Disapproval of Obligations Under the Emergency Economic Stabilization Act 2008
Floor Speech
DISAPPROVAL OF OBLIGATIONS UNDER THE EMERGENCY ECONOMIC STABILIZATION ACT OF 2008 -- (House of Representatives - January 22, 2009)
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Mr. Speaker, I rise in strong opposition to an additional $350 billion in bailout funding and in strong support of House
Joint Resolution 3. Passage of House Joint Resolution 3 is the only way to stop the additional $350 billion in bailout funding. Last year, before I came to Congress, I went on record opposing the $700 billion Troubled Asset Relief Program. Today we know that the first $350 billion is gone. But what we don't know is where all that money went, except that it is safe to say that the Treasury did not actually buy troubled assets as originally intended. As we know, the Treasury purchased equity stakes in banks. In their report to Congress 2 weeks ago the Congressional oversight panel reported that it ``..... does not know what the banks are doing with taxpayer money.'' The report also notes that the Treasury seems to have allocated most of the funds to healthy banks.
Where is the accountability? Outside the Washington Beltway, my constituents and other Americans watch in disbelief as their elected representatives in Washington continue to spend their hard-earned money at astonishing levels. They are concerned that Washington is on a spending spree with no accountability. Last week the House approved--over my objections, over $75 billion in new spending. Today, the President wants $350 billion. And next week House Democrat leaders plan to bring an $850 billion spending bill to the House floor. When does the accountability begin and when will this body pause and think about the debt burden that they are saddling our children and grandchildren with? The cost to them won't be $350 billion, $700 billion, $850 billion, $1.5 trillion. It will be much, much more with interest.
We should not rubberstamp this $350 billion Wall Street bailout. Sadly, when the Congress approved the first part of this spending last fall, they set it up so that it would take a supermajority of the Congress to stop the additional $350 billion. The process is turned on its head. Rather than making it easier we should be making it more difficult to run up the tab for our grandchildren.
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