Michael Bennet on Budget & Economy Democratic Presidential Challenger; CO Senator

Forest Service cuts place an immense burden on Colorado

Inflation is a global problem caused by supply chain issues

"His answer for everything is fossil fuels, fossil fuels, fuels," he said.

O'Dea's argument about energy--from the price of diesel to the issuance of drilling permits under Biden--was that energy policy was helping to drive inflation. Natural gas policy could also addressed foreign policy issues like, he argued, the war in Ukraine and concerns about global emissions. "Even a carpenter like myself can figure out once we move the energy cost down," he said, "inflation will subside."

Bennet, unsurprisingly, disagreed. Inflation is a global problem caused by supply chain issues, he said, not one confined to the United States.

Stopped 30,000 evictions & cut childhood poverty in half

SEN. MICHAEL BENNET (D): I believe that the bill that we passed kept 30,000 Coloradans from being evicted. I think that it has funded law enforcement all over the state, mental health services that we desperately need. It cut childhood poverty in half last year because of a bill that I wrote.

Real problems if we don't address income inequality

Stimulus bill avoided Depression; now we need infrastructure

BENNET: Absolutely not. In fact, what I was saying is true, because we have $13 trillion of debt on the balance sheet and nothing to show for it. We have not even had the decency to maintain the assets that our parents and grandparents built for us: our roads, our bridges, our wastewater systems, our sewer systems; by the way, those weren't Bolsheviks, those weren't socialists that built those things for us--much less build the infrastructure we need for the 21st century.

Q: But the president acknowledges that infrastructure spending has not been really dealt with in this stimulus bill.

BENNET: Transportation, transit and energy infrastructure as well. That stimulus package saved us from going into the second Great Depression. But that's hardly enough.

Stimulus bill limited because recession worse than expected

Bennet said the stimulus bill hasn't been more effective because the U.S. recession was even worse than initially believed. "But 37% of that legislation was in tax cuts," he argued, a claim that Buck's supporters scoffed at.

Use paid back bank bailout funds to reduce the deficit

A: Washington has failed to make tough decisions on our budget for too long, and our $13 trillion debt is now a crisis. The experiences that I bring to the table--turning around bankrupt companies, working to balance a budget deficit--can help me make a difference. I have been leading the movement in Congress to address our fiscal mess, including:

1. Leading on bills to cap the deficit and cap discretionary spending,
2. Passing a bill I introduced that will use paid back bank bailout funds to reduce the deficit, and
3. Introducing and voting for measures to make sure Congress has to find a way to pay for any new spending or tax cuts.

Transparency on paying for tax cuts and spending programs

We still have more work to do. Both the House and Senate are now required to find a way to pay for most new spending programs or tax cuts. I believe that these rules could be stronger so that Congress, just like every Colorado family, is required to figure out how to pay for what it spends.

Transparency must be improved by every Member of Congress and throughout the system as a whole.

Served two years as Denver Mayor's Chief of Staff

More enforcement of mortgage fraud and TARP fraud.

An Act to improve enforcement of mortgage fraud, securities and commodities fraud, financial institution fraud, and other frauds related to Federal assistance and relief programs, and for the recovery of funds lost to these fraud.
• Amends the federal criminal code to include within the definition of `financial institution` a mortgage lending business or any entity that makes a federally related mortgage loan.
• Extends the prohibition against making false statements in a mortgage application to employees and agents of a mortgage lending business.
• Applies the prohibition against defrauding the federal government to fraudulent activities involving the Troubled Assets Relief Program (TARP) or a federal economic stimulus, recovery, or rescue plan.
• Expands securities fraud provisions to cover fraud involving options and futures in commodities.
• Authorizes appropriations to the Attorney General, the Postal Service, and HUD, for investigations, prosecutions, and civil proceedings involving federal assistance programs and financial institutions.
• Amends the Omnibus Crime Control and Safe Streets Act of 1968 to define `covered criminal activity` as including a criminal conspiracy including economic crime, financial fraud, and mortgage fraud.

Voted YES on $900 billion COVID relief package.

NPR summary of HR133:

• $600 checks for every adult and child earning up to $75,000, and smaller checks if earning up to $99,000.
• Unemployment: extend enhanced benefits for jobless workers, $300 per week through March.
• Rental assistance: $25 billion to help pay rent; extends eviction moratorium until Jan. 31.
• SNAP assistance: $13 billion for the Supplemental Nutrition Assistance Program.
• PPP loans: $284 billion for Paycheck Protection Program loans, expanding eligibility to include nonprofits, news/TV/radio media, broadband access, and movie theaters & cultural institutions
• Child care centers: $10 billion to help providers safely reopen.
• $68 billion to distribute COVID-19 vaccines and tests at no cost.
• $45 billion in transportation-related assistance, including airlines and Amtrak.
• $82 billion in funding for schools and universities to assist with reopening
• $13 billion for the Coronavirus Food Assistance Program for growers and livestock producers.

Argument in opposition: Rep. Alex Mooney (R-WV-2) said after voting against H.R. 133: `Congress voted to spend another $2.3 trillion [$900 billion for COVID relief], which will grow our national debt to about $29 trillion. The federal government will again have to borrow money from nations like China. This massive debt is being passed on to our children and grandchildren. With multiple vaccines on the way thanks to President Trump and Operation Warp Speed, we do not need to pile on so much additional debt. Now is the time to safely reopen our schools and our economy. HR133 was another 5593-page bill put together behind closed doors and released moments prior to the vote.`

Legislative outcome: Passed House 327-85-18, Roll #250, on Dec. 21. 2020; Passed Senate 92-6-2, Roll #289, on Dec. 21; signed by President Trump on Dec 27 [after asking for an increase from $600 to $2,000 per person, which was introduced as a separate vote].

$1.9 trillion ARPA bill for COVID relief.

This bill provides additional relief to address the continued impact of COVID-19 on the economy, public health, state and local governments, individuals, and businesses:

• Supplemental Nutrition Assistance Program (SNAP, formerly known as the food stamp program);
• schools and institutions of higher education;
• child care and programs for older Americans and their families;
• COVID-19 vaccinations, testing, treatment, and prevention;
• emergency rental assistance, homeowner assistance, and other housing programs;
• payments to state and local governments for economic relief;
• small business assistance, including restaurants;
• and state capital projects that enable work, education, and health monitoring in response to COVID-19

Rep. Kevin McCarthy in OPPOSITION (3/11/21): The so-called American Rescue Plan imposed a $1.9 trillion new burden on American families. Despite being branded as `COVID relief,` only 9% of funds in this bill actually goes to defeating the virus, and almost half of the money, including more than 95% of the education funds, will not be spent until 2022 or later. After a year of struggle and sacrifice, students and parents get no answer to the vital question of when they can expect schools to reopen full time. President Biden wants Americans to believe `help is on the way.` But under this bill, it isn`t; waste is.

Biden Administration in SUPPORT (2/26/21): ARPA provides the tools and support critical to tackle the urgent public health and economic crises the Nation faces as a result of COVID-19. The bill also provides eligible Americans with a $1,400 payment in addition to the $600 payment provided in December of 2020. The bill also extends key emergency unemployment benefits, and raises the minimum wage to $15 per hour.

Legislative Outcome: Passed House 219-212-1 on 2/27/21; passed Senate 50-49-1 on 3/6/21; signed by President on 3/11/21.