2010 PA Senate Debates: on Budget & Economy

Joe Sestak: Auto & bank bailouts were to clean up Bush's mess

Sestak said he had to clean up the mess left behind by irresponsible spending and tax-cutting under President George W. Bush. "We'd been torpedoed and had to caulk the holes," he said.

The two actually agreed that the tone of their race had grown negative, but neither accepted blame for it. Both defended their ads as issues-based and accurate.

Pat Toomey: We can't borrow and spend our way to prosperity

Sestak said he had to clean up the mess left behind by irresponsible spending and tax-cutting under President George W. Bush. "We'd been torpedoed and had to caulk the holes," he said.

The two actually agreed that the tone of their race had grown negative, but neither accepted blame for it. Both defended their ads as issues-based and accurate.

Joe Sestak: Deregulation of banks led to the economic meltdown

"I learned in the Navy to expect what you inspect," said Sestak, a retired admiral who served for 30 years in the Navy before being elected to Congress in 2006. "Even little league football has a referee on the field. He [Toomey] removed the referee from Wall Street."

Toomey said he admired Sestak's creative mind, but said his opponent did not understand the financial system. The real threat to the economy, he said, is in the billions of dollars spent on bailouts for banks and the auto industry, along with the economic stimulus and now a health-care regime that he said were all pushing the deficit to stratospheric levels. "Some people believe if you are productive and successful you should get soaked and get soaked hard. I just don't believe in that," Toomey said.

Pat Toomey: Real threat to economy is billions on bailouts

Toomey said he admired Sestak's creative mind, but said his opponent did not understand the financial system. The real threat to the economy, he said, is in the billions of dollars spent on bailouts for banks and the auto industry, along with the economic stimulus and now a health-care regime that he said were all pushing the deficit to stratospheric levels. "Some people believe if you are productive and successful you should get soaked and get soaked hard. I just don't believe in that," Toomey said. He said productive companies and entrepreneurs create jobs. "We need to prevent this radical Democratic agenda, get spending under control, and cut taxes where we can, and we'll see the economy come roaring back," he said.

Pat Toomey: Strengthen economy via lower taxes & less spending

The two candidates found some common ground on questions geared toward the economy. Both said federal spending needs to be reduced.

"When I was (in Congress) I was fighting against the spending that was going on," said Toomey.

Sestak said he would like to see the government extend help to the group he says drives the economy--"The working family, not Wall Street"--by getting tax cuts to that group.

Sestak said he does not support the flat tax as he said Toomey does, and the government should look to guarantee community bank loans to entice borrowers.

Toomey said he believes in strengthening the economy through lower taxes, less spending and increasing domestic energy production.