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Mark Udall on Budget & Economy

Democratic Representative (CO-2)


$700 billion bailout is not good for my constituents

Udall and Schaffer sparred over who is to blame for the policies that have led to talks of a bail out of the financial industry.

Udall accused Schaffer of supporting the policies that have led to the economic crisis, while Schaffer responded that Udall has voted against having more oversight for companies like Fannie Mae and Freddie Mac.

Schaffer said the proposed $700 billion bailout is necessary but ďessentially a tax.Ē Udall says the plan is not supported by his constituents.

Source: 2008 Colorado Senate debate reported by AP in Boston Herald Sep 28, 2008

Financial bailout results from Reagan & Bush GOP policies

Q: Isnít it time to reinstitute closer regulation of Wall Street?

UDALL: What we canít do, is return to the policies that Schaffer supported and supports today, which are tax breaks for CEOs, tax breaks for companies that offshore jobs, tax breaks for the wealthiest among us.

SCHAFFER: Thatís not true.

UDALL: Thatís not going to get us to health in our financial system. Schaffer supported a lessening of regulation.

SCHAFFER: Thatís not true either. You voted against several amendments. You voted in 2007 to further loosen Fannie Mae and Freddie Macís credit limits. That leads directly to the crisis weíre seeing on Wall Street today.

UDALL: This is [the result of deregulation during] 10 years of the Bush administration, of the Reagan revolution coming to its logical conclusion.

SCHAFFER: Those of us whoíve been back home in the private sector working hard for the last six years are sick and tired of these kinds of votes that make all of the rest of us pay.

Source: 2008 Colorado Senate Debate on Meet the Press Sep 28, 2008

Voted YES on $15B bailout for GM and Chrysler.

Congressional Summary:

Proponent's argument to vote Yes:Rep. BARNEY FRANK (D, MA-4): This economy is in the worst shape that it has been in since the Great Depression. This Congress voted 2 months ago to advance $25 billion to the auto industry to promote innovation. This $15 billion is an additional "bridge loan."

Opponent's argument to vote No:Rep. SPENCER BACHUS (R, AL-6): We all understand that the bankruptcy of either GM or Chrysler would have a cascading effect on other manufacturers. But I cannot support this plan because it spends taxpayer money without any real promise to return the industry to profitability. I see several glaring flaws. We are creating a new car czar to manage these companies from Washington; not a CEO, but a car czar. Second, this legislation actually imposes new and expensive mandates on our automobile companies. Third, this legislation imposes Federal Government management on the Big Three, the wisdom of Washington. It is clear that the management of these companies have made mistakes, many mistakes, but to set up a command and control Federal bureaucrat is exactly the wrong solution.

Rep. RON PAUL (R, TX-14): The problems that we are facing today date back to 1971. But we don't seem to want to go back and find out how financial bubbles form and why they burst. Instead, we just carry on doing the same old thing and never look back. We spend more money, we run up more debt, we print more money, and we think that is going to solve the problem that was created by spending too much money, running up debt, printing too much money. Today, we are talking about tinkering on the edges without dealing with the big problem.

Reference: Auto Industry Financing and Restructuring Act; Bill HR.7321 ; vote number 2008-H690 on Dec 10, 2008

Voted YES on $60B stimulus package for jobs, infrastructure, & energy.

Congressional Summary:
    Supplemental appropriations for:
  1. Infrastructure Investments: Transportation: DOT, FAA, AMTRAK, and FTA
  2. Clean Water (EPA)
  3. Flood Control and Water Resources (ACE)
  4. 21st Century Green High-Performing Public School Facilities (ED)
  5. Energy Development (DOE)
  6. Extension of Unemployment Compensation and Job Training
  7. Temporary Increase in Medicaid Matching Rate
  8. Temporary Increase in Food Assistance

Proponent's argument to vote Yes:Rep. DAVID OBEY (D, WI-7): Congress has tried to do a number of things that would alleviate the squeeze on the middle class. Meanwhile, this economy is sagging. Jobs, income, sales, and industrial production have all gone down. We have lost 600,000 jobs. We are trying to provide a major increase in investments to modernize our infrastructure and to provide well-paying construction jobs at the same time.

