Scott Brown on Budget & Economy

Republican Jr Senator


2010: Banks should not pay $19B price for bank reform

The Democrats had lost the 60-seat majority in January, and now the bill needed the support of MA's newest senator, Republican Scott Brown. Wasting no time, he threatened to hold up the financial bill unless the Democrats agreed to reopen the nearly completed package to add one more provision: a financial break for the big banks.

Ever since the US began writing rules for financial institutions, the banks have always paid the costs of regulation. The price tag for enforcing the new bank reforms was estimated to be about $19 billion, and the current version of the reform bill specifically said that the biggest financial institutions would pay for it.

Now Senator Brown threatened to hold up the bill unless that provision was changed. He insisted that the taxpayers, not the big banks, pick up the tab. Barney Frank was furious, but he didn't have much choice: the deal was cut, the final bill was passed by both the House & the Senate, and the legislation was sent to the president for his signature.

Source: A Fighting Chance, by Elizabeth Warren, p.160 , Apr 22, 2014

Stop dividing Americans into haves and have-nots

Brown rejected Warren's attempt to divide Americans into the top 3% versus everyone else, or billionaires and oil companies versus everyone else. "Fingerpointing, us versus them, the haves and have-nots," he said.
Source: FutureOfCapitalism.com on 2012 Mass. Senate Debate , Sep 21, 2012

Cut spending & keep the tax burden low

Q. When you think about the US budget deficit, do you prefer tax reform or spending cuts?

A. Senator Brown supports streamlining and consolidating wasteful and duplicative government programs, cutting spending, and comprehensive tax reform as a means to reduce the budget deficit. Senator Brown believes that keeping the tax burden low is an important factor in economic growth, which will be key to resolving our jobs, debt and deficit problems.

Source: AmericansElect email questionnaire with Scott Brown's staff , Nov 22, 2011

Spending cuts preferred, but eliminating tax loopholes ok

Q: Would Sen. Brown include any tax increases as part of a deficit reduction package? Should some tax increases be included along with spending cuts in a budget compromise?

A: Sen. Brown prefers spending cuts, but would also support eliminating loopholes & exclusions and lowering tax rates in a manner that would produce more static revenue

Source: AmericansElect email questionnaire with Scott Brown's staff , Nov 22, 2011

AdWatch: $2 trillion spending spree puts us deeper in debt

American Future Fund, a conservative 501(c)(4): Ad Narrator:

Scott Brown supports an across-the-board tax cut. Martha Coakley says, quote, "We need to get taxes up." Brown has pledged not to raise taxes. Coakley says she will. Brown opposed the $2 trillion spending spree that's putting us deeper in debt. Coakley supports massive new spending and the tax increases to pay for it. Call Martha Coakley and tell her we can't afford more taxes.

Source: FactCheck "Bay State Battle": 2010 MA Senate debate AdWatch , Jan 13, 2010

No new regulation of the financial markets

Coakley's campaign, in an ad released this week, describes Brown as someone who would march in step with "Washington Republicans," portraying him as anti-government and pro-business. The ad says Brown will "block tougher oversight of Wall Street."

Brown has said that he's not in favor of new regulation of the financial markets, preferring to let "private enterprise try to get us out of this mess."

Source: FactCheck "Bay State Battle": 2010 MA Senate debate AdWatch , Jan 13, 2010

People are angry over tax and spend mentality and $12T debt

Q: You're probably gonna win the primary. But you probably will not win the general election in a Democratic state. So why go through this?

A: I respectfully have to disagree with you this is not a Democrat state; it's not a Kennedy state; it's the people, and right now they're angry. They tried the tax and spend mentality and don't forget we already have twelve people down there right now [in Massachusetts' delegation to the U.S. Congress] that are voting the same way on the same special interest there. Taxing and spending us to a twelve trillion dollar national debt. People are telling me around the state that they want somebody different has been an independent thinker and talker. I have been representing now the state house's fiscal conservative watchdog so I have to respectfully disagree. You should come and see the enthusiasm and excitement to put somebody down there [in D.C.] who is not like the others.

Source: NECN Good Morning Live interviews on 2009 MA Senate race , Nov 30, 2009

Let private enterprise try to get us out of this mess

Q: Today is the one-year anniversary of the start of the financial crisis in the U.S. It was one year ago today that Lehman Bros., the investment bank, went belly up, and within days the U.S. economy was pretty much in a full-scale panic. Where are you on that?

A: It's all about the economy and jobs. Pulling back on the financial [regulations], I think if you do too much too soon, it doesn't have a chance to catch up and see if we can work out of this ourselves through free enterprise, through private enterprise, intervention and creativity. So I'm all in favor of just holding back for a little bit and letting private enterprise try to get us out of this mess.

Q: Is another government stimulus plan a good idea?

A: I don't think so. We are leaving a legacy, amassing amazing amounts of debt, passing it on to our kids and grand-kids, and at some point we are just going to be top heavy.

Source: WBUR interview on 2009 MA Senate primary debate , Sep 14, 2009

No cap on bankers' salaries

Q: Congressman Barney Frank has been a leader in a movement on Capitol Hill to make financial industry executives more accountable, hold their salaries in check in the process. Do you think that's a good idea?

A: I don't agree with Barney's proposal on that. We should let the free-enterprise and the business market do what it needs to do to get our economy back and running. I'm concerned that government intervention into private businesses is just crossing the line.

Source: WBUR interview on 2009 MA Senate primary debate , Sep 14, 2009

Voted NO on $300M to offset the budget deficit via bonds

Massachusetts Democratic Party Platform indicates voting NO in Part V: Fiscal Responsibility:Tax Fairness and Responsible Budgeting. [State Senator Brown, a Republican, voted NO].

The state shall issue and sell bonds of the Commonwealth in an amount [up to] $300,000,000. All such bonds shall be payable not later than June 30, 2010. All interest and payments on account of principal on such obligation bonds issued pursuant to this section shall be special obligations of the Commonwealth. [Establishes a 7-year bond program to borrow money to pay off the budget deficit].

Relevant platform section: PART V: FISCAL RESPONSIBILITY, TAX EQUITY, & PUBLIC STEWARDSHIP: Tax Fairness and Responsible Budgeting: "Budgets should be fiscally responsible and balanced without gimmicks."

Source citation: Amendment to MGL 29 ; vote number 62

Source: Massachusetts House voting record via MassScorecard.org , Apr 30, 2003

Other candidates on Budget & Economy: Scott Brown on other issues:
MA Gubernatorial:
Bill Weld
Bob Massie
Charlie Baker
Dan Wolf
Deval Patrick
Don Berwick
Jay Gonzalez
Karyn Polito
Lawrence Lessig
Martha Coakley
Marty Walsh
Richard Tisei
Steve Grossman
Tom Menino
Warren Tolman
MA Senatorial:
Brian Herr
Bruce Skarin
Ed Markey
Elizabeth Warren
Gabriel Gomez
John Kerry
Martha Coakley
Mo Cowan

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