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The Candidates on the Budget
Tips 4 Teachers
FactCheck.org A nonpartisan, nonprofit "consumer advocate" for voters that aims to reduce the level of deception and confusion in U.S. politics.
Source: 2008 Democratic debate at University of Texas in Austin Feb 21, 2008
Source: Response to 2008 State of the Union address Jan 28, 2008
A: Over the last seven years, what we've seen is an economy that's out of balance because of the policies of George Bush and the Republicans in Congress. Not only do we have fiscal problems, but we've got growing inequality. People are working harder for less and they're seeing costs go up. So what I want to do is get the long-term fundamentals right. That means that we are investing in education & infrastructure, structuring fair trade deals, and also ending the war in Iraq. That is money that can be applied at home for critical issues.
Q: So a priority to balance the federal budget, or not?
A: We are not going to be able to dig ourselves out of that hole in 1 or 2 years. But if we can get on a path of sustained growth, end the war in Iraq, end some of the special interest loopholes and earmarks that have been clogging up the system, then I think we can return to a path of a balanced budget.
Source: 2007 Des Moines Register Democratic debate Dec 13, 2007
McCain on the U.S. Budget & the Economy
A: I will, as president, veto every one of these big spending bills. I will impose some fiscal discipline. We will clean up our act and we will regain the confidence of the American people as being careful stewards of our tax dollars, and we will fix this problem with having to borrow money from China, then we will balance our budget, just like every governor in America has been required to do.
Source: 2008 GOP debate in Boca Raton Florida Jan 24, 2008
A: The first thing we need to do is stop the out-of-control spending. Out-of-control spending is what caused the interest rates to rise. It causes people to be less able to afford to own their own homes. We need to stop the spending And the way we can get our budget under control is to have strong, fundamental fiscal underpinnings. The second thing that we need to do, of course, is stop spending $400 billion a year overseas to oil-producing countries that come right out of our economy immediately. Some of that money goes, unfortunately, to fund terrorist organizations. We've got to develop technologies to reduce this dependency on foreign oil, and eventually eliminate it, and stop this outflow of some $400 billion a year.
Source: 2008 GOP debate in S.C. sponsored by Fox News Jan 10, 2008
A: Of course, any nation that no longer has economic strength sooner or later will lose its military strength, so it's a national security issue. We have many trillions of dollars of unfunded liability. Obviously, we've been on a spending spree. If oil reaches $100 a barrel, which many people think it may, $400 billion of America treasure will go to oil-producing countries. Some of those monies will go to terrorist organizations.
Source: 2007 Des Moines Register Republican debate Dec 12, 2007
A: Absolutely. We let spending lurch completely out of control. As president of the United States, I'd take an old veto pen that Ronald Reagan gave me, and I'd veto every single pork barrel bill that comes across my desk. And we've got to stop it and stop it now. I look forward to it.
Source: 2007 GOP YouTube debate in St. Petersburg, Florida Nov 28, 2007
A: I would have vetoed spending bill after spending bill after pork-barrel project after pork-barrel project, in the tradition of President Reagan. The first pork-barrel bill that crosses my desk, I'm going to veto it and make the authors of those pork-barrel items famous all over America. We're going to stop it.
Q: What specific programs would you cut if you were president?
A: Line-item veto is the best tool. We need it very badly.
Source: 2007 GOP primary debate, at Reagan library, hosted by MSNBC May 3, 2007
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FactCheck.org A nonpartisan, nonprofit "consumer advocate" for voters that aims to reduce the level of deception and confusion in U.S. politics.
Obama on the U.S. Budget & the Economy
Obama on the Economy (The Obama Economic Plan + videos)
Latest Obama Comprehensive Tax Plan (The Obama Website)
Can't do anything at home with $12 billion a month on Iraq
The fact that we're spending $12 billion every month in Iraq means that we can't engage in the kind of infrastructure improvements that are going to make us more competitive, we can't deliver on the kinds of health care reforms that Clinton and I are looking for. McCain is willing to have these troops over there for 100 years. The notion that we would sustain that kind of effort and neglect not only making us more secure here at home, more competitive here at home, allow our economy to sink.Source: 2008 Democratic debate at University of Texas in Austin Feb 21, 2008
Bush stimulus plan leaves out seniors & unemployed
We heard the President say he has a stimulus plan to boost our economy, but we know his plan leaves out seniors and fails to expand unemployment insurance, and we know it was George Bush's Washington that let the banks and financial institutions run amok, and take our economy down this dangerous road. What we need to do now is put more money in the pockets of workers and seniors, and expand unemployment insurance for more people and more time. And I have a plan that to do just that.Source: Response to 2008 State of the Union address Jan 28, 2008
Bush & GOP dug budget hole; need years to dig out
Q: Would it be a priority of your administration to balance the federal budget every year?A: Over the last seven years, what we've seen is an economy that's out of balance because of the policies of George Bush and the Republicans in Congress. Not only do we have fiscal problems, but we've got growing inequality. People are working harder for less and they're seeing costs go up. So what I want to do is get the long-term fundamentals right. That means that we are investing in education & infrastructure, structuring fair trade deals, and also ending the war in Iraq. That is money that can be applied at home for critical issues.
Q: So a priority to balance the federal budget, or not?
A: We are not going to be able to dig ourselves out of that hole in 1 or 2 years. But if we can get on a path of sustained growth, end the war in Iraq, end some of the special interest loopholes and earmarks that have been clogging up the system, then I think we can return to a path of a balanced budget.
