Tom Tancredo on Budget & Economy Republican Representative (CO-6)

End womb-to-tomb protections; stick to Constitutional limits

A: I would say that there is a very clear way to establish what the government needs to do in order to reduce the cost that it incurs and to do what is right, an that is to follow the Constitution of this country. The Constitution is a limiting document. It tells the federal government what it can and cannot do. Today we do far too many things that exceed the constitutional bounds that are placed there. We have a responsibility to protect & defend this country. Concentrate on what the Constitution itself gives us the responsibility for, & the rest of that stuff becomes extraneous.

Q: Who would you ask to sacrifice first, by cutting their program?

A: If you ask America, what would you sacrifice, the one thing I would say is this: Don't ask the government for womb-to-tomb protection for your life, to build a bubble around you because all of that will cost a humongous amount of money that we don't have

Rein in out-of-control spending and balance the budget

• HUCKABEE: Yes.
• TANCREDO: Yes.
• COX: Yes.
• BROWNBACK: Yes.
• PAUL: Yes.
• HUNTER: Yes.
• KEYES: Yes.

Reduce budget deficit--restrict feds to Constitutional role

A: Yeah, it's absolutely a problem. Reducing the national debt requires us to have some sort of fiscal discipline. There are a million programs that we operate and that we pay for with the federal government that are far beyond the bounds of the Constitution. Follow the Constitution and you'll know what is necessary. And that's the defense of the country. That's it for the federal government.

Voted NO on regulating the subprime mortgage industry.

• recommending default on an existing loan in connection with closing of a high-cost mortgage
• steering incentives to mortgage originators
• exercising sole discretion to accelerate indebtedness
• single premium credit insurance and
• negative amortization mortgages.

Proponents support voting YES because:

Rep. FRANK: This legislation seeks to prevent a repetition of events that caused one of the most serious financial crises in recent times. We have a worldwide problem economically, with a terrible shortage of credit. Innovations in the mortgage industry, in themselves good and useful, but conducted in such a completely unregulated manner as to have led to this crisis. The fundamental principle of the bill is not to put remedies into place, but to stop future problems from occurring in the first place. We have had two groups of mortgage originators: banks subject to the regulation of the bank regulators; and then mortgage loans made by brokers who were subject to no regulation. The secondary market has been on the whole useful but, having been unregulated, has caused some problems.

Opponents recommend voting NO because:

Rep. HENSARLING: This is a bad bill for homeowners in America. There is no doubt that this Nation faces a great challenge in the subprime market, but this piece of legislation is going to make the situation worse. Clearly, there has to be enforcement against fraud in the subprime market. But what Congress should not do is essentially outlaw the American Dream for many struggling families who may be of low income, who may have checkered credit pasts, for whom a subprime mortgage is the only means to purchase a home.

Voted YES on restricting bankruptcy rules.