on other issues.   Source: Now Or Never, by Sen. Jim DeMint, p. xv-xvi

Barack Obama on Budget & Economy : Jan 10, 2012
We don't need a Constitutional amendment to balance budget

Senate Majority Leader Harry Reid called Cut, Cap, and Balance the worse legislation in history, and the President condemned a balanced budget amendment to the Constitution as extreme. Obama arrogantly said, "We don't need a constitutional amendment to do our job." Well, Mr. President, yes, in fact, we do need an amendment. How has Congress "doing its job" of spending taxpayer dollars wisely worked out for America? The truth is, Washington hasn't been doing its job for a very long time.

Hundreds of conservative organizations and Tea Party groups got behind the responsible Cut, Cap, and Balance plan. After the House passed it with a large majority (including 5 Blue Dog Democrats) Senator Reid promised a full debate in the Senate.

Many polls showed increased public support for the bill and a balanced budget amendment. Over 70% of Americans supported a balanced budget amendment to the Constitution, and a CNN poll found 66% of Americans supported the Cut, Cap, and Balance bill.

Click for Barack Obama on other issues.   Source: Now Or Never, by Sen. Jim DeMint, p.127

Newt Gingrich on Homeland Security : Oct 11, 2011
It's nonsense to disarm America to balance the budget

GINGRICH: The Congress couldn't figure out how to get the debt ceiling done with a president who shows zero leadership, so they adopt a truly stupid bill [establishing the supercommittee]. And the bill basically says: "We're either going to shoot ourselves in the head, or cut off our right leg. And we'll come in around Thanksgiving, and we'll show you how we're going to cut off the right leg. And the alternative will be shooting ourselves in the head." Let me just say bluntly, all of the spending cuts that are built into the debt ceiling bill--all of them are acts of Congress. They can all be repealed at any moment. It is nonsense to say we're going to disarm the United States unilaterally because we're too stupid to balance the budget any other way. (Applause.)
Click for Newt Gingrich on other issues.   Source: 2011 GOP debate at Dartmouth College, NH

Joe Biden on Budget & Economy : Sep 20, 2011
Increase debt ceiling & Commission on Fiscal Responsibility

Biden had been brilliant in December, negotiating a raised debt ceiling in exchange for the creation of a bipartisan National Commission on Fiscal Responsibility, headed by retired Wyoming Republican senator Alan Simpson and Erskine Bowles, Clinton's former chief of staff, and all-around responsible appointee, to shape a plan for a sustainable future.

Erskine Bowles cut right to the chase. "Leave your friends at home," he said. "They just create problems when you get to Washington."

Click for Joe Biden on other issues.   Source: Confidence Men, by Ron Suskind, p.134 & 387

Gary Johnson on Budget & Economy : Aug 21, 2011
We could have avoided default without raising debt ceiling

Q: You've said that you would not have raised the debt ceiling and that it would have still been possible to avoid default. How?

A: We would have still brought in $200 billion a month. How we make payments [determines] whether we default on any bills. But obviously going forward, we have to put the brakes on spending. I just argue that it will never be easier than now. In the bond market, if no one was buying our debt, that would mean the Federal Reserve printing money as opposed to individuals or countries loaning us money; that's the bond market collapsing--so when that happens, that is a whole lot of money and it has to result in inflation. Russia is the most recent example. As frightening as that scenario is, that's what going to happen. But we can fix this--there's going to be a lot of hardship and pain, but that's better than killing the patient and, the way we're going, we're going to kill the patient in a monetary collapse. But I am an optimist because I think it can be fixed.

Click for Gary Johnson on other issues.   Source: Interview by Scott Holleran on scottholleran.com blog

Jon Huntsman on Budget & Economy : Aug 11, 2011
I stood up for debt ceiling increase and against default

SANTORUM [to Huntsman]: Rep. Bachmann had an opportunity to lead, but couldn't lead the Congress to do something responsible in making sure that we didn't have the fiasco that we have in place now.

BACHMANN: That we have to raise the debt ceiling and spend money that we don't have is the wrong premise. [We should] have our balanced budgets and also have our spending priorities in order.

