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GOHMERT FIGHTS TO RESCIND PAULSON’S BAILOUT AUTHORITY, STOP GOVERNMENT SPENDING SPREE

Press Release : FOR IMMEDIATE RELEASE

November 20, 2008

Laura Mszar, Jonna Fitzgerald


 

Gohmert Fights to Rescind Paulson’s Bailout Authority, Stop Government Spending Spree

 

WASHINGTON, D.C. – Less than two months after Congress granted U.S. Treasury Secretary Henry Paulson unprecedented power and $700 billion to try to fix problems in our economy, Representative Louie Gohmert (R-TX) is fighting to rescind the Treasurer’s authority.

 

Gohmert has been skeptical of the plan ever since Paulson barged onto Capitol Hill with his panicked predictions, and the Congressman grew increasingly opposed as the Secretary pushed a socialist-leaning government intervention, refusing to entertain alternatives ideas for democratic, free market solutions.  Now Gohmert believes his previously expressed concerns have been confirmed as Paulson is changing the rules in the middle of his own game by demanding ownership stakes in large, and in some cases healthy, banks instead of buying troubled mortgage-backed securities. As the unsuccessful bailout continues to take on a life of its own and the government struggles to say ‘No’ to more and more outstretched hands, Gohmert is seeking to prevent Paulson from creating further damage. Today the Congressman introduced the Responsibly Ending Authority to Purchase (REAP) Act and the Stop the Treasury Office Nationalization of the Economy (STONE) Act to immediately halt the Secretary’s spending spree.

 

Gohmert stated, “Instead of seeking input and consensus from Congress to help solve our economic crisis, Paulson unnecessarily panicked the American people and then demanded that Congress grant him unfettered dictatorial authority. Free market solutions were cast aside as he drove ahead with what he insisted was the only solution to the problem – unlimited executive power over $700 billion in taxpayer dollars and borrowed money.  Weeks later, investors remain cautious and stocks continue to drop.

 

To stay the present course is to sacrifice all that makes the a great country while creating additional problems and federal addictions. Poor government along with greed helped create the mess we are in, and worse government will not get us out.”

 

Gohmert’s REAP Act would rescind Paulson’s unused bailout authority, require the Department of Treasury to offer government-backed insurance to cover the mortgage-based securities to give comfort to potential buyers in the private sector, and eliminate the 35 percent tax on profits that US companies pay on overseas profits brought home to the U.S. along with other incentives for people to do the right things themselves to help the economy.   The STONE Act would rescind the unused bailout authority and put $100 billion of it toward shoring up our nation’s infrastructure.

 

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