Opponent's argument to vote No:Rep. JERRY LEWIS (R, CA-41): Just 2 days ago we were debating an $800 billion continuing resolution. Now in addition to being asked to pay for a bailout for Wall Street, taxpayers are being asked to swallow an additional $60 billion on a laundry list of items I saw for the first time just a few hours ago. The Democratic majority is describing this legislation as a "stimulus package" to help our national economy. But let's not fool ourselves. This is a political document pure and simple. If these priorities are so important, why hasn't this bill gone through the normal legislative process? We should have debated each of the items included in this package.

It doesn't take an economist to tell you that the economy needs our help. But what does this Congress do? It proposes to spend billions more without any offsets in spending. The failure to adhere to PAYGO means that this new spending will be financed through additional borrowing, which will prove a further drag on our struggling economy.

Reference: Job Creation and Unemployment Relief Act; Bill S.3604&HR7110 ; vote number 2008-H660 on Sep 26, 2008

Voted YES on defining "energy emergency" on federal gas prices.

Congressional Summary:

SUPPORTER'S ARGUMENT FOR VOTING YES:Rep. WATERS: This bill preserves public housing. The administration eliminated the one-for-one replacement requirement in 1996, effectively triggering a national sloughing off of our Nation's public housing inventory. Housing authorities have consistently built back fewer units than they have torn down and, as a result, over 30,000 units have been lost. I urge you to support our Nation's low-income families and to preserve our housing stock.

OPPONENT'S ARGUMENT FOR VOTING NO:Rep. HENSARLING: President Reagan once said that the nearest thing to eternal life on Earth is a Federal program, and I don't think there is any better case study than perhaps the HOPE VI program. If there was ever a program that cried out for termination, it's this one.

This program began in 1992 with a very noble purpose of taking 86,000 units of severely distressed public housing and replacing them, demolishing them. Well, it achieved its mission. But somewhere along the line we had this thing in Washington known as mission creep.

We already have 80-plus Federal housing programs, and the budget for Federal housing programs has almost doubled in the last 10 years, from $15.4 billion to more than $30 billion now. So it's very hard to argue that somehow Federal housing programs have been shortchanged.

LEGISLATIVE OUTCOME:Bill passed House, 271-130

Reference: HOPE VI Improvement and Reauthorization Act; Bill H.R.3524 ; vote number 08-HR3524 on Jan 17, 2008

Voted YES on regulating the subprime mortgage industry.

H.R.3915: To reform consumer mortgage practices and provide accountability for such practices, to establish licensing and registration requirements for residential mortgage originators. Prohibits certain creditor practices with respect to high-cost mortgages, including:

Proponents support voting YES because:

Rep. FRANK: This legislation seeks to prevent a repetition of events that caused one of the most serious financial crises in recent times. We have a worldwide problem economically, with a terrible shortage of credit. Innovations in the mortgage industry, in themselves good and useful, but conducted in such a completely unregulated manner as to have led to this crisis. The fundamental principle of the bill is not to put remedies into place, but to stop future problems from occurring in the first place. We have had two groups of mortgage originators: banks subject to the regulation of the bank regulators; and then mortgage loans made by brokers who were subject to no regulation. The secondary market has been on the whole useful but, having been unregulated, has caused some problems.

Opponents recommend voting NO because:

Rep. HENSARLING: This is a bad bill for homeowners in America. There is no doubt that this Nation faces a great challenge in the subprime market, but this piece of legislation is going to make the situation worse. Clearly, there has to be enforcement against fraud in the subprime market. But what Congress should not do is essentially outlaw the American Dream for many struggling families who may be of low income, who may have checkered credit pasts, for whom a subprime mortgage is the only means to purchase a home.

Reference: Mortgage Reform and Anti-Predatory Lending Act; Bill HR3915 ; vote number 2007-1118 on Nov 15, 2007

Voted NO on restricting bankruptcy rules.

Vote to pass the bill that would require debtors who are able to pay back $10,000 or 25 percent of their debts over five years to file under Chapter 13, rather then seeking to discharge their debts under Chapter 7. Chapter 13, calls for a reorganization of debts under a repayment plan. A Debtor would be restricted, in this bill, to a total exemption of $125,000 in home equity for residences bought within 40 months of a bankruptcy filing. The bill also would establish permanent and retroactive Chapter 12 bankruptcy relief for farmers.
Reference: Bankruptcy Abuse Prevention and Consumer Protection Act; Bill S 1920 ; vote number 2004-10 on Jan 28, 2004

Allow $3 on 1040 form to pay off National Debt.

