Sen. Robert Bennett tells Utah lawmakers money comes from economy, not budgets; warns of geopolitical risks

U.S. Senator Robert Bennett addressed the Utah State Senate on Feb. 19, telling state lawmakers that revenue stems from a healthy economy rather than from the budget itself and urging caution about international developments that can stall growth.

Bennett, who the Senate resolved into a Committee of the Whole to hear, opened by discussing recent national economic trends and Utah’s improved budget position. “I was delighted to pick up the Salt Lake Tribune and see the headline that said you’ve got an extra $64,000,000 to play with,” he said, and added that such surpluses reflect economic activity, not legislative legerdemain. He summarized recent national growth patterns and called the 2002 downturn “shorter and milder” than past recessions but acknowledged that many constituents still feel economic strain.

Bennett singled out geopolitical uncertainty as the primary near-term drag on growth, identifying the situation in Iraq and unrest in Venezuela — which he said supplies more U.S. oil than Saudi Arabia — as factors that push investors to the sidelines and raise energy prices. “Until the situation in Iraq is rationalized one way or the other…people will stay on the sidelines with their investments,” he said.

On judicial confirmations, Bennett reviewed constitutional practice and Senate prerogatives, stressing that the president nominates judges but that the Senate’s role is advice and consent. He described the controversy over changing confirmation thresholds in the context of the Miguel Estrada fight, arguing against raising confirmation requirements from a simple majority to a 60-vote threshold: “We have never in the history of the republic required a 60 vote majority for a circuit court judge,” he said. Bennett encouraged state senators to offer advice to home-state federal nominees and noted the historical practice that home-state senators’ views carry substantial weight in confirmations.

After fielding questions on monetary policy, Federal Reserve actions and procedural matters around judicial confirmations, Bennett closed by reflecting on the historical link between U.S. senators and state legislatures and thanked members for the invitation.

The Senate returned to regular business after the address; legislators asked follow-up questions on interest rates, federal policy and the mechanics of judicial advice and consent.