Congressional Black Caucus debate: on Budget & Economy

Barack Obama: Account for every single dollar for new proposed programs

A: We account for every single dollar that we propose. This is one of the things that’s happened during the course of this campaign, that there’s a set of assertions made b Clinton and her husband, that are not factually accurate. Part of what the people are looking for right now is somebody who’s going to solve problems and not resort to the same typical politics that we’ve seen in Washington. That is something that I hear all across the country. So when Clinton says I wasn’t opposed to the war from the start or says it’s a fairytale that I opposed the war, that is simply not true. Clinton asserts that I said that the Republicans had better economic policies since 1980. That is not the case. The viewers are concerned about is who’s actually going to help the get health care, how are they going to get their kids going to college, and that’s the kind of campaign I’ve tried to run.

Barack Obama: Help the homeowners actually living in their homes

Barack Obama: Bankruptcy bill pushed by banks & financial institutions

CLINTON: I regretted voting for the bankruptcy bill and I was happy that it didn’t get into law. By 2005, there was another run at a bankruptcy reform, motivated by the credit card companies and the other big lenders. I opposed that bill. There was a particular amendment that is very telling. It was an amendment to prohibit credit card companies from charging more than 30% interest. It was one of the biggest lobbyist victories on that very bad bill that the bankruptcy bill represented.

Barack Obama: Capping credit card interest rates at 30% is not enough

Barack Obama: Voted against limiting credit to 30%, because 30% too high

Obama did vote against--and Clinton voted for--an amendment that would have placed a 30% cap on the interest rate that could be charged on any extension of credit. The amendment failed by a vote of 74 to 24 in 2005. When the amendment came up for a vote, Obama was standing next to Sen. Paul Sarbanes, D-MD, the senior Democrat on the banking committee and the leader of those opposing the landmark bill, which would make it harder for Americans to get rid of debt.

As for whether the 30% cap was too high, that’s certainly a matter of opinion. Sen. Mark Dayton of Minnesota, sponsor of the amendment, said on the Senate floor that such a cap “is still consumer abuse” but is much better than rates of more than 300%, which he said were being charged by some loan operations in the country.

Hillary Clinton: 2005 bankruptcy bill was by big credit cards & lenders

CLINTON: I regretted voting for the bankruptcy bill and I was happy that it didn’t get into law. By 2005, there was another run at a bankruptcy reform, motivated by the credit card companies and the other big lenders. I opposed that bill. There was a particular amendment that is very telling. It was an amendment to prohibit credit card companies from charging more than 30% interest. It was one of the biggest lobbyist victories on that very bad bill that the bankruptcy bill represented.

Hillary Clinton: No evidence as to how Obama would pay for new programs

OBAMA I did not compliment Republican ideas. That is not true. What I said was is that Reagan was a transformative political figure because he was able to get Democrats to vote against their economic interests to form a majority to push through their agenda, an agenda that I objected to. While I was working on those streets watching those folks see their jobs shift overseas, Clinton was a corporate lawyer sitting on the board at Wal-Mart. What I said had nothing to do with their policies.

Hillary Clinton: Foreclosure moratorium mitigates agony; doesn’t prolong it

A: No. I think it helps to mitigate the agony. What I hear as I go in and out of people’s homes and talk to so many who have already lost their homes, they’re in foreclosure, they see these interest rates that are about to go up and they know they can’t pay them, is that we take action now. I’ve been calling for action since last March. When I first started calling for it, a lot of the same economists who now say don’t do anything about it said, it won’t be that bad. The mortgage crisis is not only destroying home ownership, it is having a ripple effect across the world. So my moratorium for 90 days is a work-out. It’s not a bailout. I want people to be able to see whether they can stay in their homes paying a rate that is affordable for them. The interest rate freeze is merited. If you’re a homeowner who has been at the bottom of this incredible scheme that was established, you’re left holding the bag and you don’t have the house anymore.

Hillary Clinton: Voted to limit credit card interest to 30%

Obama did vote against--and Clinton voted for--an amendment that would have placed a 30% cap on the interest rate that could be charged on any extension of credit. The amendment failed by a vote of 74 to 24 in 2005. When the amendment came up for a vote, Obama was standing next to Sen. Paul Sarbanes, D-MD, the senior Democrat on the banking committee and the leader of those opposing the landmark bill, which would make it harder for Americans to get rid of debt. As for whether the 30% cap was too high, that’s certainly a matter of opinion.

Hillary Clinton: FactCheck: Consistently against making bankruptcy stricter

Obama mischaracterized Clinton’s comments on her vote for an earlier, 2001 bankruptcy bill. Obama said, “Sen. Clinton said she voted for [the 2001 bill] but hoped that it wouldn’t pass. Now, I don’t understand that approach to legislation.“

That’s not exactly what Clinton said. When asked if she regretted voting for the 2001 bill, Clinton answered, ”Sure I do. It never became law, as you know. It got tied up. It was a bill that had some things I agreed with and other things I didn’t agree with. I was happy it never became law. I opposed the 2005 bill as well.

John Edwards: Stimulus package: focus on long-term investments

: No, that’s exactly right. I have proposed something that not only stimulates the economy, but creates long-term benefits, investment in green infrastructure, which creates jobs. Instead of just getting money out in the short term, this will actually create jobs over the long term, create green infrastructure. And crucial to jobs: South Carolina has been devastated by trade deals like NAFTA.

Q: What you’re proposing are really long-term objectives. In terms of a short-term stimulus package, you disagree with [Obama & Clinton] on an immediate tax rebate?

A: No, no. If we green the economy, if we change our unemployment insurance laws, if we deal with the mortgage crisis in a serious way with a home rescue fund to provide transitional financing for those people who are about to lose their homes, all those things will stimulate the economy.