Source: 2007 Des Moines Register Democratic debate Dec 13, 2007
Save $150 billion in tax cuts for people who don't need them
Every proposal I've put forward during this campaign we have paid for, and we have specified where that money is going to come from. Let's just look at our tax code because it's a great example of how we could provide relief to ordinary citizens who are struggling to get by. Right now we've got a whole host of corporate loopholes and tax havens. There's a building in the Cayman Islands that houses supposedly 12,000 US-based corporations. That's either the biggest building in the world or the biggest tax scam in the world, and we know which one it is. If we close some of those loopholes, we've put forward tax relief plans, that will not only restore fairness to our tax code, but it also puts money into the pockets of hard-working Americans who need it right now, who will spend it, and will actually improve our economic growth over time, particularly at a time when we're seeing a credit crunch. But it requires leadership from the white house that restores that sense that we're all in this together. Source: 2007 Des Moines Register Democratic Debate Dec 13, 2007Return to PayGo: compensate for all new spending
We were told by our President that we could fight two wars, increase our military budget by 74%, spend more on education, initiate a prescription drug plan, have tax cuts, all at the same time. We were told by Congress that they could make up for lost revenue by cutting government waste.The result is the most precarious budget situation we have seen in years. We now have an annual budget deficit of almost $300 billion, not counting more than $180 billion we borrow every year from the Social Security Trust Fund.It is not the debt that is most troubling. The bulk of the debt is a direct result of the President's tax cuts, 47.4% of which went to the top 5% income bracket.We can eliminate tax credits that have outlived their usefulness & close loopholes that let corporations get away without paying taxes. We can restore a law that was in place during the Clinton presidency--called Paygo--that prohibits money from leaving the treasury without some way of compensating for the lost revenue. Source: The Audacity of Hope, by Barack Obama, p.187-189 Oct 1, 2006
McCain on Jobs for America (The McCain Economic Plan + video)
Latest McCain Jobs for America (The McCain Website)
List of budgetary spending priorities
- McCain would “maintain status” on spending for:
- AIDS programs
- Environmental programs
- Foreign aid
- Housing projects
- Job training programs
- Medicaid & Medicare
- Student loan programs
- McCain would “slightly increase” spending for:
- Education (K-12)
- Law enforcement
- Military & Veterans Benefits
- Border Control
- McCain would “slightly decrease” spending for:
- NASA
- Welfare
- McCain would "eliminate" spending for:
- Arts funding
Impose some fiscal discipline to revive the economy
Q: Why should we continue a Republican in the White House with the current kind of economic record?A: I will, as president, veto every one of these big spending bills. I will impose some fiscal discipline. We will clean up our act and we will regain the confidence of the American people as being careful stewards of our tax dollars, and we will fix this problem with having to borrow money from China, then we will balance our budget, just like every governor in America has been required to do.
Source: 2008 GOP debate in Boca Raton Florida Jan 24, 2008
To avoid recession, stop out-of-control spending
Q: If we're talking about a recession in the next few months, in 2008, what kind of short-term, more immediate government fixes would you propose to try to keep the slowdown diminished or to reverse it? And would you support them even if they added to th government deficit?A: The first thing we need to do is stop the out-of-control spending. Out-of-control spending is what caused the interest rates to rise. It causes people to be less able to afford to own their own homes. We need to stop the spending And the way we can get our budget under control is to have strong, fundamental fiscal underpinnings. The second thing that we need to do, of course, is stop spending $400 billion a year overseas to oil-producing countries that come right out of our economy immediately. Some of that money goes, unfortunately, to fund terrorist organizations. We've got to develop technologies to reduce this dependency on foreign oil, and eventually eliminate it, and stop this outflow of some $400 billion a year.
Source: 2008 GOP debate in S.C. sponsored by Fox News Jan 10, 2008
Loss of economic strength leads to losing military strength
Q: Does our country's financial situation create[sic] a security risk?A: Of course, any nation that no longer has economic strength sooner or later will lose its military strength, so it's a national security issue. We have many trillions of dollars of unfunded liability. Obviously, we've been on a spending spree. If oil reaches $100 a barrel, which many people think it may, $400 billion of America treasure will go to oil-producing countries. Some of those monies will go to terrorist organizations.
Source: 2007 Des Moines Register Republican debate Dec 12, 2007
Republicans have forgotten how to control spending
Q: Have Republicans forgotten how to control spending?A: Absolutely. We let spending lurch completely out of control. As president of the United States, I'd take an old veto pen that Ronald Reagan gave me, and I'd veto every single pork barrel bill that comes across my desk. And we've got to stop it and stop it now. I look forward to it.
Source: 2007 GOP YouTube debate in St. Petersburg, Florida Nov 28, 2007
Veto all pork-barrel bills and announce pork spenders
Q: How will you be different, in any way, from Pres. Bush?A: I would have vetoed spending bill after spending bill after pork-barrel project after pork-barrel project, in the tradition of President Reagan. The first pork-barrel bill that crosses my desk, I'm going to veto it and make the authors of those pork-barrel items famous all over America. We're going to stop it.
Q: What specific programs would you cut if you were president?
A: Line-item veto is the best tool. We need it very badly.
Source: 2007 GOP primary debate, at Reagan library, hosted by MSNBC May 3, 2007
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