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Home arrow Leading The News arrow Boehner makes last-minute pitch on the economy
Leading The News PDF Print E-mail
Boehner makes last-minute pitch on the economy
Posted: 10/28/08 04:25 PM [ET]
House Minority Leader John Boehner laid out a last-minute economic pitch before the election and slammed the Democrats’ push for a “pork-laden” second economic stimulus package in a lame-duck session. 

“They want to pass a pork-laden $300 billion stimulus as soon as two weeks after the election,” Rep. Boehner (R-Ohio) said on a conference call with reporters. “Let’s just hold on here for a moment. Raising taxes, increasing government spending and redistributing tax dollars won’t stabilize the economy and won’t create new jobs."

Boehner hopes to spur economic growth through tax policies instead of through new spending on infrastructure.

“Americans are overtaxed and their wallets are spread thin,” he said.

Boehner’s plan, some components of which are also proposed by Republican presidential nominee Sen. John McCain (Ariz.), would double the child tax credit to $2,000 per child, cut the corporate tax rate from 35 percent to 25 percent, zero out capital gains taxes for equities over the next two years, and encourage American companies to purchase new equipment through deductions. He also wants Congress to focus on investing in energy independence initiatives that could create jobs

Boehner criticized new infrastructure investments, saying that while he was away from Washington, he “saw construction every place I went.”

“I just don’t believe that that kind of infrastructure spending is going to create long-lasting jobs and create a healthier economy here in America,” he added.

In a round of hearings this week and last, Democrats have been exploring an economic package that could include aid to cities and states for infrastructure projects, an extension of the unemployment insurance program, and more money for food stamps, among other provisions. Such a package would come on the heels of the effort to jumpstart the economy earlier this year through tax rebate checks. In September, the House passed a stimulus bill that included infrastructure investments, but a similar bill died in the Senate.

House Speaker Nancy Pelosi (D-Calif.) said this week that she spoke with President Bush after Federal Reserve Chairman Ben Bernanke testified earlier this month in support of a stimulus plan. Pelosi said they “agreed to strive to find a bipartisan agreement” on an economic package.

At the latest congressional hearing on Tuesday, Rep. Nydia Velazquez (D-N.Y.), chairwoman of the House Small Business Committee, called for increased funding for the Small Business Administration.

“With SBA funding down 25 percent from 2007, many fledgling companies — the sort that drive innovation and expand industries — may never get off the ground,” she said.

Boehner said he wanted to unveil an alternative economic plan before the election because he believes Democrats will likely move with a stimulus package in the lame-duck session in mid-November.

“This calls for specific proposals from Republicans,” he said. “We want to make sure there is a very clear choice out there.”

Brendan Sasso contributed to this report.

 
 
 
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