Jeanne Shaheen on Budget & Economy
Democrat Sr Senator; previously Governor
“Where has John Sununu been on those issues? He’s been in Washington for 12 years--5 years on the Banking Committee,” she said. “He’s been missing in action when it came to cracking down on those practices that led us to the crisis that we’re in today.” In response, Sununu’s campaign maintained Shaheen is the “last person N.H. needs in an economic crisis” because her “first inclination” is to raise taxes. Shaheen seems to anticipate the tax-and-spend criticism. She said she balanced three budgets when she was governor and when revenues were lagging, she cut spending.
Sununu has been promoting three priorities: protecting taxpayers’ interests, implementing strong oversight of regulatory markets and promoting policies that encourage long-term growth.
Jeanne Shaheen countered that “the lack of oversight and the lack of accountability that George Bush and his allies like John Sununu in the Senate supported have really brought us to where we are today.” She pushed for tighter regulations and liquidity-disclosure requirements as well as a consolidated oversight system.
Sununu parried back aggressively, telling how he had long sought to beef up regulation for Fannie Mae and Freddie Mac, the ailing public-private mortgage finance companies seized by the government this month. “That’s an issue where I’ve led the effort not just in the past year, but going back five years,” Sununu said. He also said taxpayers should be kept off the hook for Wall Street’s failures.
Proponent's argument to vote Yes:Rep. LEWIS (D, GA-5): This bipartisan bill will provide the necessary funds to keep important transportation projects operating in States around the country. The Highway Trust Fund will run out of funding by September. We must act, and we must act now.
Opponent's argument to vote No:Rep. CAMP (R, MI-4): [This interim spending is] needed because the Democrats' economic policy has resulted in record job loss, record deficits, and none of the job creation they promised. Democrats predicted unemployment would top out at 8% if the stimulus passed; instead, it's 9.5% and rising. In Michigan, it's above 15%. The Nation's public debt and unemployment, combined, has risen by a shocking 40% [because of] literally trillions of dollars in additional spending under the Democrats' stimulus, energy, and health plans.
We had a choice when it came to the stimulus last February. We could have chosen a better policy of stimulating private-sector growth creating twice the jobs at half the price. That was the Republican plan. Instead, Democrats insisted on their government focus plan, which has produced no jobs and a mountain of debt.
Proponent's argument to vote Yes:Rep. PETER WELCH (D, VT-0): Citigroup supports this bill. Why? They're a huge lender. They understand that we have to stabilize home values in order to begin the recovery, and they need a tool to accomplish it. Mortgages that have been sliced and diced into 50 different sections make it impossible even for a mortgage company and a borrower to come together to resolve the problem that they share together.
Sen. DICK DURBIN (D, IL): 8.1 million homes face foreclosure in America today. Last year, I offered this amendment to change the bankruptcy law, and the banking community said: Totally unnecessary. In fact, the estimates were of only 2 million homes in foreclosure last year. America is facing a crisis.
Opponent's argument to vote No:
Sen. JON KYL (R, AZ): This amendment would allow bankruptcy judges to modify home mortgages by lowering the principal and interest rate on the loan or extending the term of the loan. The concept in the trade is known as cram-down. It would apply to all borrowers who are 60 days or more delinquent. Many experts believe the cram-down provision would result in higher interest rates for all home mortgages. We could end up exacerbating this situation for all the people who would want to refinance or to take out loans in the future.
Rep. MICHELE BACHMANN (R, MN-6): Of the foundational policies of American exceptionalism, the concepts that have inspired our great Nation are the sanctity of private contracts and upholding the rule of law. This cramdown bill crassly undercuts both of these pillars of American exceptionalism. Why would a lender make a 30-year loan if they fear the powers of the Federal Government will violate the very terms of that loan?
Proponent's argument to vote Yes:Rep. DAVID OBEY (D, WI-7): This country is facing what most economists consider to be the most serious and the most dangerous economic situation in our lifetimes. This package today is an $825 billion package that does a variety of things to try to reinflate the economy:
Opponent's argument to vote No:
Rep. JERRY LEWIS (R, CA-51): Most of us would agree that the recent $700 billion Troubled Asset Relief Program (TARP) is an illustration of how good intentions don't always deliver desired results. When Congress spends too much too quickly, it doesn't think through the details and oversight becomes more difficult. The lesson learned from TARP was this: we cannot manage what we do not measure. We cannot afford to make the same mistake again.
Sen. THAD COCHRAN (R, MS): We are giving the executive branch immense latitude in the disbursement of the spending this bill contains. We are doing so without any documentation of how this spending will stimulate the economy. Normally, this kind of information would be contained in an administration budget. For items that have a short-term stimulative effect, most of us will feel comfortable debating their merits as an emergency measure. But there is a great deal of spending that is not immediately stimulative.
NPR summary of HR133:
Argument in opposition: Rep. Alex Mooney (R-WV-2) said after voting against H.R. 133: "Congress voted to spend another $2.3 trillion [$900 billion for COVID relief], which will grow our national debt to about $29 trillion. The federal government will again have to borrow money from nations like China. This massive debt is being passed on to our children and grandchildren. With multiple vaccines on the way thanks to President Trump and Operation Warp Speed, we do not need to pile on so much additional debt. Now is the time to safely reopen our schools and our economy. HR133 was another 5593-page bill put together behind closed doors and released moments prior to the vote."
