U.S. Senator Larry Craig
Serving the citizens of Idaho
http://craig.senate.gov/

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Current Issue Issue Archive

An update on issues important to Idaho, the West, and our Nation from U.S. Senator Larry Craig craig.senate.gov/ enews October 3, 2008 Volume VII, Number 17

Main Street Rescue   or   Wall Street Bailout ? Over the past few weeks I've heard from thousands of Idahoans concerned about the recent economic turmoil and what can be done to ease its effects. The vast majority of those calls, emails and letters urged the government to stay out, and let the market "correct" itself. But as the days progressed, it became evident that this crisis was spreading from Wall Street to the credit markets—preventing farmers, local businesses and America's families from receiving the loans and lines of credit they depend on. Two weeks ago, Congress went to work to shape a responsible legislative rescue plan from the initial demands handed us by the Treasury Secretary to allow him to buy toxic mortgage assets from at-risk financial institutions, in order to free up credit. The original plan quickly evolved to include strong protections for taxpayers, like transparency and both judicial and Congressional review. When that proposal was voted down by the House of Representatives, the Senate added another safeguard by increasing the current protection of deposits in FDIC-insured banks and credit unions to help prevent any potential runs on banks. The necessary speed in which the Senate acted did have consequences. It allowed the media and others to incorrectly label this action as a "bailout." It's not a bailout. No sums of money are being transferred to private companies or to CEOs. To restore confidence in the credit market, the federal government is acquiring or insuring troubled mortgage-backed securities to allow financial institutions to stabilize and continue lending money. When the market is stable and the full values of these assets are restored, they will be sold and all revenues will be returned to the Treasury to pay off the debt. Throughout this process, protecting the interests of taxpayers and Idaho businesses has been my top concern. I have updated my website with the latest information, including the full text of the legislation and a side-by-side comparison of the progression from the original to current plans. I fully understand Idahoans' skepticism and opposition to this action, but I am confident this rescue will result in little costs to taxpayers when completed. And I was unwilling to stand by and do nothing while banks failed and hard-working Americans' investments, pensions, homes, small businesses and very way of life were put at risk. GET THE FACTS about the Economic Rescue Plan and other hot topics. STILL QUESTIONING the reasons "Why I Voted for the Economic Rescue Bill"? EXPLORE THIS TOPIC in greater depth in my Fiscal Responsibility Issue Briefing. TELL ME your views on this topic or any other issues important to you. Have you been affected by the current credit crunch? No, not affected Yes, can't get a home mortgage Yes, can't get a car loan Yes, hurting my small business Yes, credit card payment went up Yes, lost job because employer            can't make payroll Yes, affected in some other way Access the current eVIEWS ballot at: http://craig.senate.gov/eviews/ In the September 11, 2008 edition, subscribers were asked: How well has the U.S. done preparing for terrorism since 9/11? very well [23%, 95 votes] made some improvements [45%, 183 votes] stayed the same [ 13%, 53 votes] we are less prepared [19%, 78 votes]

Watch the Washington Report, my cable television news program. This week's topic: Ecomomic Stabilization Join your host, Iris Amador, for a brief behind-the-scenes look at what's happening in your nation's capital.    Play video [Streaming RealMedia, 3:20] “ The enemies of the Second Amendment haven't changed their minds —just their tactics. ” -Eternal Vigilance is the Price of Liberty, September 19, 2008

More news from the U.S. Senate: • Craig Says Lack of Energy Production Contributed to Economic Crisis -10-02-08 • Statement of Idaho Senator Larry Craig on Senate Passage of Economic Rescue -10-01-08 • Craig Website Compiles Rescue Package Info -09-29-08 • Appropriations Bill Contains $3 million for Idaho Special Olympics Games -09-24-08 • Craig, Crapo, Simpson Secure Funding for North Idaho Projects in National Security Funding Package -09-25-08 • Craig, Crapo, Simpson Announce Eastern Idaho Projects in Defense Bill -09-25-08 • Craig, Crapo, Simpson Secure Projects for Treasure Valley and Magic Valley in Defense Bill -09-25-08 • Statement of Idaho Senator Larry Craig on the Financial Services Stabilization Proposal -09-23-08 • U.S. Senate Approves Craig/Wyden 'County Payments' Four-Year Extension -09-23-08 • Idaho Delegation Introduces Transportation Bill -09-18-08 • Craig: Senate Subcommittee Approves Idaho Projects in Defense Spending Bill -09-12-08 • Craig-Cosponsered Bills Approved by Senate Energy and Natural Resources Committee -09-11-08 • Why I voted for the Economic Rescue Bill -10-03-08 • What's At Stake With the Credit Crunch -09-26-08 • Eternal Vigilance is the Price of Liberty -09-19-08 • Seven Years Later -09-11-08 American Cancer Society Recently I met with six Idaho representatives of the American Cancer Society, some of whom shared their own stories of cancer survival. We discussed various issues including funding for cancer research at the National Cancer Institute. It was inspiring to meet with Idahoans who have survived, and are thriving, after battling cancer. Learn more

