• “This economic rescue plan is a critical first step in responding to the crisis that has rippled through our credit markets and left Americans from all walks of life rightly concerned about their financial future.”

WASHINGTON – Rep. Adam Putnam (R-FL), Chairman of the House Republican Conference, issued the following statement today after the House passed the Emergency Economic Stabilization Act of 2008:

“With today’s vote, the Congress has taken decisive action to restore confidence in our markets and protect Main Street taxpayers from a severe economic downturn unseen in our lifetimes. This economic rescue plan is a critical first step in responding to the crisis that has rippled through our credit markets and left Americans from all walks of life rightly concerned about their financial future.

“From the beginning, Republicans and Democrats found common ground in recognizing that inaction is not an option. Not when seniors are watching their nest eggs shrink. Not when small businesses are losing the lines of credit they need to boost inventory and make payroll. Not when Florida and California state governments are unable to borrow money and are forced to consider cutting funding for schools and essential services. Not when even responsible borrowers are unable to obtain auto loans, and dealerships can’t finance their floor plans. Not when our economy is hemorrhaging jobs at a record pace, and even money market accounts aren’t safe havens.

“House Republicans’ first priority throughout this process has been to protect Main Street from the excesses of Wall Street. That’s why we fought to ensure maximum protections for taxpayers, including a federal insurance program that forces Wall Street to share the burden, no golden parachutes for irresponsible corporate executives, and a provision that puts taxpayers first in line to recoup losses from participating institutions. We demanded that left-wing, special interest giveaways be removed, and kept the government and unions out of boardrooms.

“And though last week Democratic negotiators rejected an initiative put forward by House Republicans to provide for an increase in the amount of bank deposits insured by the federal government, it is part of the final plan. This provision will help instill confidence in community banks and protect small business owners.  

“This plan includes other critical additions made by the Senate, not the least of which is a patch that protects 21 million middle-class families from an unfair tax they were never meant to pay. Shielding working families from the Alternative Minimum Tax has long been a priority of House Republicans. This final plan also extends federal tax deductions on state and local sales taxes, a matter of fairness for Floridians, Texans and others who cannot deduct state income taxes from their 1040. Critical energy tax credits are also extended by this plan. These incentives foster the development of renewable energy technologies and the purchase of hybrid vehicles, key components of House Republicans’ all-of-the-above energy strategy to lower gas prices and reduce our dependence on nations that don’t like us very much.

“Again, this rescue plan is not a cure-all; difficult times are still before us. Now that the Congress has acted, we must move forward together – Democrats and Republicans – to meet the challenges that lie ahead.”