Jack Kingston
Serving the 1st District of Georgia
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Survey
After negotiations on a $25 billion bailout of the “Big Three” automakers (Ford, GM and Chrysler) failed, congressional leaders gave the automakers until December 2 to present a plan on how much government funding is needed and how it will be used to promote the long-term viability of the companies. After the plan is presented, the relevant committees in both the House and Senate will conduct hearings to determine whether Congress should reconvene to consider the bailout.
While I remain skeptical of bailing out the automakers, I believe Congress should reconvene to address the economy. With the Federal Reserve’s announcement of an $800 billion program to resuscitate the credit markets, I believe Congress owes it to the American people to address this issue. Each day brings a new report of the troubles our economy faces. Now is the time for big ideas and for bipartisan cooperation to enact the best policies for America’s future.
To aid in my efforts toward that end, I hope you’ll take the time to complete this survey so I can take your ideas to Washington.
Do you believe further government action is needed to prevent an economic collapse?
Yes
No
Unsure
Would you support:
Direct government spending to shore up financial institutions, manufacturers, and other industries
Infrastructure improvements like building bridges, schools, and other public works to create jobs
Tax policies aimed at encouraging investment and boosting consumer spending
Government purchases of homes and mortgages
No further government action
Unsure
Do you believe the “Big Three” automakers should be bailed out by the government?
Yes
No
Unsure
On Nov. 12, Treasury secretary Henry Paulson announced that government officials had decided against purchasing troubled assets as part of the financial bailout plan, and said that focus going forward would instead be placed on capital purchases where needed as well as funding market interventions where needed to jump-start frozen fixed-income issuance and trading. Do you support this change in the program?
Yes
No
Unsure
On November 25, the Federal Reserve announced two programs designed to help revive the consumer credit markets. The first will purchase up to $100 billion of debt issued by government sponsored mortgage enterprises Freddie Mac, Fannie Mae, and the Federal Home Loan Banks. In addition, the Fed will purchase up to $500 billion of mortgage securities backed by Fannie Mae, Freddie Mac, and Ginnie Mae. The second program will create a $200 billion in loans to holders of student, auto and credit card loans as well as loans financed by the Small Business Administration. This measure is aimed at easing the squeeze on consumer loans. Do you support this plan?
Yes
No
Unsure
In the $700 billion bailout passed earlier this year, Congress authorized $250 billion to be made available immediately, $100 billion to be made available upon authorization by the president and the remaining $350 billion to be made available only with congressional approval. Treasury Secretary Paulson has already spent $310 billion and has set aside $20 billion to back up the Federal Reserve’s commitments under its plan to address the credit markets. With just $20 billion left before additional authorization is required, do you believe:
Congress should immediately release the remaining $350 billion
Congress should wait until President-Elect Obama’s Administration is in place to release the funds
Congress should not release the funds
If the automakers are to be bailed out, do you believe Congress should redirect funding from the $700 billion bailout, use $25 billion in energy efficiency loans already authorized, or authorize new funds?
Redirect funds authorized in the bailout
Redirect $25 billion in energy efficiency loans already approved
Authorize new funds
Plans are already in the works for a new economic stimulus and congressional leaders have indicated that they intend to have a package prepared for President-Elect Obama’s signature as early as the day he’s inaugurated. President –Elect Obama, Speaker Pelosi, and Leader Reid have indicated that they support a plan focused on infrastructure investments to create jobs. Do you support this approach?
Yes
No
Unsure
Do you feel that the economic downturn has affected your life?
Yes
No
Unsure
Are you changing your holiday spending habits as a result of the economy?
Yes
No
Unsure
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