Hodes' Plan To Pay Down Debt Takes Off As Obama Proposes Bailout Fee

Press Release

Following President Obama's announcement that a proposed fee on bailed-out Wall Street banks would be used to pay down the deficit; Congressman Paul Hodes released the following statement:

"While Wall Street executives continue to lavish huge bonuses on themselves, New Hampshire's middle-class families are still suffering through the effects of Wall Street's excess and greed, which are clear throughout our troubled economy. With today's plan, President Obama is taking a strong step toward my goal of ending the Wall Street bailouts and preserving those funds to pay down the debt. Granite Staters have been taken for a ride by these Wall Street banks, and I will continue my fight to end the bank bailouts and relieve the burden they've placed on future generations. Wall Street executives are lining their own pockets with the support of taxpayer money and it's about time the big banks pay their fair share to undo the damage they've done to the national balance sheet."

Bailout funds collected through the Financial Crisis Responsibility Fee would be used to pay down the deficit -- an idea which has been championed by Congressman Hodes who first proposed legislation in November 2009 to end the Wall Street bailout and use all of the funds for deficit relief.

The Financial Crisis Responsibility Fee, proposed today by President Obama, would repay outstanding bank obligations to the Wall Street bailout program while creating a disincentive for making risky overleveraged investments. The fee has been designed to impact only the largest banks and foreign subsidiaries and would remain in place until the bank bailout fund is made whole.

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