Camp Votes For Economic Rescue Package, Tax Cuts
Wednesday, October 29, 2008
Washington, DC - U.S. Rep. Dave Camp today issued the following statement regarding the Emergency Economic Stabilization Act. The bill passed the House by a margin of X to Y.When the President sent us a Wall Street bailout package two weeks ago, I refused to support it. Main Street should not and will not pay for the failures on Wall Street and the failures in Washington.After some very tough negotiations we now have a package that 1) protects taxpayers by requiring assets in exchange for funding, 2) punishes Wall Street executives who put our economy on the brink of disaster by capping and even eliminating pay and golden parachutes, and 3) establishes necessary reporting on and oversight of how and how much taxpayer funds are spent.
Equally important, this bill addresses the mark-to-market accounting rule that incorrectly undervalued mortgage assets. And, to shore up confidence in our banks, especially for our small businesses, the FDIC limit was increased from $100,000 to $250,000.Unfortunately, some have described the tax items added to the bill as 'pork projects'.They should be ashamed of spreading such blatant lies. Let's look at some of those provisions, like extending the Research and Development Tax Credit. That is not pork. It helps keep jobs in America. Canada has a permanent R&D credit. India and China directly subsidize R&D. If we are going to keep and create good, high-paying jobs we must reenact the R&D credit.Credits for solar energy production and credits to buy an alternative fuel vehicle aren't pork either. I wrote each of these provisions and can unequivocally say they are good for Michigan and good for America. They should have passed on their own, but their inclusion in the economic rescue package is legitimate and necessary.
Still, this bill was far from perfect. But the clock was running down and there was precious little time to diffuse the financial ticking time bomb that could destroy our economy for years to come. Make no mistake: this isn't just about the stock market; this is about jobs and the ability to find work.Don't just take my word for it. Robert Dumont, who is the President of the Farmington Hills based Tooling, Manufacturing and Technologies Association, told the Detroit Free Press earlier this week that many already hard-hit tool and die shops would go under if the credit markets collapse. That is a hit we can hardly afford.The same is true for many students seeking college loans, young couples looking to buy their first home and certainly anyone looking to buy a car or truck.
"Clearly, we had to act, and act immediately. So, I supported the Emergency Economic Stabilization Act. More importantly, I promise my constituents that this is not the end of it. I will continue to push for reforms and greater oversight so that hardworking Americans are never faces with this situation again."
Equally important, this bill addresses the mark-to-market accounting rule that incorrectly undervalued mortgage assets. And, to shore up confidence in our banks, especially for our small businesses, the FDIC limit was increased from $100,000 to $250,000.Unfortunately, some have described the tax items added to the bill as 'pork projects'.They should be ashamed of spreading such blatant lies. Let's look at some of those provisions, like extending the Research and Development Tax Credit. That is not pork. It helps keep jobs in America. Canada has a permanent R&D credit. India and China directly subsidize R&D. If we are going to keep and create good, high-paying jobs we must reenact the R&D credit.Credits for solar energy production and credits to buy an alternative fuel vehicle aren't pork either. I wrote each of these provisions and can unequivocally say they are good for Michigan and good for America. They should have passed on their own, but their inclusion in the economic rescue package is legitimate and necessary.
Still, this bill was far from perfect. But the clock was running down and there was precious little time to diffuse the financial ticking time bomb that could destroy our economy for years to come. Make no mistake: this isn't just about the stock market; this is about jobs and the ability to find work.Don't just take my word for it. Robert Dumont, who is the President of the Farmington Hills based Tooling, Manufacturing and Technologies Association, told the Detroit Free Press earlier this week that many already hard-hit tool and die shops would go under if the credit markets collapse. That is a hit we can hardly afford.The same is true for many students seeking college loans, young couples looking to buy their first home and certainly anyone looking to buy a car or truck.
"Clearly, we had to act, and act immediately. So, I supported the Emergency Economic Stabilization Act. More importantly, I promise my constituents that this is not the end of it. I will continue to push for reforms and greater oversight so that hardworking Americans are never faces with this situation again."
Posted by Futurecamping
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