Legislative outcome: Passed House 327-85-18, Roll #250, on Dec. 21. 2020; Passed Senate 92-6-2, Roll #289, on Dec. 21; signed by President Trump on Dec 27 [after asking for an increase from $600 to $2,000 per person, which was introduced as a separate vote].
|Other candidates on Budget & Economy:||Jeanne Shaheen on other issues:|
Colin Van Ostern
Senate races 2021-22:
AK: Incumbent Lisa Murkowski(R)
vs.Challenger Kelly Tshibaka(R)
vs.2020 candidate Al Gross(D)
AL: Incumbent Richard Shelby(R) vs.U.S. Rep. Mo Brooks(R) vs.Ambassador Lynda Blanchard(R) vs.Katie Britt(R) vs.Judge Jessica Taylor(R) vs.Brandaun Dean(D) vs.
AR: Incumbent John Boozman(R)
vs.Candidate Dan Whitfield(D)
AZ: Incumbent Mark Kelly(D)
vs.CEO Jim Lamon(R) vs.Blake Masters(R)
vs.A.G. Mark Brnovich(R) vs.Mick McGuire(R)
CA: Incumbent Alex Padilla(D)
vs.2018 Senate candidate James Bradley(R)
vs.State Rep. Jerome Horton(D)
CO: Incumbent Michael Bennet(D)
CT: Incumbent Richard Blumenthal(D)
vs.Challenger Joe Visconti(R)
vs.2018 & 2020 House candidate John Flynn(R)
FL: Incumbent Marco Rubio(R)
vs.U.S.Rep. Val Demings(D)
vs.U.S. Rep. Alan Grayson(D)
GA: Incumbent Raphael Warnock(D)
vs.Navy vet Latham Saddler(R)
HI: Incumbent Brian Schatz(D)
vs.Former State Rep. Cam Cavasso(R ?)
IA: Incumbent Chuck Grassley(R)
vs.State Sen. Jim Carlin(R)
vs.Former U.S. Rep IA-1 Abby Finkenauer(D)
ID: Incumbent Mike Crapo(R)
IL: Incumbent Tammy Duckworth(D)
vs.U.S.Rep. Adam Kinzinger(? R)
IN: Incumbent Todd Young(R)
vs.Challenger Haneefah Abdul-Khaaliq(D)
vs.Psychologist Valerie McCray(D)
KS: Incumbent Jerry Moran(R)
KY: Incumbent Rand Paul(R)
vs.State Rep Charles Booker(D)
LA: Incumbent John Kennedy(R)
MD: Incumbent Chris Van Hollen(D)
MO: Incumbent Roy Blunt(R)
vs.Eric Greitens(R) vs.Scott Sifton(D)
vs.Eric Schmitt(R) vs.Lucas Kunce(D)
vs.Mark McClosky(R) vs.Vicky Hartzler(R)
vs.Tim Shepard(D) vs.Billy Long(R)
NC: Incumbent Richard Burr(R,retiring)
vs.Ted Budd(R) vs.Pat McCrory(R)
vs.Cheri Beasley(D) vs.Rett Newton(D)
ND: Incumbent John Hoeven(R)
vs.Michael J. Steele(D)
NH: Incumbent Maggie Hassan(D)
vs.Chris Sununu(R ?)
NV: Incumbent Catherine Cortez Masto(D)
NY: Incumbent Chuck Schumer(D)
OH: Incumbent Rob Portman(R,retiring)
Bernie Moreno(R) vs.Tim Ryan(D)
vs.Jane Timken(R) vs.Josh Mandel(R)
vs.JD Vance(R) vs.Mike Gibbons(R)
vs.Morgan Harper(D) vs.Matt Dolan(R)
OK: Incumbent James Lankford(R)
OR: Incumbent Ron Wyden(D)
vs.QAnon adherent Jo Rae Perkins(R)
PA: Incumbent Pat Toomey(R,retiring)
vs.Everett Stern(R) vs.Jeff Bartos(R)
vs.Val Arkoosh(D) vs.Carla Sands(R)
vs.John Fetterman(D) vs.Malcolm Kenyatta(D)
vs.Kathy Barnette(R) vs.Sharif Street(D)
vs.Conor Lamb(D) vs.Sean Parnell(R)
vs.Craig Snyder(R) vs.Mehmet Oz(R)
SC: Incumbent Tim Scott(R)
vs.State Rep. Krystle Matthews(D)
SD: Incumbent John Thune(R)
vs.State Rep. Billie Sutton(? D)
UT: Incumbent Mike Lee(R) vs.Allen Glines(D)
vs.Austin Searle(D) vs.Evan McMullin(I)
VT: Incumbent Patrick Leahy(D)
vs.Scott Milne(? R)
WA: Incumbent Patty Murray(D)
vs.Challenger Tiffany Smiley(R)
WI: Incumbent Ron Johnson(R) vs.Tom Nelson(D)
vs.Sarah Godlewski(D) vs.Alex Lasry(D)
vs.Chris Larson(D) vs.Mandela Barnes(D)
Senate Votes (analysis)
Senate Office SH-520, Washington, DC 20510