New Ad "Lowering" Compares Kay's Record of Reducing Taxes, Advocating for Working Families with the Bush/Dole Team's Financial Recklessness

October 7, 2008

GREENSBORO, N.C. - State Senator and U.S. Senate Candidate Kay Hagan (D-Guilford) released a new ad today, comparing her record of fiscal accountability, lower taxes and balanced budgets with the Bush-Dole team’s record of financial recklessness and advocating for the special interests, resulting in a $700 billion bailout at the expense of working families. “Lowering” began running on stations across the state yesterday evening.



“Kay is a former banker, and she knows how important a stable financial market is for our economic well-being,” said Hagan Campaign Communications Director Colleen Flanagan. “But it’s unconscionable that leaders in Washington have allowed us to get to a place where we’re bailing out Wall Street at the expense of hardworking families. Under the Bush-Dole team, fiscal accountability and regulation were shelved in favor of a special interest free-for-all, with Elizabeth Dole allowing them to do what they please. This November, we need to send a strong signal that it’s high time working families come before Wall Street, and the special interests must take a back seat to the best interests of our constituents.”

Kay, a former Vice President at NCNB (now Bank of America), was a co-chair of the Senate Budget Committee for five years. During her tenure as co-chair, Kay worked with legislators on both sides of the aisle to balance five straight budgets while cutting taxes by $840 million and continuing to invest in priorities such as raising teacher pay, increasing the minimum wage, maintaining a fully-funded pension plan and ensuring that North Carolina’s neediest children have health insurance. As a former banker, Kay places a high premium on fiscal accountability, and she has made North Carolina one of the best states in which to do business.

Elizabeth Dole has voted with President Bush 92% of the time, and stayed silent at over 60 Senate Banking Committee hearings leading up to the unprecedented bailout, asking no questions and making no comments. She worked with the special interests to try and lessen regulation in our financial markets, while teaming up with President Bush to increase our national debt by 56% to nearly $10 trillion before the bailout. In the last month, the debt has increased by nearly $500 billion.

“Lowering” can be viewed at http://www.youtube.com/watch?v=94SdKGjdZXM.

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“LOWERING”
Hagan Senate Committee
0:30 TV
10/6/08

