N.H. Senate candidates talk fuel prices, economy
CONCORD, N.H.—Both Republican Sen. John Sununu and Democrat Jeanne Shaheen say tax incentives for developers and users of renewable energy can help bolster the nation's economy as well as relieve the pain of high fuel prices.
The Senate candidates promoted the tax breaks in response to an Associated Press survey on a range of economic issues. Though they disagree on the extent to which the United States should pursue offshore oil drilling, Shaheen and Sununu found some common ground on alternative fuels.
Asked what steps Congress should take to stimulate the economy, Sununu said any long-term plan should include "a balanced approach to energy that includes conservation, incentives for clean, renewable energy and greater production of oil and gas deep offshore."
"We should encourage the use of wind, solar, biomass and other clean, renewable energy by extending tax credits to homeowners and businesses investing in these technologies," he said in answering a question about how Congress can help stabilize energy prices. "We need to produce more energy here at home by opening up promising areas for new exploration. ... We should remove the ban on new offshore exploration and give willing states a voice in opening up new reserves."
Shaheen opposes lifting that ban, saying oil companies should be drilling on land they already lease. She said Congress needs to "stop taking advice on energy policy" from the oil industry and could immediately help bring down prices by cracking down on speculation on the price of oil, and closing loopholes that allow traders to manipulate oil markets.
Longer term, she said the country should focus on investing in alternative and renewable energy sources and tax incentives for those who make buildings more energy efficient.
"I also believe that we should end the billions of dollars in tax giveaways to Big Oil and use that money to invest in the development of alternative and renewable energy sources that are going to create jobs and move us off our dependence on foreign oil," she said.
The two recently held competing conference calls on energy prices. Sununu criticized Shaheen for not supporting new offshore drilling; Shaheen faulted Sununu for voting against Senate Democratic proposals to spend more on federal home heating assistance and to further restrict oil speculators.
Sununu, who has cosponsored a bill to provide an additional $2.5 billion for heating assistance, blames congressional inaction on Senate Democratic leaders.
To stimulate the economy, Shaheen said she would push for more investment in infrastructure and scientific research. Both would pay off long-term, she said, while creating jobs repairing and building roads, bridges and schools in the short-term. She said ending the war in Iraq also would be a big economic boost, freeing up $12 billion a month that could be spent at home.
Neither Shaheen nor Sununu answered directly when asked whether they would support a second economic stimulus package following the checks sent out this spring. But Shaheen signaled she may be open to the idea, saying any stimulus package Congress creates should be temporary, targeted to those who most need help and timed to inject cash into the economy quickly.
Former state Rep. Tom Alciere, who is challenging Sununu in the Sept. 9 Republican primary, said he favors boosting the economy by repealing all business licenses fees so more people can go into business. He is not a fan of stimulus checks.
"Those checks were a scam to buy votes with stolen money, stolen by the inflation tax," he said.
On gas prices, Alciere said federal agencies should begin using hydrogen powered cars, which would stimulate research because investors would know there's a market.
None of the candidates said the Federal Deposit Insurance Corp. should increase the amount of money it guarantees for bank deposits in light of recent bank failures. Alciere opposes the insurance itself.
"When the bank fails, the government has no right to steal my money to pay off depositors who have more money than I have," he said.
The FDIC insures up to $100,000 in bank accounts and $250,000 in retirement accounts. Raising those limits "would only increase the potential cost to taxpayers while providing benefits to a very small number of wealthy depositors," Sununu said.
Shaheen said the IndyMac Bank failure showed that FDIC insurance works well for middle class families, but highlighted the impact that risky lending practices have had on the economy. She said Congress should increase transparency and accountability in mortgage lending and regulate mortgage lenders more tightly.
"New Hampshire families need a senator in Washington who will put the needs of middle class families ahead of the needs of multibillion dollar lenders," she said.
Shaheen's primary opponent, Raymond Stebbins, did not respond to the questionnaire.
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