THE AMERICAN RECOVERY AND REINVESTMENT ACT-- (House of Representatives - January 28, 2009)
Mr. COFFMAN of Colorado. Madam Speaker, the American people are hurting and our economy is in recession.
Congress is right to take action to stimulate the economy, but the American people know that we cannot borrow and spend our way back to prosperity. The American Recovery and Reinvestment Act of 2009 is a massive and wasteful government spending bill that will not stimulate our economy but will recklessly plunge our Nation deeper and deeper into debt.
The deficit for the next 2 years is already projected to be $2 trillion. If deficit spending were an effective economic stimulus, then the economy would be on the verge of a recovery. But it isn't.
Congress can accelerate the process of economic recovery by passing legislation that will improve the incentives that drive economic activity. Lowering tax rates will create the incentives for individuals and businesses to save, to work, to invest their money.
Madam Speaker, the American people are hurting and they deserve a better proposal than this.