TRANSCRIPT	FACTS
Narrator: We’re scared. An economy in shambles. Now it’s a crisis for us…	Since Dole Took Office, North Carolina Is Paying More In Federal Taxes Per Capita. In 2002, North Carolina was paying $5,317 per capita. In 2005, North Carolina was paying $6,084 per capita in federal taxes. [Tax Foundation, 10/19/07] Stock Markets Experienced Record Losses. On October 6, 2008, the Associated Press reported, “The Dow finished below 10,000 for the first time since 2004 and lost more than 3 1/2 percent for the day, and there were no signs fear and unpredictability were leaving the stock market any time soon…The crush of selling Monday came exactly one week after the Dow lost 778 points, its biggest closing loss in terms of points.” The New York Times stated that the 778 -point drop wiped out $1.2 trillion in the stock market. [Associated Press, 10/6/08; New York Times, 10/5/08] North Carolina Foreclosures Have Seen Sharp Increases. The Charlotte Business Journal reported, “The number of foreclosures in North Carolina increased 32 percent in August. California-based RealtyTrac Inc. says there were 4,600 foreclosure filings in the state, or one for every 876 households, during the month. The figure is up 32.1 percent from August 2007, when there were 3,483 filings.” The Winston-Salem Journal reported, “Last year foreclosure fillings in North Carolina increased 67 percent last year.” [Charlotte Business Journal 9/12/08; Winston-Salem Journal, 10/5/08]
Narrator: …because George Bush and Elizabeth Dole put the special interests in charge. Oil Companies and Wall Street get all the breaks while the middle-class is left behind.	Dole Has Accepted $2.7 Million From Lobbyists and Special Interests. Since Dole first started running for Senate in 2001, she has taken $2,752,300 from lobbyists and special interests, according to the Center for Responsive Politics. In her 2002 campaign for Senate, Dole accepted $1,433,600 from political action committees, not including ideological committees. Since 2003, Dole has accepted $1,051,755 from political action committees, not including ideological committees. Over the course of her career in the U.S. Senate, Dole has taken $266,945 from lobbyists. [Center for Responsive Politics Dole 2002 campaign profile, 8/21/08; Center for Responsive Politics Dole PAC contributions, 10/7/08; Center for Responsive Politics Dole lobbyist contributions, 10/7/08] Dole Voted To Keep $17 Billion In Tax Incentives for Big Oil. On June 10, 2008, Dole voted against a bill to repeal tax benefits for large oil companies and, instead, invest the money into renewable energy development. [Vote 146, 6/10/08] March 5, 2008: Dole Introduced Bill To Reduce Regulation Of Financial Institutions. In March 2008, Dole introduced the Regulatory Relief and Fairness Act, which is “a bill to reduce the report and certification burdens for certain financial institutions.” The bill sought to ease regulations found in sections 302 and 404 of the Sarbanes-Oxley Act of 2002. [S 2703, Introduced 3/5/08] Sections 302 & 404 Of Sarbanes-Oxley Hold Executives Accountable. According to the San Diego Business Journal, “under Section 302, CEOs and CFOs must personally certify that they are responsible for disclosure” statements in their quarterly and annual reports. Furthermore, “each quarterly filing must contain an evaluation of the design and effectiveness” of their internal accounting and auditing procedures and verify “that they have disclosed to their audit committee and independent auditor any significant control deficiencies, material weaknesses, and acts of fraud.” Gavin Hinks, the editor of Accountancy Age, explained that “the parts [Dole] mentioned were section 404 ¬the bit about having auditors verify that you have decent internal controls and section 302, the part that says CEOs and CFOs should certify that they have checked the internal controls. If they don’t they could go to jail.” [Accountancy Age, 3/14/08; San Diego Business Journal, 3/31/03] Accountancy Age: “Supremely Naive” To Cut Regulation For Banks. Gavin Hinks, the editor of Accountancy Age, wrote that it was “supremely naïve” that Dole would introduce legislation making compliance with regulations in Sarbanes-Oxley that required CEOs and CFOs of banks to ensure that internal auditing controls are checked. Hinks wrote, “It strikes me that it is supremely naive to believe you should call for a cut in regulation for banks at a time when the judgment of those who run the banks doesn’t appear to be something they’d shout about.” [Accountancy Age, 3/14/08] Since June, Dole Voted Against Middle Class Tax Cuts 3 Times. Dole voted against an array of tax breaks aimed at the middle class 3 times in the last 5 months. The tax breaks include extending the tuition deduction, extending the deduction for state and local sales tax, expanding the child tax credit, extending the teacher expense deduction, extending the research and development tax credit, and patching the alternative minimum tax for one year. The tax cuts would be paid for by closing loopholes used by hedge fund managers and multinational corporations. [Vote 190, 7/29/08; Vote 147, 6/10/08; Vote 150, 6/17/08] Dole Voted Against Extending $180 Billion In Middle Class Tax Cuts. The Senate budget, which Dole voted against, authorized $180 billion to preserve tax