Tampa Tribune - A Rescue Plan For America

Op-Ed

Tampa Tribune - A Rescue Plan For America

Recently, members of Congress acted to address the worst financial crisis America has faced in generations. While the decision may not have been popular, I felt it was necessary to help stabilize the economy and prevent the crisis from acutely affecting American families.

If Congress had failed to act, the financial liquidity that allows our economy to function would have completely seized up, grinding our already shaky economy to a halt. Experts warned that businesses would not be able to make payroll, students would not be able to secure loans to pay for college, consumers would not be able to access credit, the rate of foreclosures would continue to increase, and unemployment would dramatically increase.

Not all experts are right, and these predictions may be wrong. But even if this were the case, putting Americans' financial security in jeopardy was a risk I was not willing to take. After days of meetings with my colleagues and officials from the Treasury Department and Federal Reserve, I was convinced that inaction would be irresponsible and that this plan, although not perfect, was the best option available to protect our economy.

Some have said that this plan benefits the titans of Wall Street who helped to create the crisis, but I believe it was designed with the interests of Main Street in mind. The plan provides strong congressional and independent oversight, a system of checks and balances, and stability to the credit markets at a time when the availability of credit is uncertain.

It offers solutions to Floridians facing foreclosure by directing federal agencies to work with servicers to encourage loan modifications for troubled homeowners. Until we stem the tide of foreclosures and find a floor for housing prices, we will not overcome the housing crisis.

The package also includes tax extensions, including the sales tax deduction, property tax deduction, child tax credits and a fix for the Alternative Minimum Tax - an adjustment to the tax code that protects 20 million Americans from seeing their taxes rise by an average $2,000 and one that ensures Americans are able to keep more of their hard-earned money.

Finally, the plan includes safeguards so there's no "golden parachutes" or abuses in executive pay and allows the government to recoup any losses to taxpayers resulting from the program.

The financial rescue plan offered Congress the best chance to protect Americans from the kind of financial collapse that would have devastated millions of families. This crisis is the kind of difficult moment that brings our country together, when the American people find the resolve to overcome adversity, anxiety and partisanship to support what is right. All Americans ought to have their own claim to the American dream; this plan supports that spirit.

Mel Martinez is a U.S. senator for Florida, a member of the Senate Committee on Banking, Housing and Urban Affairs and a former secretary of Housing and Urban Development.

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