Senate candidates talk federal debt

Every week until the Nov. 4 election, The Atlanta Journal-Constitution will pose questions on key issues facing the nation to the three men running for the U.S. Senate from Georgia.

Candidates have 120 words to answer the question.

This week’s question: What would you do to help reduce the federal debt?

Republican Sen. Saxby Chambliss, incumbent

We must reduce the national debt for our children and grandchildren. Step one: Cut spending. I supported the Balanced Budget Act of 1997, and I am an original sponsor of the United States Authorization and Sunset Commission Act, which creates a bipartisan commission to review and eliminate inefficient federal programs.

Step two: Reform the budget process. I am a co-sponsor of the Biennial Budgeting and Appropriations Act. This will end reckless spending through reforming the federal budget process and converting it to a two-year cycle, with one year for appropriating funding and the other year devoted to much needed oversight of federal spending.

Reducing the debt must be a priority, and I am committed to making that happen.

Democrat Jim Martin

The failed economic policies of the Bush administration have left us with the largest debt in our nation’s history, and we must get our fiscal house back in order. Something’s wrong when oil companies are receiving billions of dollars in tax breaks and raking in record profits at the same time. As DHR commissioner, I had to make tough spending cuts in the difficult economic times following 9/11 and that’s the kind of leadership and fiscal discipline I can take to the U.S. Senate. One of the first things we should do is stop spending $10 billion a month in Iraq and to provide middle class tax relief so that the foundation of our economy can be revitalized.

Libertarian Allen Buckley

Implement a simple individual income tax system with a poverty level exemption ($10,400 for a single person; $21,200 for a family of four). The first $25,000 of net income in excess of exemption would be taxed at a 20 percent rate, and income in excess thereof would be taxed at the “x” rate — a floating rate that balances the budget for the year. Permit four deductions: Primary residence mortgage interest; charitable contributions; retirement contributions to the current 401(k) limits; and health care premiums to the high-deductible health plan (HDHP) average premium amount; plus contributions to a Health Savings Account (HSA) (a 28 percent refundable credit could be taken instead of a deduction).