HUNTSMAN: I'm the only one on this stage who stood up for a deal, for the Boehner deal, against this nation defaulting. I know I'm a little different than everybody else in that regard. We are 25% of the world's GDP. We are the largest financial services sector by far in this entire world. And the thought that people would just let this nation default when we could have a deal that at least gets things going on cuts, raising the ceiling, gets us toward entitlement reform, gets us toward a balanced budget amendment. I thought Rep. Boehner should be complimented for what he did. This nation should never default

Click for Jon Huntsman on other issues.   Source: Iowa Straw Poll 2011 GOP debate in Ames Iowa

Rick Santorum on Budget & Economy : Aug 11, 2011
Stopping debt ceiling increase is showmanship not leadership

Q: [to Bachmann]: You voted against the debt ceiling increase deal. Why?

BACHMANN: Consider what happened by raising the debt ceiling: The Congress gave Barack Obama a blank check for $2.4 trillion. Instead, we should have cut government spending.

SANTORUM: Rep. Paul and Rep. Bachmann had an opportunity to lead. But they couldn't lead the Congress to do something responsible in making sure that we didn't have the fiasco that we have in place now. We should have balanced the budget. The balanced budget amendment should have been the focus from the beginning. To suggest that we never need to raise the debt ceiling, that is showmanship, not leadership. Of course we have to raise the debt ceiling at some point. We're borrowing 42 cents of every dollar. You're going to cut 42 cents of every dollar? Medicare, Medicaid, Social Security, defense, and interest on the debt is 60%. That means cut everything else and something of those. That's showmanship, not leadership.

Click for Rick Santorum on other issues.   Source: Iowa Straw Poll 2011 GOP debate in Ames Iowa

Jon Huntsman on Principles & Values : Aug 11, 2011
If you love your country, you serve her

Q: You supported a stimulus package in 2009. In fact, you said the Obama stimulus package was not big enough. As governor, you signed onto a regional cap-and-trade market. You endorsed civil unions for same-sex couples. And you served as President Obama's ambassador to China. Some people have suggested that maybe you're running for president in the wrong party.

A: Chris, let me just say, I'm proud of my service to this country. If you love your country, you serve her. During a time of war, during a time of economic hardship, when asked to serve your country in a sensitive position where you can actually bring a background to help your nation, I'm the kind of person who's going to stand up and do it, and I'll take that philosophy to my grave. In terms of the stimulus you talked about, it was failed. And let me tell you what I talked about with respect to the stimulus. I talked about the need for more tax cuts in the stimulus. We didn't have enough of it.

Click for Jon Huntsman on other issues.   Source: Iowa Straw Poll 2011 GOP debate in Ames Iowa

Gary Johnson on Budget & Economy : Jul 21, 2011
Stop incurring more debt; balanced budget by 2013

Q: As president, how will you avoid continually raising the debt ceiling?

Gingrich: We don't need Obama's "balanced approach" (code for raise taxes). We need a balanced budget.

Santorum: Pass the Balanced Budget Amendment and work for its ratification across the country!

Gingrich: When you balance the budget there is no need to raise the debt ceiling. I am the only candidate who has balanced the budget.

Johnson: I'd avoid continually raising the debt ceiling by not incurring more debt! I'd submit to Congress a balanced budget in 2013, & veto any appropriation that exceeds that budget.

Santorum: DC doesn't work; we need to impose discipline on politicians who want to buy their reelection with your money. BBA is the only way.

Gingrich: We can balance the budget again by growing the economy, cutting spending and reforming government. That's how we did it before. We CAN do it again.

Click for Gary Johnson on other issues.   Source: 2011 Republican primary debate on Twitter.com

Rick Santorum on Government Reform : Jul 21, 2011
DC doesn't work; ratify the Balanced Budget Amendment

Q: As president, how will you avoid continually raising the debt ceiling?

Gingrich: We don't need Obama's "balanced approach" (code for raise taxes). We need a balanced budget.

Santorum: Pass the Balanced Budget Amendment and work for its ratification across the country!

Gingrich: When you balance the budget there is no need to raise the debt ceiling. I am the only candidate who has balanced the budget.

Johnson: I'd avoid continually raising the debt ceiling by not incurring more debt! I'd submit to Congress a balanced budget in 2013, & veto any appropriation that exceeds that budget.

