State of Louisiana Archives: on Budget & Economy


Charles Melancon: Stimulus package will avoid God-awful recession like 1980s

Melancon voted for the stimulus package, saying he recalled the 1980s, the last time the country faced an economic collapse. "It was pretty God awful," Melancon said.

Vitter criticized the measure as wasteful spending. Today, unemployment stands at 10 percent with about 80 percent of the stimulus money dedicated. "It immediately increased spending and debt," Vitter said. "At the same time, I didn't think it would lead to significant job creation."

Source: Baton Rouge Advocate on of 2010 Louisiana Senate debate Oct 18, 2010

Charles Melancon: TARP package will avoid depression from doing nothing

Bush's Wall Street bailout, or Troubled Asset Relief Program, led to $700 billion in government money going to financial institutions in danger of collapsing. Melancon said he voted for the bill after consulting with business leaders and economists who feared an economic free fall. "They all agreed that doing nothing would lead us into a depression," Melancon said.

At every turn, Vitter tried to thwart the program. He introduced legislation aimed at blocking the use of $250 billion of the TARP money, which was approved in two installments. He called for any money returned to the federal government by the institutions taking part in the program to be dedicated to reducing the federal deficit instead of supporting further spending. Vitter also wanted an ending date for the program. "It played out to do what I feared, to expand the power and the role of the federal government," Vitter said.

Vitter's proposed measures did not pass. The government has received most of its money back.

Source: Baton Rouge Advocate on of 2010 Louisiana Senate debate Oct 18, 2010

David Vitter: Stimulus package won't lead to significant job creation

Melancon voted for the stimulus package, saying he recalled the 1980s, the last time the country faced an economic collapse. "It was pretty God awful," Melancon said.

Vitter criticized the measure as wasteful spending. Today, unemployment stands at 10 percent with about 80 percent of the stimulus money dedicated. "It immediately increased spending and debt," Vitter said. "At the same time, I didn't think it would lead to significant job creation."

Source: Baton Rouge Advocate on of 2010 Louisiana Senate debate Oct 18, 2010

David Vitter: TARP package will expand power & role of federal government

Bush's Wall Street bailout, or Troubled Asset Relief Program, led to $700 billion in government money going to financial institutions in danger of collapsing. Melancon said he voted for the bill after consulting with business leaders and economists who feared an economic free fall. "They all agreed that doing nothing would lead us into a depression," Melancon said.

At every turn, Vitter tried to thwart the program. He introduced legislation aimed at blocking the use of $250 billion of the TARP money, which was approved in two installments. He called for any money returned to the federal government by the institutions taking part in the program to be dedicated to reducing the federal deficit instead of supporting further spending. Vitter also wanted an ending date for the program. "It played out to do what I feared, to expand the power and the role of the federal government," Vitter said.

Vitter's proposed measures did not pass. The government has received most of its money back.

Source: Baton Rouge Advocate on of 2010 Louisiana Senate debate Oct 18, 2010

John Neely Kennedy: Be concerned about economy, but not scared

In past debates Kennedy opened by aligning himself with John McCain, but [in this debate] he described his ideas for re-establishing economic stability in the financial markets and the US economy, an attempt to take control of an issue widely considered a drag on GOP candidates nationwide. “I know many of you are scared. Don’t be. Be concerned, be angry, but don’t be scared,” Kennedy said. “We will survive this economic crisis.”

Landrieu, meanwhile, continued to push herself as a centrist senator who works across party lines and has brought home billions of dollars in aid to Louisiana during her 12 years in Congress, particularly since the blows of hurricanes Katrina and Rita in 2005. “Send me back to continue to fight for you, to deliver for you,” she said.

Source: 2008 Louisiana Senate Debate by Associated Press on NOLA.com Oct 16, 2008

Mary Landrieu: Opposed $700 billion bailout; not enough taxpayer safeguards

Both candidates offered differing views of how to ease the national economic crisis. Kennedy said federal officials should suspend accounting rules that financial industry representatives blame for exacerbating the problems.

Landrieu opposed the $700 billion financial market bailout backed by the White House and approved by Congress. But she also said that she supports government-guaranteed loans between banks and the use of federal tax dollars to buy stocks in banks to shore up the financial system: both plans pushed by the Bush administration, using the authority and money from the bailout bill.

When he was allowed to ask Landrieu a question, Kennedy asked why she now supports elements of the bailout bill: “What made you change your mind?”

“I didn’t change my mind,” she replied. “I did vote against the bailout package because I didn’t think there were enough safeguards for taxpayers.”

Source: 2008 Louisiana Senate Debate by Associated Press on NOLA.com Oct 16, 2008

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