cuts aimed at the middle class, including credits for married couples and families with children. [Vote 114, 3/23/07; Associated Press, 3/22/07] Dole Voted Against Expanding Or Protecting Child Tax Credits At Least Twelve Times, Including Three Times Since June. Since 2003, Dole has voted against expanding the child tax credit at least twelve times. Since June of this year, Dole has voted against expanding the child tax credit three times. In March 2007, Dole voted against $180 billion in middle class tax cuts, including an expansion of the child tax credit. [Vote 190, 7/29/08; Vote 150, 6/17/08; Vote 147, 6/10/08; Vote 114, 3/23/07; Associated Press, 3/22/07; Vote 346, 11/17/05; Congressional Record, 11/17/05; Vote 266, 7/9/03; CQ Daily Monitor, 7/9/03; Vote 162, 5/15/03; Advocate, 5/16/03; Vote 151, 5/15/03; Vote 168, 5/15/03; Star Tribune, 5/16/03; Vote 166, 5/15/03; Congressional Record, 5/15/03; Vote 153, 5/15/03; Congressional Record, 5/15/03; Vote 106, 3/26/03; Washington Post, 3/27/03]
Narrator: Kay Hagan says “enough.” She cut taxes by $840 million and balanced five budgets in a row.	Hagan Has Worked To Enact At Least $840 Million In Tax Cuts. Hagan has supported a variety of tax cuts as a state senator, including economic incentive packages, property tax exemptions for disabled veterans, tax credits for small businesses providing health care for employees, a sales tax holiday for energy efficient appliances, a cap on the gas tax, increased the deduction for married couples and increased the child tax credit. The Charlotte Observer has praised the state budget, saying, “N.C. lawmakers use money wisely, cutting taxes, giving big bucks to education needs and helping counties with rising Medicaid costs.” [Vote 1584, 7/8/08; Vote 1076, 7/30/07; Vote 1357, 7/5/06; Vote 851, 8/11/05; Vote 5, 11/4/04; Vote 1386, 7/17/04; Vote 3, 12/10/03; Vote 785, 6/30/03; Vote 1507, 9/20/02; Charlotte Observer, 11/22/07; 2/8/07; 12/12/03; Raleigh News & Observer, 2/11/07; 12/11/03; Winston-Salem Journal, 11/5/04; Durham Herald-Sun, 12/11/03] Hagan Balanced Five Consecutive Budgets While Chair Of The Senate Budget Committee. The North Carolina Fiscal Research Division, a nonpartisan office which provides fiscal and policy information to the Legislature, has issued a report for each fiscal year’s budget. These reports show the budget was balanced every year Hagan served as co-chair of the Appropriations/Base Budget Committee. [2007 FRD Budget Overview; 2006 FRD Budget Overview; 2005 FRD Budget Overview; 2004 FRD Budget Overview; 2003 FRD Budget Overview; Associated Press, 10/31/07; Greensboro News & Record, 5/16/08]
Narrator: Hagan will reduce taxes for working families, NOT for Big Oil and companies who ship our jobs overseas. That’s the change our economy needs. KH: I’m Kay Hagan. And I approve this message.	Hagan Supports Incentives For Companies Who Keep Jobs Here, Not Send Them Overseas. In July 2008, Hagan released a trade and jobs policy which said, “Our tax policy provides incentives to corporations who move jobs overseas. Kay Hagan will ensure that these loopholes are closed and that businesses are rewarded for keeping jobs in America.” [Hagan jobs and trade policy] Hagan Sought To Repeal Oil Company Tax Credits. The Charlotte Observer reported that Hagan supports a “bipartisan compromise that would allow states to decide on offshore drilling, promote alternative energy and repeal oil company tax credits.” The article also refutes a Dole attack that links Hagan to “Big Oil.” [Charlotte Observer, 9/17/08] Hagan Stressed The Need To Crack Down On Speculators Who Are Driving Up Oil Prices. Hagan asserted she would “like to see more done to crack down on speculators who are artificially driving up the price of oil while reaping record profits” as a way to lower gas prices in the short-term. [Kay Hagan Campaign Press Release, 8/4/08; 7/28/08] Hagan Will Use North Carolina’s Resources To Create Jobs At Home. In April 2008, Hagan released an energy plan which would utilize North Carolina’s research, agriculture and manufacturing facilities to transition to clean energy. A study released in October 2007 showed that North Carolina could net 300,000 more jobs by 2020 by implementing energy-efficiency programs and producing more renewable energy. [Associated Press, 10/24/07; Hagan energy plan] Hagan Will Seek To Create A Level Playing Field For American Businesses. Hagan’s jobs and trade plan stated that Hagan had two key principles. One of those principles said, “To make trade work for America and North Carolina, our businesses and our institutions must create a competitive environment to ensure that no one will be more innovative than America.” The plan also said, “To ensure our continued competitiveness, Kay Hagan supports expansions for Science and Technology, Renewable Energy, and Education.” [Hagan jobs and trade policy] Hagan Will Work To Enhance Competitiveness In Rural Communities. Hagan released a rural plan, which stated, “Kay will promote rural competitiveness by fighting hard to increase rural quality of life, particularly in education and health care, and to foster a competitive environment built upon the 21st Century broadband infrastructure that is necessary to succeed in the globalized world.” [Hagan rural plan]

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