Santorum: DC doesn't work; we need to impose discipline on politicians who want to buy their reelection with your money. BBA is the only way.

Gingrich: We can balance the budget again by growing the economy, cutting spending and reforming government. That's how we did it before. We CAN do it again.

Click for Rick Santorum on other issues.   Source: 2011 Republican primary debate on Twitter.com

Newt Gingrich on Tax Reform : Jul 21, 2011
Obama's "balanced approach" is code for raise taxes

Q: As president, how will you avoid continually raising the debt ceiling?

Gingrich: We don't need Obama's "balanced approach" (code for raise taxes). We need a balanced budget.

Santorum: Pass the Balanced Budget Amendment and work for its ratification across the country!

Gingrich: When you balance the budget there is no need to raise the debt ceiling. I am the only candidate who has balanced the budget.

Johnson: I'd avoid continually raising the debt ceiling by not incurring more debt! I'd submit to Congress a balanced budget in 2013, & veto any appropriation that exceeds that budget.

Santorum: DC doesn't work; we need to impose discipline on politicians who want to buy their reelection with your money. BBA is the only way.

Gingrich: We can balance the budget again by growing the economy, cutting spending and reforming government. That's how we did it before. We CAN do it again.

Click for Newt Gingrich on other issues.   Source: 2011 Republican primary debate on Twitter.com

Barack Obama on Budget & Economy : Jul 18, 2011
OpEd: Undermined message of restraint with new "investments"

Pres. Obama spoke boldly of the need for spending restraint in his 2011 State of the Union Address. "Every day, families sacrifice to live within their means," he declared. "They deserve a government that does the same." However, in the very same speech Obama undermined this message by advocating a host of new federal spending measures--using the euphemism "investments"--to speed up our economic recovery.

This was the same argument Obama used to justify his exorbitant $800 billion "stimulus" program. Although that spending binge failed to improve the economy, with unemployment rising from 7.6% when the stimulus passed to roughly 9% today, it looks like Obama's prescription is more of the same. A few weeks after his State of the Union speech, Obama proposed a budget with yet another record deficit--one exceeding $1.65 trillion. Unsurprisingly, as I write these words, the federal government hit its debt ceiling, sparking demands from the Obama administration to raise the ceiling even higher.

Click for Barack Obama on other issues.   Source: The Freedom Agenda, by Sen. Mike Lee, p. 2-3

Jerry Brown on Budget & Economy : Jan 10, 2011
Proposes balanced budget and $12.5 billion in cuts

I am proposing a balanced budget that cuts $12.5 billion from proposed state spending. It's time to restore California to fiscal solvency and put us on the road to economic recovery and jobs. Since it's going to take time to fully implement the restructuring program, I'm going to ask for five years of extension of existing current taxes. This will allow the restructuring to proceed in an orderly way.
Click for Jerry Brown on other issues.   Source: California 2011 gubernatorial press release #16874

Sarah Palin on Budget & Economy : Nov 23, 2010
"No thank you" to federal dollars with fat strings attached

The Obama administration's mammoth $787 billion stimulus package is a good example of this tactic of bribing the states to surrender their rights. As governor of Alaska, I angered a lot of state bureaucrats and their allies in Juneau when I turned down a chunk of the federal money slated for Alaska in Obama's stimulus bill. I accepted the money that would go to create construction projects and provide needed medical care to the disadvantaged, but I said, "no, thank you" to dollars that had fat federal strings attached to them.

The debt-ridden, unsustainable stimulus scheme disrespected the Tenth Amendment by attempting to bribe the states with money in exchange for more Washington control. The money would have gone to fund government, not real jobs in the private sector. Embarrassingly, the Republican-controlled state legislature overrode my veto and Alaska accepted the funds. And now, to pay for them, Alaskans will have to put up with even more rule-making from Washington.

Click for Sarah Palin on other issues.   Source: America by Heart, by Sarah Palin, p. 76-77

Carly Fiorina on Budget & Economy : Oct 18, 2010
Stimulus package is a failure; more tax cuts instead

Fiorina blasted Boxer's economic record in Washington and, specifically, her support for the federal stimulus package. "She believes that the way to get jobs growing, the way to get the economy going, is to spend more taxpayer money, bail out companies if necessary--that didn't work real well--regulate more, tax more and spend more,'' Fiorina said.

