Blackburn Opposes AIG Bonus Grab
Democrat Half Measure Can't Cover Up For The Problem They Created
Congressman Marsha Blackburn (TN-7) today voted against H.R. 1586, a bill that will tax 90% of bonuses paid by firms who have received federal bailout funds. The legislation comes in response to public outrage over reports of multi-million dollar bonuses paid - with full White House knowledge- to AIG employees. Yesterday, Blackburn supported a Republican measure that would have denied AIG any future federal funds if they were unable to recall 100% of the bonuses. Commenting on today's legislation, Blackburn said:
"I share my constituent's outrage over the AIG situation. It seems we are throwing good taxpayer money after bad to save a company that may be unsalvageable. My opposition to continued federal bailouts has been, in part, because they don't contain the kind of safeguards that could have prevented this. Indeed, we have learned after the fact that the White House stripped those safeguards from the latest Stimulus Bill."
"There is no question that the whole situation is repulsive. That said, this bill sets a big government precedent that is deeply troubling. The idea that Congress can express its displeasure at an individual taxpayer by micro-targeting them and taxing them into oblivion is unacceptable, if not un-American, in my eyes. Especially since most Democrats in Congress voted to allow the bonuses to continue."
"Our economy is in real trouble. I spent this morning hearing from small business owners from Tennessee and around the country who were sharing their recommendations to get the economy going again. Instead of focusing on those, House leaders engaged in a week long distraction over a crisis largely of their own creation. Our President and his partisans in Congress had full knowledge of these bonuses before they were paid out, and behind closed doors made the conscious decision not to stop them. Once again the rhetoric of this Administration; the promises of transparency, accountability, and responsible government fade like so many lines on a teleprompter before the harsh light of reality."