Election guide | Maine's candidates for U.S. House and Senate on issues affecting our economy
In an election season that will decide which presidential candidate and which party lead the country through waters rough with challenges like the financial crisis, two foreign wars and record-high energy prices, it’s more important than ever to hear what Maine’s congressional candidates think about bailouts, health care, Wall Street regulation and energy — key issues affecting Maine’s economy. Mainebiz asked the candidates for U.S. Senate, incumbent Republican Sen. Susan Collins and Democrat Rep. Tom Allen, as well as candidates for U.S. Congress in Maine’s first district, Republican Charlie Summers and Democrat Chellie Pingree, about the policies they would pursue to direct the economy and help businesses in Maine.
Candidates for U.S. Senate
U.S. Rep. Tom Allen
Democrat
www.tomallen.org
Do you think it should be the federal government's job to bail out financial institutions that failed because of bad decisions?
It is outrageous that we have been put in this predicament. In Congress we had to act to stop the credit crisis from reaching even more middle class families and to protect the retirement funds and life savings of hard-working Mainers. We had to ensure continued access to credit for millions of Americans, for small business loans, car loans and college loans.
To what extent, and in what form, should there be government regulation of the country's financial institutions?
The Bush Republicans' policies have been that the free market works best without regulation and oversight. Clearly, those policies do not work. The Bush Republicans, including Susan Collins, ran up massive deficits and left Wall Street to its own reckless devices, which pushed us to the verge of global economic collapse. I am the only candidate in this race with a record of voting for tougher regulation of financial markets.
What will you do to help Maine businesses deal with energy costs?
Many small businesses, including commercial fishermen, family farmers and independent contractors, rely on fuel to get the job done. For those who use their own vehicles for work, my energy plan creates a two-year tax credit on fuel purchases and increases the tax deduction for fuel.
What will you do to make health insurance more affordable for Maine businesses?
Under my universal health care plan, small businesses and the self-employed can pool together to get the same risk-sharing and negotiating benefits that large employers enjoy. Businesses currently offering employees coverage are eligible to receive a refundable tax credit to help offset employer contributions to employee premiums. Because catastrophic health care costs account for a high percentage of medical costs, my plan provides relief by ensuring that the federal government will cover a portion of these claims.
U.S. Sen. Susan Collins
Republican
www.susancollins.com
Do you think it should be the federal government's job to bail out financial institutions that failed because of bad decisions?
Despite the anger we all feel, Congress had to act to prevent further devastating consequences to our economy. That is why I joined 73 of my Senate colleagues in approving bipartisan economic stabilization legislation aimed at preventing America's economy from being driven into financial catastrophe. The legislation that was approved includes the principles for which I pressed - strong protections for taxpayers, curbs on excessive compensation, and tough oversight and accountability.
To what extent, and in what form, should there be government regulation of the country's financial institutions?
As a former Maine financial services regulator, I believe further action is needed to reform the outdated, Depression-era regulatory system. While Congress finally acted in July to create a new regulator for Freddie Mac and Fannie Mae, more needs to be done to better regulate the complex financial instruments used by Wall Street executives for their private gain, to oversee mortgage origination practices and to protect taxpayers from poor decisions made by large financial institutions.
What will you do to help Maine businesses deal with energy costs?
I called upon our congressional leaders to keep us in session in August to complete action on an energy bill. Unfortunately, Tom Allen voted to go home and campaign. The way ahead can be found in legislation that I, along with a bipartisan group of Senators dubbed the "Gang of 20," have been working hard to develop. We are writing a comprehensive bill that would expand production of American energy, promote conservation and spur development of alternative sources.
What will you do to make health insurance more affordable for Maine businesses?
I have introduced the Access to Affordable Health Care Act, a comprehensive bipartisan plan that strengthens our public programs and private health systems to make quality care more available and affordable for all Americans. The bill provides new tax credits to make health care more affordable for small businesses and individuals purchasing coverage on their own, strengthens the health care safety net and expands access to care in underserved areas.
Candidates for U.S. House of Representatives, Maine's 1st Congressional District
Chellie Pingree
Democrat
www.chelliepingree.com
Do you think it should be the federal government's job to bail out financial institutions that failed because of bad decisions?
Government intervention is necessary to stabilize the financial and credit markets in this crisis. I strongly believe that if a financial institution recovers with the help of a rescue package, taxpayers must be first in line to be paid back and share in the profits. I want taxpayers to get the same deal Warren Buffett got when he invested in Goldman Sachs: preferred stock that pays a dividend and a share in the profits if the company succeeds.
To what extent, and in what form, should there be government regulation of the country's financial institutions?
As a small business owner myself, I understand that it's important to maintain a balance between excessive regulation of small businesses and the need for appropriate regulation and oversight of the financial service industry. Wall Street has put far too much money into risky, wasteful schemes like credit default swaps and not enough money into investments that make our economy more productive. It's extremely important that Congress continue hearings to uncover what went wrong.
What will you do to help Maine businesses deal with energy costs?
In the short term we need to increase supply where we can - selling oil from the Strategic Petroleum Reserve would be a good start. Over the long run, ending our dependence on foreign oil presents an economic opportunity for Maine. By becoming a leader in new sources of renewable energy like wind, tidal and biomass, we can bring down energy prices and create good-paying jobs that will stay here in Maine.
What will you do to make health insurance more affordable for Maine businesses?
As a small business owner, I know how difficult it is to meet the rising costs of employee health care costs. This is one of the most significant problems we face in this country, and one that requires a national solution. The goal of a new Congress and the next president must be universal access to quality, affordable health care. It won't be easy, but it's a fight I'm ready to take on.
Charlie Summers
Republican
www.summersforcongress.org
Do you think it should be the federal government's job to bail out financial institutions that failed because of bad decisions?
In certain circumstances, when the failure of these firms will have far-reaching effects on the economy and on innocent individuals, it may be necessary for the government to step in to assist the companies themselves - but not the executives. It requires a measured response that insists on transparency and accountability, and doesn't simply dole out money without regard for how it will be paid back. Our priority must be protection of the American taxpayer.
To what extent, and in what form, should there be government regulation of the country's financial institutions?
I am a strong advocate of government staying out of business' way to allow for their growth, but there is certainly a time and place for appropriate government regulation and oversight, especially when its role is to ensure taxpayer protection. The oversight boards proposed by the recently passed economic stabilization legislation that include representatives from a variety of government agencies as well as outside industry experts are a good example of effective government oversight.
What will you do to help Maine businesses deal with energy costs?First and foremost, we need to drive the cost of energy down in the short term, and I support exploring and drilling for oil and gas here in America to help do that. As we cannot rely on fossil fuels forever, we must invest now in our energy future by simultaneously developing alternative forms of energy - wind, solar, hydro - so that we become as energy independent as possible.
What will you do to make health insurance more affordable for Maine businesses?
I would introduce legislation to expand access to health care through small business health plans, which allow firms to pool together across state lines so that their employees may select the best health insurance plan for them and their family at a lower cost. Also, to lower the cost burden to the taxpayer, I would introduce a bill to make the cost of health care 100% tax deductible for all Americans.
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