Economy & Budget

Dodd: Failure on Wall Street reform is not an option

Today, Senate Banking Committee Chairman Chris Dodd delivered the following prepared statement at the House and Senate conference on the bill to bring accountability to Wall Street:

“Thank you Chairman Frank.

“And thank you to my fellow conferees for the tremendous work you have done over these many months as we try to tackle the tough questions of how to create a financial regulatory structure that will protect our economy for years to come.


Finance bill a threat to taxpayers (Rep. Joe Barton)

At the direction of President Obama and the Democrats who run both houses of Congress, American taxpayers have put up $700 billion to bail out the nation’s largest banks, $787 billion to stimulate the economy, and $82 billion to buy into two of the Big Three automakers, with the resulting government deficit soaring toward $1.7 trillion.


Reining in government spending (Rep. Hal Rogers)

At a hearing in March, I asked Treasury Secretary Tim Geithner whether the U.S. was at risk of losing our AAA credit rating, as a Moody’s quarterly report had indicated. He point-blank responded that there is “not a chance” that this would happen to our country. I wish I could share his confidence, but given how things have unraveled in the past few months, I believe that America needs to take a step back and seriously re-evaluate the way the government does business these days.


We need to hold this plan to its promises (Rep. Ann Kirkpatrick)

The Administration is acknowledging what I and folks across the country have been saying for months – the time for business as usual in Washington is over, and the time to cut spending is right now. The American people are not letting the federal government ignore the skyrocketing national debt any longer, and our demands for action are finally being heard.


On-the-job training helps unemployed workers obtain new skills, find and keep jobs (Sen. Jeanne Shaheen)

Earlier this week, Senator Cochran and I introduced legislation that has the potential to make a big difference in the lives of the countless Americans who have struggled to find work in this challenging economic climate.  Our bill, the On-the-Job Training Act of 2010, expands and strengthens on-the-job training (OJT) programs by authorizing the Department of Labor to award grants to support local training programs.


New tax could 'carry' over hard times in real estate

Congress is seriously considering raising taxes on real estate at the exact moment that real estate is headed toward recovery. Now is not the time to hit real estate because it is so important to the economy, jobs and the banking system.

In a desperate search of revenue to pay for new government spending, the House last week passed an “Extender Package” that included a “carried interest” provision that would more than double the tax rate on a broad range of commercial and multi-family real estate owners of all sizes and property types.


Why a VAT is no solution to our budget woes (Rep. Joe Pitts, Rep. Jim Gerlach)

If you walk into an Apple store in the United States you can walk out with a brand new iPod for around $212. If you purchase from the same retailer in England, you can expect to pay the equivalent of $230. Why the difference? Much of this disparity is because of a value-added tax paid on manufactured products in Britain.


Skepticism grows along with the national debt (Sen. Mitch McConnell)

As a nation, our focus continues to be on the disaster in the Gulf. This is a national tragedy the full dimensions of which we still do not know. But one thing is clear: the top priority at this point — as it should have been from the start — is to stop this leak.


Invest in the nation’s small businesses (Sen. Olympia Snowe)

Ranking Member of the U.S. Senate Committee on Small Business and Entrepreneurship, Senator Olympia J. Snowe (R-Maine) in a letter, urged President Barack Obama to invest in the nation’s small businesses to grow the economy and create new private sector jobs on June 4, 2010. Senator Snowe has introduced legislation, S. 3103, the Small Business Job Creation Act of 2010, that includes vital provisions to help small businesses create new jobs.

This is the text of the letter:

Dear Mr. President,

News that the unemployment rate dropped from 9.9 percent to 9.7 percent, while a step in the right direction, provides little reassurance to the 15 million Americans still searching for work. As the Bureau of Labor Statistics noted in its Employment Situation Summary, “Private-sector employment changed little,” adding just 41,000 jobs in the month of May. Meanwhile, of last month’s 431,000 new jobs, 411,000 represent temporary census takers, whose employment will end within the next several months and who will then be placed back into the untenable and uncertain job market.