Minnick Statement on Passage of Bailout Bill

Statement

Minnick statement on passage of bailout bill

By John Foster

Walt Minnick today issued the following statement on the U.S. House of Representatives passing the economic bailout bill:

"It's been two weeks since Congress was asked to take responsible and immediate action to save Main Street and prevent a global depression. They were asked and advised to pass a bill with strong regulatory reforms and loans to shore up our struggling financial system. However, in yet another sign that the system in Washington is broken, the House today approved a bill that is simply not the answer. This bill is a giveaway to Wall Street. It does not do enough to protect the American taxpayer, and it adds far too much debt to our record deficit. This is fiscal recklessness, and so I continue to oppose this bill. I am strongly supportive of reducing taxes by offering credits for renewable energy, and I have been one of this state's strongest advocates for extension of the Secure Rural Schools program. But the addition of those measures to a broken bill is yet another example of the failed system in Washington."

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Analysis from Minnick, a businessman running for Congress in Idaho's First Congressional District:

- Action is required to shore up our struggling financial system, protect Main Street businesses and prevent a depression that would have a devastating impact on American taxpayers.

- The bailout bill passed today was the wrong answer to rescuing our failing financial system. If taxpayer dollars are required to keep the economy afloat, those dollars should go out in the form of loans to banks and financial institutions, and in the form of credit to buyers of distressed mortgage-backed bonds. Simply purchasing those bonds is not the answer.

- This bill contains no regulatory reforms to prevent from happening in the future the problems that got us here in the first place.

- This bill contains over $100 billion in new spending that is NOT paid for, and comes at a time when we are already facing the largest federal budget deficit in U.S. history.

- This bill is loaded with special-interest pork spending and earmarks, such as eliminating the excise tax on wood-arrow makers in Oregon. Pork spending is one of the worst problems in Washington, and a critical financial rescue is not the time to be handing out special-interest favors.
Congress has for two years ignored broad bipartisan support for continued tax relief for middle class families faced with paying the Alternative Minimum Tax. Their decision to put that off until the final moments of the last session before an election is one of the worst examples of the failed system in Washington.

- The Secure Rural School program is critical to the future of a host of Idaho schools and counties. It has become a political football, caught up in partisan bickering and sniping as local governments have struggled to make ends meet. As a Congressman, one of my highest priorities will be working collaboratively and quickly on a long-term solution.

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