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FactChecking Debate No. 3

 

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Obama No Maverick
Obama exaggerated his willingness to defy his own party. When McCain asked for an example, Obama offered this:

Obama: First of all, in terms of standing up to the leaders of my party, the first major bill that I voted on in the Senate was in support of tort reform, which wasn't very popular with trial lawyers, a major constituency in the Democratic Party.

That 2005 bill was S.5, which dealt with class-action lawsuits. Obama was one of 18 Democrats voting for it, while 26 opposed. It's a stretch for Obama to claim that he bolted his party when nearly 41 percent of Democrats voted in favor of the bill.

And as we pointed out before, Obama has a pretty consistent record of voting in stride with his party. According to Congressional Quarterly, in Obama's three years in the Senate, he has voted with his party almost 97 percent of the time.

Budget Ballyhoo
Both candidates got ahead of themselves when it came to balancing the budget and eliminating the deficit. Obama said every one of his spending increases was paid for.

Obama: Now, what I've done throughout this campaign is to propose a net spending cut. ... Every dollar that I've proposed, I've proposed an additional cut so that it matches.

McCain said he could balance the budget within one term.

Schieffer: Do either of you think you can balance the budget in four years? You have said previously you thought you could, Sen. McCain.
McCain: Sure I do. And let me tell you...
Schieffer: You can still do that?
McCain: Yes.

These are pie-in-the-sky predictions. We've looked at McCain's balanced-budget promise before – it's out of reach unless he cuts spending to an unrealistic degree. The Urban-Brookings Tax Policy Center estimates that by 2013, at the end of his first term, McCain's tax plan would have him facing a $662 billion deficit. That could come to more than half of that year's discretionary spending, which the projects to be $1.1 trillion. And we've previously disputed Obama's claim that "every dime" of his proposed spending is covered. The Tax Policy Center estimated that Obama's plan – and McCain's, too –  "would substantially increase the national debt over the next ten years" unless the candidates come up with "substantial cuts in government spending" that they haven't yet specified. More recently, the Committee for a Responsible Federal Budget also estimated that in 2013, Obama's major budget proposals – including spending cuts – would increase the deficit for that year by $281 billion.

The $42,000, Again.
McCain was on the wrong side of this exchange:

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Member Comments

  • Posted By: Tigger-two @ 10/30/2008 7:59:30 PM

    I think that Joe likes all the attention he is getting from John McCain , Sarah Palin and the media, but i would love to know who he is going to vote for when the curtain closes, wouldn't you?

  • Posted By: eldejota @ 10/24/2008 1:47:23 PM

    To everybody reading this: lets inspire everyone to vote, share one of your million reason to do it in this site: http://www.amillionreasonstovote.com

  • Posted By: Nowforthetruth @ 10/24/2008 1:12:45 AM

    Spread the wealth how.? Look at his past. Obama in this video, addressing his work with ACORN litigation against the banks and relating to the Community Reinvestment Act and the failure of Freddie Mac and Fannie Mae, as they relate to the current real estate and financial crisis, states that, and I quote:

    "Subprime lending started out as a good idea, helping Americans buy homes who previously could not afford to. Financial institutions created new financial instruments that could securitize these loans, slice them into finer and finer risk categories, and spread them out among investors and around the country, as well as around the world. In theory, this should have allowed mortgage lending to be less risky, and more diversified."

    "The original idea was a good one, which was, lets see if we can distribute risk more broadly, and make it easier to provide loans to people who otherwise might not be able to get one."

    Listen for yourself. You cannot dispute the mans on words recorded live:

    http://www.youtube.com/watch?v=Lr1M1T2Y314&feature=related


    Obama in this second video is campaigning at a convention of Acorn and I believe two other ???Community Activist's organizations. Ask if he will be their ally if he becomes President, Obama says, quote:

    "Yes, but let me say that before I even get inaugurated, during the transition we are going to be calling all of you in to help us shape the agenda."

    See and hear it for yourself. Obama promised that Acorn and other groups like it will setting his agenda if elected:

    http://www.youtube.com/watch?v=8vJcVgJhNaU
    Below is a link to C-SPAN video clips of the Congressional hearings at roughly the time McCains attempt at S.190. to fix Fannie and Freddie. See for yourself who said what.

    http://www.youtube.com/watch?v=_MGT_cSi7Rs
    See also
    http://www.newsweek.com/id/164732 from this web site. (oops!) stating that Freddie Mac was spending tax payer money to target Republicans in 2005 who were trying to regulate Fannie and Freddies fraud. Democrats were not targeted, as the were all in the tank with Fannie and Freddie to kill the regulations. Hear that, the article admits that Republicans were trying to regulate Freddie and Fannie, and Democrats were trying to stop it from happening as a means to facilitate the Community Reinvestment Act.

    See also: http://www.newsweek.com/id/164972
    Stating that Gramm-Leach-Bliley Act wasn't what caused the meltdown, and noting that "economists on both sides of the political spectrum have suggested that the act has probably made the crisis less severe than it might otherwise have been."

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