Mark Udall in 2008 CO Senate Debates

On Education: More money for government-run college aid programs

Schaffer opposes such programs and said he would fight for more lenders, which would generate competition for lower rates. He warned the collapse of mortgage lenders Fannie Mae and Freddie Mac could also happen to the federal loan system.

On Immigration: Program for illegal immigrants to come out of the shadows

Schaffer said he opposes so-called sanctuary cities, and said the federal government should do more to help local law enforcement. “We need to provide incentives to encourage local sheriffs and local police departments to actually enforce immigration laws and when they incur expenses associated with incarcerating those who violated the law, or need to be deported, states out to be reimbursed and compensated,” he said.

On Budget & Economy: Financial bailout results from Reagan & Bush GOP policies

UDALL: What we can’t 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: That’s not true.

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

SCHAFFER: That’s not true either. You voted against several amendments. You voted in 2007 to further loosen Fannie Mae and Freddie Mac’s credit limits. That leads directly to the crisis we’re 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 who’ve 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.

On Budget & Economy: $700 billion bailout is not good for my constituents

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 “essentially a tax.” Udall says the plan is not supported by his constituents.

On Corporations: No welfare for CEOs in financial bailout

SCHAFFER: Yes. It’s essentially a tax of $10,000 to $11,000 per American household.

Q: [to Udall]: One in every 95 households in Denver are in foreclosure, well above the US average. Why should other taxpayers across the country have to now bail out those Colorado mortgage buyers?

UDALL: People are upset. My calls are mixed between people who say no and people who say hell, no. This is a real crisis that we face. I think there’s some principles that we have to pursue as we move towards a rescue plan not for Wall Street, this shouldn’t be welfare for CEOs, but for Main Street. And that has to include no blank check, oversight, no golden parachutes. What we can’t 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.

On Energy & Oil: We need comprehensive plan, not just oil & gas development

UDALL: That’s laughable. Congressman Schaffer’s an oil and gas executive. Of course he’s going to take the side of the oil and gas industry. If you want maintenance of the existing energy policy we have in this country, which is focused on oil and gas development of fossil fuels, then you ought to hire Schaffer. If you want a comprehensive plan, if you want to throw the kitchen sink at this where we take a fresh look at nuclear and we develop clean coal supplies and we invest deeply in renewables and in conservation, we also drill responsibly, I’m going to be the senator that’s going to pursue that.

On War & Peace: Proposed votes against the declaration of war

UDALL: That’s a great narrative, but go back to 2002. You cast votes for a war.

SCHAFFER: You proposed votes against the declaration of war.

UDALL: You cast votes against an energy policy set of proposals that would have us much closer to being energy independent today.

SCHAFFER: I cast votes in favor of an energy policy.

On War & Peace: Surge has helped, but it’s time to leave Iraq

UDALL: It’s time to leave Iraq. It’s time to leave Iraq responsibly.

Q: Were you wrong on the surge?

UDALL: The surge has helped. There are other factors in Iraq that have been helpful. The Al Anbar Awakening, Muqtada al-Sadr’s call for a cease-fire. There’s ethnic cleansing to a great extent now that you don’t hear that story. Sunni and Shia do not live together anymore in places like Baghdad. But whatever the situation was then, it’s now time to leave Iraq in an honorable & responsible way. As a member of the Armed Services Committee, I know how stretched our military is. I also know we haven’t finished the job in Afghanistan and in Pakistan. Bin Laden is still at large. I also know we have no capacity to defend our own country or to respond to any other emergencies all over the world. It’s time to turn Iraq back over to the Iraqis and refocus on a tough and a smart national security policy.

On Free Trade: Reducing repatriation tax rewards sending jobs overseas

“When you give these companies a [tax] holiday, that rewards these companies for creating these jobs overseas & not here,” Udall said. Instead, he said Colorado leaders should be focused on restoring the financial markets’ vitality and instituting oversight to prevent future crashes. “It’s exactly that kind of thinking that got us into this crisis to start with, Udall said of Schaffer’s plan.

Schaffer, however, said a temporary reduction in the repatriation tax would, in fact, strengthen the US economy. “What would be a more powerful boost to the economy is exploring multiple strategies to pump private capital real dollars, into the economy,” Schaffer said.

Schaffer noted that Udall “voted for it at its last step before it went to the president.” Udall voted for the 2004 American Jobs Creation Act on Oct. 4, 2004, after he voted against it in June.