She called the February 2009 stimulus package a "failure'' and as proof cited the unemployment rate in San Bernardino County, which has increased from 11.7% when the stimulus legislation was approved to more than 14.2% in August.

To rescue the economy, Fiorina said Congress should extend the Bush-era tax cuts passed in 2001 and 2003, which she said gave much-needed tax relief to small and family-owned businesses. Those tax breaks are set to expire at year's end.

Click for Carly Fiorina on other issues.   Source: L.A. Times PolitiCal coverage of 2010 CA Senate Debate

Marco Rubio on Tax Reform : Oct 6, 2010
Extend Bush tax cuts, even for high earners

There were obvious differences between Meek and Rubio. Meek supported the economic stimulus package and said it kept the country from going into a depression; Rubio said it was a failure. Meek said he would vote for the health care overhaul again and Rubio said it should be repealed. Meek wants to continue President George W. Bush's tax cuts for all except those who make more than $250,000, Rubio wants them extended for all earners.

"You think government creates jobs," Rubio said to Meek, cutting him off.

"No, I don't," Meek said.

"You do," Rubio said.

"I think tax cuts for small businesses create jobs and incentives for local communities to move forward," Meek said.

Crist added, "What you just witnessed is the problem and the reason I'm running as an independent. These two guys are going at each other because one's the Republican right, one's the Democratic left. What's true is there are good things that both parties can present to the future of our country."

Click for Marco Rubio on other issues.   Source: Associated Press coverage of 2010 Florida Senate Debate

Carly Fiorina on Budget & Economy : Sep 2, 2010
Key to recovery is less government, taxation, & regulation

Boxer accused Fiorina of opposing every recent job-creation effort in the Senate, including an education bill that provided California with $1.2 billion to save the jobs of 16,500 teachers, and a bill that would increase access to credit and extended tax breaks for small businesses. "Every time you really get past the surface, you see my opponent fighting for billionaires, for millionaires, for companies that shipped jobs overseas," Boxer said.

Fiorina said that the key to economic recovery was less government, taxation and regulation. She called for extending the Bush administration's tax cuts, saying that their expiration would further harm the struggling economy, and expressed support for repealing the estate tax and creating additional tax break for small businesses. "To create jobs, we need to make sure in particular our small businesses, our family-owned businesses, our innovators and our entrepreneurs are freed from strangling regulation and freed from taxation," Fiorina said.

Click for Carly Fiorina on other issues.   Source: Los Angeles Times coverage of 2010 CA Senate Debate

Marco Rubio on Principles & Values : Aug 17, 2010
OpEd: Leader for next generation of conservative movement

Marco was already running for Senate before Gov. Crist announced in May 2009. Marco had no money and virtually no name recognition. What he did have was an ability to get things done, and a record worth supporting. From day one, the early Tea Party movement started to spread the word on the ground, evangelizing about this fresh face who offered something different, something worth fighting for. They also had not forgotten how Crist embraced the president's stimulus package.

Rubio became a welcome guest at Tea Party events across the state. At their urging, Dick Armey endorsed Rubio on July 4, 2009, describing Rubio as "an inspiring leader for the next generation of the conservative movement."

Yet despite the obvious advantages these fiscal conservatives found in Rubio, Crist enjoyed an enormous lead in the first polls. But the Tea Party had a champion and got to work. Slowly, the Tea Party movement's support helped bring Rubio to the public eye.

Click for Marco Rubio on other issues.   Source: Give Us Liberty, by Rep. Dick Armey, p.162-163

Marco Rubio on Tax Reform : Aug 11, 2010
Address market uncertainty by making Bush cuts permanent

Q: What steps do you believe the federal government should take in order to create new jobs and facilitate a strong economic recovery?

A: I believe we need to directly address the uncertainty in the market caused by policies coming from Washington. We need to permanently extend the 2001 and 2003 tax cuts, repeal Obamacare, halt regulations that hurt job creation and promote fair and free trade.

Click for Marco Rubio on other issues.   Source: League of Women Voters 2010 Candidate Questionnaire

Newt Gingrich on Corporations : May 17, 2010
Cut corporate taxes to 12.5%

We need a new economic policy to promote a robust economic recovery and a new, long-term economic boom. This requires sweeping change.

First, we should cut corporate taxes. American suffers from the second highest business tax rate in the industrialized world, with a federal rate of 35 percent, and states pushing it close to 40 percent. Much of the rest of the world, ironically, has learned the lessons of Reaganomics. Ireland has a corporate tax rate of 12.4 percent, which has caused per capita income to soar from the second lowest in the EU twenty years ago to the second highest today.

We should restore America's competitiveness in the world by reducing the federal business tax rate to match Ireland's rate of 12.5 percent.

Click for Newt Gingrich on other issues.   Source: To Save America, by Newt Gingrich, p.171-172

Marco Rubio on Budget & Economy : Mar 28, 2010
Oppose Obama stimulus package; it's bad for America

Q: From the Obama stimulus package, by the start of 2010, Florida had received $8.2 billion in stimulus funds. Gov. Crist says that has created or saved 87,000 jobs. Mr. Rubio, why is $8 billion & 87,000 jobs bad for a state that has 12% unemployment?

RUBIO: Well, if it's bad for America, it can't possibly be good for your state. Since February, 211,000 Floridians have lost their jobs. Do you want a candidate that would have voted against the stimulus and supported something that would have cost less money and created more jobs. If that's the candidate you want, that would be me. Or do you want the someone who would have voted with the Democrats for the stimulus package? And that candidate would be Gov. Crist.

CRIST: If we had taken the speaker's approach, we would have had 87,000 more people on top of that 12% that would be unemployed in Florida today.

Q: If you had been a senator in 2009 you would have voted for the stimulus?

CRIST: Yeah, it was the right thing to do at the time.

Click for Marco Rubio on other issues.   Source: Fox News Sunday 2010 Florida primary Senate debate

Sarah Palin on Jobs : Feb 6, 2010
Unemployment is higher than promised, and growing

The White House can't even tell us how many jobs were actually created. Depending on who you ask, it is anywhere from thousands to two million. But one number we are sure of is the unemployment number. That is 9.7, which is well above the 8% mark that we were promised our stimulus package would go to avoid. And unemployment now is 16.5%. You have got all these people who have given up. and they are not even enrolling in some of these programs. Tough to count them. Is that hope? Nope. It's not hope.
Click for Sarah Palin on other issues.   Source: 2010 Tea Party Convention speeches

Sarah Palin on Budget & Economy : Nov 17, 2009
Vetoed $25M stimulus earmark; Alaskans don't desire "help"

My cabinet agreed that in challenging the stimulus package, we'd have to deal in reality. Conservative governors all over the country were getting hammered for questioning use of the stimulus funds. Some legislatures, through threats of litigation, made it impossible to refuse the money.

I highlighted universal energy building codes that we'd have to adopt if we accepted a $25 million earmark for energy conservation. Universal building codes, in ALASKA! A practical, libertarian haven full of independent Americans who did not desire "help" from government busybodies. A state full of hardy pioneers who did not like taking orders from the feds telling us to change our laws. A state so geographically diverse that one-size-fits-all codes simply wouldn't work.

I vetoed those building code funds.

The Democrat-controlled legislature overrode my veto.

Click for Sarah Palin on other issues.   Source: Going Rogue, by Sarah Palin, p.360-362

Sarah Palin on Corporations : Nov 17, 2009
Small businesses have to be brave enough to fail

I considered the Obama administration's panicky effort to stimulate the economy by spending enormous amounts of borrowed money shortsighted and ill-conceived. It defied the lessons of history and common sense. His nearly $1 trillion stimulus package was patently unfair both to future generations who will inherit our wasteful debt and to the everyday Americans who work very hard to pay the taxes that the administration seeks to spend at breakneck speed.

"Bristol, answer me this," I said to my daughter. "You want to buy a coffee show someday, right? You know you'll be rewarded for your hard work to meet a demand for a quality product and good service. And you know you'll have to be brave enough to fail, right? This business would be YOUR responsibility. You can't look to anyone to bail out if you make poor decisions" I told Bristol, "Don't do it until this administration understands government's role in private business. Or wait until they're out of office."

Click for Sarah Palin on other issues.   Source: Going Rogue, by Sarah Palin, p.357-358

Bobby Jindal on Tax Reform : Mar 9, 2008
Federal tax rebate should be exempted from state income tax

Bush recently signed an economic stimulus package that will give around 1.9 million Louisianians a federal rebate check--returning tax money to taxpayers. This return of funds to taxpayers should not be subjected to yet another tax as income at the state level. In this session, we must ensure that the state does not take away with one hand what the federal government gives with another.
Click for Bobby Jindal on other issues.   Source: Second Special Session Speech

Mike Huckabee on Budget & Economy : Feb 3, 2008
Infrastructure projects: start immediately, for stimulus

Q: Romney is going after you, saying your proposal for economic stimulus, basically to strengthen the infrastructure of the country, build new highways from Bangor to Miami, is really unrealistic. Romney said: ďAn economic stimulus plan has to put money in the hands of consumers and businesses and homeowners now. Building a road project, you have to get designs, eminent domain; you get the engineers to approve it. It takes years and years and years to get a road project. So itís a wonderful idea, but itís not related to short-term economic stimulus.ď Could you respond?

A: Maybe Mitt Romneyís highway department didnít do what the other highway departments across America do, and that is, they have these projects already ready. The engineering is done. The eminent domain is already done. Environmental impact studies have been done. The only thing that we lack--you ask any governor--is funding. If we had the funding, weíve got projects weíre ready to pull the trigger on tomorrow

Click for Mike Huckabee on other issues.   Source: CNN Late Edition: 2008 presidential series with Wolf Blitzer

Mike Huckabee on Technology : Feb 3, 2008
Infrastructure: Stimulus, Safety, Security, & Sustainability

    My four guiding principles on infrastructure can be summed up simply: Stimulus, Safety, Security, and Sustainability.
  1. Stimulus: I support the short-term economic stimulus package, but we must also look to the next century, not just to the next few quarters.
  2. Safety: Infrastructure-based economic development is not just about giving our economy a shot in the arm--it is also about protecting and preserving what we have already developed.
  3. Security: Allowing these weaknesses to continue provides openings for the terrorists to exploit.
  4. Sustainability: I have always been a conservationist. Stewardship of the air and land and soil is very important to me. I will follow the principle I learned from the Boy Scouts: Always leave the land better than when you found it. I am proud of my record in Arkansas, building constructive consensus on key issues. I look forward to bringing the same leadership to America.
Click for Mike Huckabee on other issues.   Source: 2008 Presidential campaign website mikehuckabee.com ďIssuesĒ

Mitt Romney on Technology : Jan 30, 2008
The Big Dig solved a problem, but cost way too much to do

Q: Was the Big Dig good?

A: Someone has remarked that the biggest cars [are made] in the US and most expensive, too. Itís solved a problem, but it cost way too much money to do. It was very badly managed. Building a road project, you have to get designs, you have eminent domain, you get the engineers to approve it. It takes years and years and years to get a road project. So itís a wonderful idea, but itís not related to the short-term economic stimulus.

Click for Mitt Romney on other issues.   Source: 2008 Republican debate at Reagan Library in Simi Valley

Mike Huckabee on Government Reform : Jan 28, 2008
Transparency on spending will prune back Congressí earmarks

I applaud the Presidentís efforts on behalf of an economic stimulus package--itís a valuable first step. And I hope that the Democratic leadership in Congress will cooperate with the President in a swift and responsible manner. And I applaud the Presidentís determination to prune back Congressional earmarks--I have long believed that we need more transparency on spending. Moreover, I agree that we must hold the line on taxes, and we must make the Bush tax cuts permanent.
Click for Mike Huckabee on other issues.   Source: Response to 2008 State of the Union address

Mike Huckabee on Budget & Economy : Jan 27, 2008
Infrastructure investment causes long-term economic stimulus

I appreciate the fact that the president and this Congress are taking action with an economic stimulus package. But I hope that we will be looking at some long-term ways to stimulate American economy and do something that provides lasting treasure and value, and that is infrastructure.

Weíre neglecting our infrastructure. If you look at whatís happening to--the fact that our sewer systems, water systems, roads, they were built 50, 60, sometimes 80 and 100 years ago, and they simply are not able to keep up with the growth.

And as a result, weíre not just having trouble today, but look at the problems that weíre passing on to the next generation on top of a $9 trillion national debt. Now weíre going to give them an infrastructure that is falling apart and the cost of rebuilding that and fixing it is four times the money weíre putting into it to actually keep up with it.

Click for Mike Huckabee on other issues.   Source: CNN Late Edition: 2008 presidential series with Wolf Blitzer

Mike Huckabee on Technology : Jan 27, 2008
Every $1B spent on infrastructure creates 47,500 jobs

Q: Youíve said youíve got some serious problems with the Bush economic stimulus package.

A: The problem I have is that taxpayers will spend their $150 billion in rebates to buy imports from China. So whose economy is being stimulated? What I suggested was, we have a nation whose infrastructure is crumbling. Our roads, bridges, airports clogged up. Texas A&M did a study, found that the average American in an urban setting loses 38 hours a year--thatís a full work week--stuck in traffic because of clogged traffic patterns. Now, $150 billion would expand the interstate by two lanes, I-95, from Bangor, Maine, to Miami. There are places all over America where our infrastructure is choked. Every billion dollars we spend on infrastructure creates 47,500 jobs. And we do it with American labor, American cement, American steel. Thatís why Iím saying that thatís a real long-term stimulus package. But it does more than just stimulate the economy, it actually stimulates jobs for Americans for a change.

Click for Mike Huckabee on other issues.   Source: CNN Late Edition: 2008 presidential series with Wolf Blitzer

Mike Huckabee on Budget & Economy : Jan 24, 2008
Stimulus plan is $150B from China, to spend on Chinese goods

Q: What do you think of the presidentís economic stimulus plan to send out 116 million checks to American homes?

A: In talking about the stimulus package, one of the concerns that I have is that weíll probably end up borrowing this $150 billion from th Chinese. And when we get those rebate checks, most people are going to go out and buy stuff thatís been imported from China. I have to wonder whose economy is going to be stimulated the most by the package. And Iím grateful that something is being done.

Click for Mike Huckabee on other issues.   Source: 2008 GOP debate in Boca Raton Florida

Mitt Romney on Corporations : Jan 24, 2008
Key to economic stimulus: get companies to buy more stuff

Q: The presidentís economic stimulus plan would send out 116 million checks to American homes. The plan is somewhat contrary to yours, providing lots of short-term stimulus to individuals. Your plan focuses as much on the long term as the short term. Are you disappointed that your recipe for the economy was not embraced by the president? And will you now embrace his plan?

A: Well, thereís a great deal that is effective in his plan. First, heís getting money back to consumers. That makes sense to me I just think we need to go further. We go to corporate support and helping corporations have the incentive to buy more capital equipment. That he also does. I do it more aggressively by writing off a larger amount of capital expenditures--getting companies to buy more stuff so that other companies will hire people. If you want to turn an economy around, the key thing is to grow jobs. Itís not just to get checks in the hands of consumers; itís consumers & companies buying things that create jobs.

Click for Mitt Romney on other issues.   Source: 2008 GOP debate in Boca Raton Florida

Mike Huckabee on Technology : Jan 24, 2008
$150B for highway infrastructure is better stimulus package

If weíre going to spend $150 billion [as in Bushís economic stimulus package], Iíd like to suggest that maybe we add two lanes of highway from Bangor all the way to Miami on I-95. A third of the United States population lives within 100 miles of that. This nationís infrastructure is falling apart. And if we built those lanes of highways--with American labor, American steel, American concrete--I believe it would do more to stimulate the economy.

And the reason I say that is because when we were going through a recession in my state, we were in the middle of a billion-dollar highway construction program that brought about 40,000 jobs and brought a billion dollars of capital into the economy. Thatís a long- term stimulus package that I think would have more impact on the American long-term future. And it would keep social capital from being wasted, fuel wasted. A lot of people sit around in traffic every day, and weíve done nothing about it.

Click for Mike Huckabee on other issues.   Source: 2008 GOP debate in Boca Raton Florida

Hillary Clinton on Environment : Jan 21, 2008
$5B for green-collar jobs in economic stimulus package

EDWARDS [to Clinton]: One difference between what I have proposed & what my two colleagues have proposed is I have done something that not only stimulates the economy, but creates long-term benefits, investment in green infrastructure, which creates jobs

CLINTON: I do believe that the green-collar job piece of [the economic stimulus package] is important. Thatís why I have $5 billion to do it. There are programs already. In Oakland CA, Mayor Dellums is working to have a green-collar job program. We could put hundreds and hundreds of young people to work right now, putting solar panels in, insulating homes. That would give them jobs and it would move us more quickly to a green economy. And I think that if you look at this from a jobs and justice, a stimulation and long-term planning effort, we need to lay down the markers now. Weíve got to hold the line against President Bush with his ill-advised approach to stimulating the economy.

Click for Hillary Clinton on other issues.   Source: 2008 Congressional Black Caucus Democratic debate

Mitt Romney on Social Security : Jan 20, 2008
No FICA for workers over age 65, so they can stay working

Something Iím particularly fond of [in my economic stimulus package]: it says for anybody in the workforce 65 and older, neither the company nor the individual is going to have to pay Social Security payroll taxes -- FICA, if you will.

And by virtue of that elimination, youíre going to have more people stay in the workforce. Thatís going to help grow our economy. Theyíre not going to be paying any Social Security or Medicare taxes anymore, no more payroll taxes.

Click for Mitt Romney on other issues.   Source: 2008 Fox News interview: ďChoosing the PresidentĒ series

Mitt Romney on Tax Reform : Jan 13, 2008
Avoid recession with immediate middle-income tax cuts

Q: What would be your immediate first step that you would take regarding fears of a recession & some sort of economic stimulus package?

A: Well, immediately Iíd go to try and get a reduction on taxes on middle income Americans. Specifically I proposed having people who earn under $200,000 a year be allowed to save their money tax-free. It means no tax on interest, dividends or capital gains. It keeps more money in their pockets. It also means that we have more capital going into the marketplace available for business startups as well as for homes.

Q: So for families earning under $200,000 a year, youíd recommend some sort of immediate tax cut, is that right?

A: Thatís exactly right. This is middle-income Americans. These are where 95% of Americans live, and get their tax rates down, allow them to save for the future, to make investments in their homes, & be able to save for college. The best thing we can do is keep money in the homes of the American people.

Click for Mitt Romney on other issues.   Source: CNN Late Edition: 2008 presidential series with Wolf Blitzer

Jeb Bush on Corporations : Feb 15, 2007
$310M in stimulus money to start Scripps biotech facility

Jeb suggested "economic stimulus" money in 2003. Jeb thought big: $310 million. Some in the legislature suggested that such an amount going to a single location was excessive, that the money was to benefit all Floridians, and should therefore have been allocated to various "economic development" projects around the state. But in the grand scheme, Jeb was probably correct that there was more real benefit to spending it all on a single big project, with potentially huge rewards, than on dozens of smaller enterprises.

There was also a more general criticism of giving the money to an already successful entity like Scripps. The goal was not just the 500 jobs Scripps itself would create, but several thousand more generated by bio-tech firms that would want to locate in a science village Scripps would anchor.

In October 2003, he proclaimed: "Scripps is the brand name for biomedical research, and its decision to build a sister research facility in Florida is a seminal moment in our state's history."

Click for Jeb Bush on other issues.   Source: America's Next Bush, by S.V. Date, p.142-143

Jeb Bush on Jobs : Jan 22, 2002
Operation Paycheck: stimulus for 33,000 construction jobs

In recent weeks, we have already taken bold steps to help restore our economy, launching programs like Operation Paycheck and passing an economic stimulus package aimed at creating more than 33,000 new construction jobs in this state. And I am pleased to say that these measures are working.

Over the long haul, we must restore the health of the businesses we already have and we must grow new businesses that diversify and strengthen our economic base. Chief among the new industries that will transform Florida are those that create high-tech jobs, from Florida's globally-recognized strengths such as the simulation, optics, and space technology fields to emerging new sectors such as biotechnology, nanotechnology, and artificial intelligence.

Click for Jeb Bush on other issues.   Source: State of the State address to 2002 Florida Legislature

  • Additional quotations related to Bailout & Stimulus issues can be found under Corporations.
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Candidates on Corporations:
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