Roanoke Times - "Gilmore, Warner spar over economy, war"

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Roanoke Times - "Gilmore, Warner spar over economy, war"

Former governors Mark Warner and Jim Gilmore said Thursday that they want greater government oversight of the nation's struggling financial institutions, but continued stinging criticism of each other in the second debate of their U.S. Senate campaign.

Warner and Gilmore clashed repeatedly over their gubernatorial records and policy positions in a debate hosted by the Fairfax County Chamber of Commerce, an event staged at an office complex near the Capital Beltway.

The former governors are competing for the Senate seat held by Republican John Warner, who is retiring after three decades in office. Mark Warner, a Democrat, is not related to the incumbent senator.

The two candidates immediately faced questions about a financial crisis that has sent stocks plummeting this week. Both called for regulatory reforms to help prevent similar calamities in the future, but were short on specifics.

"This is a result of too many people asleep at the switch -- in Washington, on Wall Street -- where everybody was looking at next quarter profits and nobody had a long-term financial plan," said Warner, who earned a fortune in the cellular telephone boom and as a venture capitalist before his 2001 election as governor.

Warner suggested that a single federal regulator overseeing all of the markets could provide better oversight than the "mishmash" of agencies that oversee financial institutions, and argued that "a lot these excesses have really taken place the last six to eight years."

Gilmore, a Republican, said he also favored tighter controls on financial institutions, particularly to curb risky lending practices that have contributed to the crisis on Wall Street.

"You simply have to have more oversight right now to make sure people understand that they can't operate their businesses that way," said Gilmore, who preceded Warner as governor.

Asked after the debate if Republicans must reconsider their approach to regulating businesses, Gilmore said: "Yeah, and when I'm senator I'm going to provide that kind of rethinking."

The candidates responded to a range of questions about domestic and foreign issues, including the ongoing war in Iraq. Warner said the Iraqi government should be required to take greater control of the country to allow for a reduction of U.S. troops but said he opposed an "arbitrary" timeline for withdrawal.

Gilmore said setting a timetable for troop withdrawals would be irresponsible and said the troop surge opposed by Democrats has contributed to progress in Iraq.

Warner also called Pakistan "the most dangerous nation" in the world, along with Iran, saying of the Pakistanis: "One day they're helping us, and the next day they're indirectly funneling help to the Taliban."

Gilmore said he "would not sit here in an open forum and describe the country of Pakistan as one of the great potential threats."

"I do believe they are part of an overall problem we face in the world today," Gilmore said. "Our duty is to work together with the government of Pakistan if we can, but we have to defend the people of this country if we must."

Much of the 90-minute debate covered familiar ground and revealed growing bitterness between the rival campaigns. Gilmore and Warner questioned each other's honesty as they quarreled over their gubernatorial records and policy positions.

Gilmore, who trails Warner in public opinion polls, used every opportunity to criticize the Democrat for breaking a 2001 campaign promise not to raise taxes and repeatedly linked Warner to Democratic presidential candidate Barack Obama.

Warner ridiculed Gilmore's "plug and play" criticism and accused his predecessor of leaving the state in fiscal disarray. Warner was referring to the budget shortfalls he inherited after taking office in 2002. Warner cut spending before pushing a 2004 tax increase through the General Assembly.

"Virginians will judge us on who was straightforward on the budget," said Warner, who touted his ability to forge working coalitions that cross party lines.

"Bipartisanship, Mark, is not a substitute for honesty," Gilmore said. "The people of Virginia want someone who will keep their word."

Gilmore repeated his call for an aggressive approach to oil drilling off the U.S. coasts and in the Arctic National Wildlife Refuge in Alaska, saying: "The defining issue ... of this race is whether we drill for oil to reduce gas prices now."

Gilmore questioned Warner's commitment to oil drilling. Warner said he favors a comprehensive energy policy that includes offshore drilling but also emphasizes alternative sources and new technologies. Warner said the energy crisis demands "a national call to arms" that also could reap economic benefits.

"I think there will be more jobs and more wealth created in the energy sector over the next 25 years -- even more than cellphones," Warner said. "And that's hard for me to say."

Gilmore told Warner he got a laugh out of the line and said: "I suppose if they gave away oil leases the way they gave away airwaves for cellphones, you could make another $200 million."

The two also voiced differences on their approach to government. Warner said he wanted to be part of a bipartisan Senate coalition that he called "radical centrists."

"The American people are demanding results," Warner said.

Gilmore acknowledged that he has "an actual track record of making both sides mad."

But, he said, "It's not just a matter of getting things done, it's what you do."

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