Issue Archive

To open a different issue of eNEWS, please select it from the archive list below:

Main Street Rescue or Wall Street Bailout?, 2008-10-03

[Volume 7, Number 17] Two weeks ago, Congress went to work to shape a responsible legislative rescue plan from the initial demands handed us by the Treasury Secretary to allow him to buy toxic mortgage assets from at-risk financial institutions. That plan quickly evolved to include strong protections for taxpayers.

Patriot Day at the Pentagon, 2008-09-11

[Volume 7, Number 16] I had the honor of attending the dedication of the Pentagon Memorial on the seventh anniversary of the September 11th attacks. The monument sits along the flight path of Flight 77, overlooking the section of the building where it crashed, claiming 184 lives, including 2 Idahoans.

Working for Idaho, 2008-08-22

[Volume 7, Number 15] The Dog Days of summer are upon us, and they've hit the U.S. Senate too. Fortunately, some progress benefiting Idaho was made before these unproductive days hit.

Gauging Gas Prices, 2008-07-25

[Volume 7, Number 14] The rising cost of gasoline has dominated the news over the past few months. I have heard from literally thousands of Idahoans about the issue, and take their stories and opinions with me to the discussions and hearings I take part in each day.

Energizing Idaho, 2008-07-11

[Volume 7, Number 13] A few months ago the French company Areva selected Bonneville County for a $2 billion uranium enrichment plant. I recently traveled to France to get a firsthand look at Areva's nuclear facilities there.

Bulletproofing Gun Rights, June 27, 2008

[Volume 7, Number 12] The Supreme Court's ruling was a particularly joyous one for me, but nobody should imagine this decision puts an end to all controversies surrounding the Second Amendment.

Medicare on Life Support, June 13, 2008

[Volume 7, Number 11]

Honor and Gratitude, May 30, 2008

[Volume 7, Number 10] This past week the nation paused to honor our military men and women who have given their lives in the service of our country, as well as those still living who have served and continue to serve.

Viva AREVA!, May 12, 2008

[Volume 7, Number 09] Idaho is celebrating the news that AREVA, the global supplier of technology, services, and products related to the generation of clean nuclear power, will build its first U.S. uranium enrichment plant in Bonneville County.

Fat or Flat?, April 25, 2008

[Volume 7, Number 08] Our tax code is broken and must be replaced with a tax system that is simple, transparent, and fair to everyone.

Shelter from the Subprime Storm, April 11, 2008

[Volume 7, Number 07] I opposed the economic stimulus handout bill that the Congress passed in February, largely because it failed to address the housing problems that are the root cause of our current economic downturn.

IDAH2O, March 28, 2008

[Volume 7, Number 06] Water is truly the lifeblood of the West. It is vital to Idahoans, and very much one of our Idaho necessities.

No Bull: Beef is Safe, March 7, 2008

[Volume 7, Number 05] When I witnessed the recent recall of 143 million pounds of beef from a processing plant in California, I shared the concerns of these hard working Idahoans, as well as the consuming public.

Leadership. Experience. Commitment, February 22, 2008

[Volume 7, Number 04] Thanks to the President's Day recess, I spent this week home in Idaho, traveling and talking to Idahoans.

Debt-Bloating Stimulus Package, February 8, 2008

[Volume 7, Number 03] I think it's fiscally irresponsible to increase our budget deficit by $150 billion just to give everyone a few hundred extra bucks to spend.

Hello, 2008, January 25, 2008

[Volume 7, Number 02] My own legislative goals for 2008 are clear cut. As I have been doing for years, I will fight this year to reduce our dependence on foreign oil.

Goodbye, 2007, January 11, 2008

[Volume 7, Number 01] Despite the doom and gloom, there were a number of successes in Congress last year that will make positive changes for Idahoans.

Dreaming of a Clean (Energy) Christmas, December 20, 2007

[Volume 6, Number 23] After three decades of my "policy wonking" on energy independence and clean energy development, all of a sudden the American public seems to be taking note of energy again.

Climate Change Battle Cry, November 30, 2007

[Volume 6, Number 22] As we move into the final stretch of the calendar year there is still a lot of work to be completed by the Congress, especially considering how little the new Majority has gotten done so far.

Remembering Veterans, November 16, 2007

[Volume 6, