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Topics in the News: Bailout & Stimulus


Jo Jorgensen on Bailout & Stimulus: (Budget & Economy Jul 26, 2020)
Will veto any deficit spending, debt ceiling increase

As President, I will use my Constitutional authority to block any new borrowing. I will veto any spending bill that would lead to a deficit, and veto any debt ceiling increase. I will give every Cabinet secretary a specific spending reduction target to meet and hold them accountable. There is simply no excuse for sticking our children and grandchildren with the bill for these bipartisan bloated budgets.
Click for Jo Jorgensen on other issues.   Source: 2020 Presidential campaign website jo20.com

Marianne Williamson on Bailout & Stimulus: (Jobs Mar 5, 2019)
Supports $15 minimum wage & Green New Deal

Economy: Williamson supports the institution of a $15 minimum wage. She also supports the Green New Deal, an economic stimulus bill that calls for radical environmental and economic policies.
Click for Marianne Williamson on other issues.   Source: Townhall.com: 2020 Democratic primary "Candidate profiles"

Howard Schultz on Bailout & Stimulus: (Budget & Economy Jan 28, 2019)
People feel the painful effects of political gamesmanship

In July 2011, the issue was whether or not the federal government should increase the so-called debt ceiling. Republicans said they wouldn't even vote on raising the ceiling unless a new bill included massive cuts to spending. Democrats, meanwhile, said they wouldn't consider raising the debt ceiling without also raising taxes.

Politicians postured in front of cameras. Congressional votes were called, then cancelled. Blame was abundant.

Two things in particular plagued me. First, missing the deadline, or hitting the ceiling, meant that some of the country's most vulnerable and deserving citizens--people on Medicare, veterans, and federal pensioners--would have late, partial, or missed payments. People would immediately feel the painful effects of political gamesmanship.

Second, raising the debt ceiling was a false goal. What the nation needed was not more debt but a comprehensive, balanced budget, coupled with a bipartisan economic plan that spurred long-term economic growth.

Click for Howard Schultz on other issues.   Source: From the Ground Up, by Howard Schultz, p. 58-9

Howard Schultz on Bailout & Stimulus: (Budget & Economy Jan 28, 2019)
Raising debt ceiling is false goal: focus on balanced budget

It was 2011. Unless new budget legislation was passed by August 2, lawmakers and pundits were warning that government would not be able to pay its bills. The most immediate, unresolved issue was whether or not the federal government should increase the debt ceiling.

Raising the debt ceiling was a false goal. What the nation needed was not more debt but a comprehensive, balanced budget, coupled with a bipartisan economic plan that spurred long-term economic growth, increased jobs, and helped more citizens help themselves by lifting stagnant wages for the dwindling middle class, getting more young people through college, putting entrepreneurs back in business.

They were fighting over the wrong thing. Instead of coming together to address these very real needs of the American people, politicians were arguing about whether to accumulate more debt and whether to raise or lower taxes. These are important macro decisions, but they are not growth strategies.

Click for Howard Schultz on other issues.   Source: From the Ground Up, by Howard Schultz, p. 58-9

Mike Pence on Bailout & Stimulus: (Budget & Economy Sep 9, 2018)
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.

Click for Mike Pence on other issues.   Source: CBS Face the Nation 2018 interviews of 2020 hopefuls

Bernie Sanders on Bailout & Stimulus: (Energy & Oil Nov 15, 2016)
Pushed energy efficiency block grants

As part of the 2009 stimulus package, working with Senator Bob Menendez of New Jersey, we passed funding for the Energy Efficiency and Conservation Block Grant Program. This legislation, strongly supported by the U.S. Conference of Mayors, has been one of the government's major efforts to combat climate change. It provided billions of dollars for communities all across the country to move toward energy efficiency and sustainable energy. In Vermont, a number of schools throughout the state were able to use that money to place solar panels on their rooftops. This not only cut carbon emissions, but saved schools money on their electric bills.
Click for Bernie Sanders on other issues.   Source: Our Revolution, by Bernie Sanders, p. 45

Bernie Sanders on Bailout & Stimulus: (Corporations Mar 9, 2016)
The auto industry bill was really a bailout for Wall Street

CLINTON: Let's talk about the auto bailout. In 2008, we were both in the Senate, there was a vote on a free-standing bill to rescue the auto industry. We both voted for it. Unfortunately, it did not succeed. A month later, a new piece of legislation was offered that contained the money that would be used for the auto rescue. I voted for it. It was a hard vote. But the fact is the money that rescued the auto industry was in that bill.

SANDERS: The bill that Secretary Clinton is talking about was the bailout of the recklessness, irresponsibility and illegal behavior of Wall Street. It was the Wall Street bailout. And I find it interesting that when Secretary Clinton, who was the former senator of New York, of course, when she defended her vote, she said, "Well, it's going to help the big banks in New York. Those are my constituents." And then you go to Detroit and suddenly this legislation helps the automobile workers.

Click for Bernie Sanders on other issues.   Source: 2016 PBS Democratic primary debate in Miami

Hillary Clinton on Bailout & Stimulus: (Corporations Mar 9, 2016)
I voted for bill that saved the auto industry

CLINTON: Let's talk about the auto bailout. In 2008, we were both in the Senate, there was a vote on a free-standing bill to rescue the auto industry. We both voted for it. Unfortunately, it did not succeed. A month later, a new piece of legislation was offered that contained the money that would be used for the auto rescue. I voted for it. It was a hard vote. But the fact is the money that rescued the auto industry was in that bill.

SANDERS: The bill that Secretary Clinton is talking about was the bailout of the recklessness, irresponsibility and illegal behavior of Wall Street. It was the Wall Street bailout. And I find it interesting that when Secretary Clinton, who was the former senator of New York, of course, when she defended her vote, she said, "Well, it's going to help the big banks in New York. Those are my constituents." And then you go to Detroit and suddenly this legislation helps the automobile workers.

Click for Hillary Clinton on other issues.   Source: 2016 PBS Democratic primary debate in Miami

Joe Biden on Bailout & Stimulus: (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"

Mark Sanford on Bailout & Stimulus: (Budget & Economy Apr 29, 2013)
Tipping point as civilization if we don't get spending right

Sanford stressed his efforts to rein in spending as a 3-term member of Congress and 2-term governor, noting that he was the first governor to turn back economic stimulus funds. "It all goes back to Nancy Pelosi and others. They have not pushed for financial discipline in Washington, D.C.," he said.

"We're at an incredible tipping point as a civilization and I think if we don't get spending right in Washington, D.C., there will be real consequences," Sanford said. "I've gotten into this race with the hope of taking what I've learned in Congress, what I learned in the governorship and what I've learned on the way up and on the way down and applying it to what I believe is the great debate of our civilization, which is indeed, how do we get our financial house in order."

Colbert Busch portrayed things differently. "Here's the fundamental difference. This is not the end of our time as we know it," she said. "The sky is not falling Henny Penny. In fact our best days are ahead of us."

Click for Mark Sanford on other issues.   Source: News12 on 2013 S.C. House District 1 debate

Joe Biden on Bailout & Stimulus: (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

Howard Schultz on Bailout & Stimulus: (Budget & Economy Mar 27, 2012)
2009 stimulus package lifted consumer confidence

On Feb. 17, 2009, Pres. Obama had signed into law an ambitious $787 billion stimulus package to try to rescue a nation reeling from an economy weaker than it had been in decades. Unemployment in the US was on its way to a 25-year high of 8.1%.

"Is [the stimulus] going to be helpful in terms of getting the consumer out of this funk?" Maria asked me. My perspective, which I shared with her, was that its most immediate effect would be to lift consumer confidence, which was so critical for people to feel comfortable enough to spend money again. I also said that I did not think the current climate was going to dramatically improve anytime soon, something that all companies had to accept.

At Starbucks, we continued the incredibly complicated, sometimes painful work of cost cutting and making our processes more efficient. Revamping the supply chain. We were closing 300 more stores than previously planned. Most difficult was that we had just gone through another round of layoffs.

Click for Howard Schultz on other issues.   Source: Onward, by Howard Schultz, p.263-5

Barack Obama on Bailout & Stimulus: (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

Joe Biden on Bailout & Stimulus: (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

Howard Schultz on Bailout & Stimulus: (Budget & Economy Sep 7, 2011)
Debt ceiling agreement and balanced budget will save economy

It is business leaders' "responsibility" to help increase consumer confidence, especially though job creation. But the lack of a long-term agreement on the debt ceiling deal--Congress and the administration still need to agree on $1.5 trillion more in budget savings by the end of the year--is a direct link, he says, to the faltering economy. Most business people today are not going to invest in the uncertainty that exists in America. That uncertainly is directly linked to the debt ceiling.
Click for Howard Schultz on other issues.   Source: Lauren Effron on ABC News, "Show Confidence"

Barack Obama on Bailout & Stimulus: (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

Joe Walsh on Bailout & Stimulus: (Budget & Economy Nov 1, 2010)
TARP program and wasteful stimulus were spending spree

Principle 7--The burden of debt is as destructive to human freedom as subjugation by conquest.

Since the end of last year, our Federal Government has gone on a spending spree unlike anything seen in human history. President Bush started the ball rolling with the TARP program and President Obama doubled down with his pork-laden omnibus spending bill and the wasteful stimulus package. All the while, our deficits mounted and we continue to pile on more and more debt. If something isn't done soon, we'll literally be bankrupting our kids and grandkids and robbing them of all the opportunities that this country has offered to us.

It is time to return our Federal Government to its first purposes. In Washington today, the government is trying to regulate, control, or tax every aspect of our lives. I want to go to Congress to put a huge "STOP" sign up in front of this runaway train of government spending.

Click for Joe Walsh on other issues.   Source: 2010 House campaign website WalshForCongress.com

Kirsten Gillibrand on Bailout & Stimulus: (Jobs Aug 11, 2010)
End outsourcing of jobs and see "Made in America" again

Q: Do you support substantial additional federal funding for economic recovery?

A: The only way we are going to pay down the deficit and get our fiscal house in order is by growing our economy and making wise investments to create jobs. I want to end outsourcing of jobs and see "Made in America" again by providing tax credits for businesses that create jobs.

Click for Kirsten Gillibrand on other issues.   Source: League of Women Voters 2010 Candidate Questionnaire

Michael Bennet on Bailout & Stimulus: (Budget & Economy Jul 2, 2009)
Transparency on paying for tax cuts and spending programs

Our fiscal solvency is dependent on our economic recovery. We will not be able to eliminate our budget deficit with a shrinking tax base, and we cannot pay off our national debt until our economy starts to grow again. As a result, our first priority must be to invest in those programs--education, renewable energy, and health care--that we know will provide for stable economic growth in the future. Though it may seem counterintuitive, I believe our future fiscal stability depends on our willingness to spend the money necessary to get our economy moving in the right direction again.

We still have more work to do. Both the House and Senate are now required to find a way to pay for most new spending programs or tax cuts. I believe that these rules could be stronger so that Congress, just like every Colorado family, is required to figure out how to pay for what it spends.

Transparency must be improved by every Member of Congress and throughout the system as a whole.

Click for Michael Bennet on other issues.   Source: 2010 Senate campaign website, bennetforcolorado.com "Issues"

Deval Patrick on Bailout & Stimulus: (Technology Jan 1, 2009)
Invest in broadband, wind turbines, roads & rails

I asked you to invest significantly over the next few years in expanding broadband access, and restoring our roads, rails and bridges--and you did.

At the federal level, we are working hard to help shape a federal stimulus package to bridge us to a better economy. If and when that package is passed, we will be ready to get projects underway and put people to work.

That means jobs extending broadband services; jobs installing solar panels, wind turbines, and weather stripping; jobs rebuilding roads, rails and bridges; jobs modernizing our health care records management system and building schools.

Of course, our job in state government demands more than waiting for a federal lifeline. We have launched one billion dollars of capital projects to start over the first 6 months of this year, creating new jobs and making it more attractive for companies and families to put down stakes in Massachusetts.

Click for Deval Patrick on other issues.   Source: 2009 State of the State speech to Massachusetts Legislature

Hillary Clinton on Bailout & Stimulus: (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. That’s 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. We’ve 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

Deval Patrick on Bailout & Stimulus: (Corporations Sep 15, 2005)
Access to start-up capital for small businesses

State funds will leverage private capital in private investment funds to provide start-up capital for new enterprises across the State, with an emphasis on small businesses. The more jobs created by the new enterprise, particularly in distressed areas, the more favorable the terms for repayment.  Sign Economic Stimulus Package into Law.
Click for Deval Patrick on other issues.   Source: Moving Massachusetts Forward, Patrick’s policy booklet, p. 4

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Page last updated: Dec 08, 2020