Feinstein and Campbell make their pitches to business

We asked the major candidates for the California U.S. Senate seat, “Why should businesspeople vote for you?” Here are their submissions


By Dianne Feinstein

In 1992, when I began serving in the Senate, the federal government was running a record $290 billion deficit. For the past three years, we have been running record surpluses, which the non-partisan Congressional Budget Office projects will produce a $4.5 trillion surplus over the next decade.

A major issue facing this nation is how to use the surplus our economic prosperity has created.

First and foremost, we must use part of the surplus to protect Social Security and Medicare. Nearly $2.2 trillion of the surplus comes from the Social Security Trust Fund, and should only be used to ensure its solvency. Another $403 billion is generated by Medicare and should be dedicated for strengthening Medicare.

By using these funds as they were intended, we can extend the solvency of Social Security for over half a century to 2057 and Medicare to 2030. That leaves $1.9 trillion in surplus over the next decade. It is important to keep in mind that this is only a projection and is not guaranteed.

Next, we should pay down the national debt. Through continued discipline, we could eliminate all publicly held debt by 2012, for the only time since 1835, when Andrew Jackson was president.

I also believe that we can, and should, return part of the surplus to the taxpayers who helped create it. That is why I supported ending the marriage penalty tax and repealing the estate tax, which, I believe, are fundamentally unfair.

I also support a targeted tax cut of approximately $450 billion. However, passing a tax cut of more than $1 trillion based on a budget surplus that has not, and may not, materialize runs the risk of undermining our fiscal discipline.

I have worked across the political aisle to promote responsible stewardship of the economy, including:

n Supporting making permanent the research and development tax credit, which is one of the most important tools we can offer business. Research and development has been the lifeblood of high technology growth, allowing many companies the ability to undertake long-range research in cutting-edge technologies.

n Serving as the major Democratic co-sponsor of the Y2K bill, which limited the potential flood of frivolous lawsuits stemming from the Year 2000 computer problem. Its passage was critical to California, where over 20% of the nation’s high-technology jobs are located.

n Co-authoring with Sen. Grassley (R-Iowa) the Tax Relief for Working Americans Act, which calls for a targeted tax cut. It would make permanent the R