Udall co-sponsored allowing $3 on 1040 form to pay off National Debt

OFFICIAL CONGRESSIONAL SUMMARY: Amends the Internal Revenue Code to permit an individual to designate three dollars on his or her income tax return (six dollars on a joint return) to be used to reduce the public debt of the United States.

SPONSOR'S INTRODUCTORY STATEMENT: Pres. Eisenhower apparently once said that he believed that there could be no surplus as long as our Nation was in debt. I come from that school of thought, and yet that is not exactly where we are right now in Washington.

Where we are right now is debating whether or not 90 percent or 50 percent, or some number in between, of these projected future surpluses should be allocated to the debt. What struck me is the fact that really more than just the Congress should be involved in that debate. It is for that reason that I introduce today the Taxpayers' Choice Debt Reduction Act.

What this bill would do would be to simply take the 1040, the tax return as we now know it. And right now, we can send $3 to the presidential campaign. This would create another box wherein we could send 3 bucks to debt reduction. That is not enough money to change our national debt, but it is enough money to make a small step in an important debate that we all ought to be a part of.

LEGISLATIVE OUTCOME: Referred to the House Committee on Ways and Means; never called for a House vote.

Source: Taxpayers' Choice Debt Reduction Act (H.R.5349) 00-HR5349 on Sep 29, 2000

Ban abusive credit practices & enhance consumer disclosure.

Udall signed Credit CARD Act

Source: S.414 & H.R.627 2009-S414 on Feb 11, 2009

Other candidates on Budget & Economy: Mark Udall on other issues:
CO Gubernatorial:
Bill Ritter
CO Senatorial:
Bob Schaffer
Ken Salazar
Michael Bennet
Michael Bennett
Wayne Allard

Pending elections:
D,IL-5:Emanuel
D,CA-31:Solis
D,NY-20:Gillibrand

Special elections
in 110th Congress:

R,GA-10:Broun
D,IN-7:Carson
D,LA-6:Cazayoux
D,MD-4:Edwards
D,IL-14:Foster
D,CA-37:Richardson
R,LA-1:Scalise
D,CA-12:Speier
D,MA-5:Tsongas
R,VA-1:Wittman
GOP Freshmen
in 111th Congress:

R,OH-7:Austria
R,OH-16:Boccieri
R,LA-2:Cao
R,LA-6:Cassidy
R,UT-3:Chaffetz
R,CA-6:Coffman
R,LA-4:Fleming
R,KY-2:Guthrie
R,MS-3:Harper
R,CA-52:Hunter
R,KS-2:Jenkins
R,NJ-7:Lance
R,NY-26:Lee
R,MO-9:Luetkemeyer
R,WY-AL:Lummis
R,CA-4:McClintock
R,TX-22:Olson
R,MN-3:Paulsen
R,FL-15:Posey
R,TN-1:Roe
R,FL-16:Rooney
R,IL-18:Schock
R,PA-5:Thompson
Dem. Freshmen
in 111th Congress:

D,NJ-3:Adler
D,AL-2:Bright
D,VA-11:Connolly
D,PA-3:Dahlkemper
D,OH-1:Driehaus
D,OH-11:Fudge
D,FL-8:Grayson
D,AL-5:Griffith
D,IL-11:Halvorson
D,NM-1:Heinrich
D,CT-4:Himes
D,OH-15:Kilroy
D,AZ-1:Kirkpatrick
D,NC-8:Kissell
D,FL-24:Kosmas
D,MD-1:Kratovil
D,NM-3:Lujan
D,NY-25:Maffei
D,CO-4:Markey
D,NY-29:Massa
D,NY-13:McMahon
D,ID-1:Minnick
D,VA-5:Perriello
D,MI-9:Peters
D,ME-1:Pingree
D,CO-2:Polis
D,MI-7:Schauer
D,OR-5:Schrader
D,NM-2:Teague
D,NV-3:Titus
D,NY-21:Tonko
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Page last updated: Oct 02, 2009