In elections since 2002, Holt has consistently defeated his opponents by roughly 20 percentage points or more in a district largely considered safe for Democrats. But this year Republicans are seeking to recapture the House of Representatives by harnessing voters’ discontent with how Congress and the president have responded to the economic recession.
President Barack Obama’s job approval currently stands at 46 percent according to Gallup. Polls also show that Americans are significantly less optimistic about the Democratic Party than they were in 2006, when the last midterm elections were held.
“America’s balance sheet is on a collision course with disaster, as the cumulative effects of demographics, legislative ineptitude and financial recklessness by both political parties combine to push America’s creditworthiness to a tipping point, or beyond,” Sipprelle said in a statement in August.
Sipprelle’s campaign platform — which he titled a “Blueprint for Renewal” — includes plans to limit federal spending and reform entitlement programs. It also proposes replacing the current federal tax code with a flat 20 percent tax for individuals and corporate entities.
Sipprelle is a former executive at Morgan Stanley and has never run for office before, but he has gained momentum by self-funding his campaign.
After announcing his candidacy in January, Sipprelle won his place on the ballot by defeating David Corsi in the June 8 primary, after Mike Halfacre, the mayor of Fair Haven and his chief challenger, dropped out in late March.
Sipprelle’s personal fortune has drawn the attention of Holt, who criticized his challenger for declining to release his income tax returns.
“Mr. Sipprelle made a multimillion-dollar fortune while on Wall Street and I certainly don’t begrudge him that, but I think it’s fair to ask where his campaign funds come from,” Holt told The Times of Trenton last month.
Holt voluntarily released his tax returns.
In turn, Sipprelle has called on Holt to publicly release how much federal money he spent on constituent mailings in the period before the 90 days leading up to Election Day. A federal statute prevents incumbents from using federal money to contact voters in the 90 days leading up to an election.
Sipprelle, who has promised to serve no more than three terms if elected, has also criticized Holt for being a “professional politician” who votes the Democratic line.
“In Congress, with a 20 percent approval rate, you get reelected 98 percent of the time,” Sipprelle told students at an event last week hosted by College Republicans, Tigers for Israel and Whig-Clio.
“You have no wisdom and you are part of a cog and a partisan machine that is tearing this country apart,” he added, asserting that his commitment to term limits would allow him to be “courageous” with his decisions. “Nobody’s going to own me,” he said.
Holt has called his opponent a “Wall Street insider” who aims to protect the interests of privileged Americans.
In a statement accepting the Democratic nomination in June, Holt defended his own legislative priorities and those that his party has pursued in the past two years.
“From helping small businesses create good jobs and helping grow green jobs, to cracking down on the excessive greed of big banks and Wall Street that helped cause the economic crisis, to making sure our young people have the math and science skills they need to compete in the global economy, I’ve worked hard to make sure the American Dream belongs to everyone.”
The two candidates will debate each other at Rider University on Oct. 14 in an event that will be streamed live over the Internet.
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