Arguing it fails to confront the root problems causing America's economic downturn, U.S. Senators Johnny Isakson, R-Ga., and Saxby Chambliss, R-Ga., today voted against a $789 billion measure designed to stimulate the nation's economy.
"This economic stimulus bill is yet another example of Congress throwing money at the symptoms but not getting to the root of the problem. This economic decline began in housing and it will only end when the housing market rebounds," Isakson said. "I'm extremely disappointed the members of Congress negotiating the final package decided to eliminate my $15,000 tax credit for all Americans who purchase a home. I will continue to pursue my proposal as stand-alone legislation. We have historical precedent that shows this idea works and there has been so much public support for it. I believe my colleagues will go home next week and their constituents will ask them why a tax credit for all buyers and all homes wasn't included in the final stimulus bill. I'm optimistic it can still be done."
"Two days ago I became the proud grandfather of two twin granddaughters. It saddens me to know that the ultimate cost of this bill will be borne by those two little girls. We are saddling the next generation of children and grandchildren with an unbelievable debt while trying to stimulate the economy in a nickel-and-dime fashion," said Chambliss. "I commend my good friend and colleague, Senator Isakson, who worked to put a housing tax credit in the bill that actually would have stimulated the economy and revived the housing market. It is disheartening that my colleagues in the majority did not choose to include that provision."
During conference negotiations between the House and Senate on the final version of the bill, Isakson's $15,000 tax credit for all purchasers of any home was removed despite its unanimous approval by the Senate. Instead, House and Senate negotiators made small modifications to the first-time homebuyer tax credit that was enacted in 2008 as part of the Housing and Economic Recovery Act of 2008.
The House passed the bill earlier Friday by a vote of 246 to 183.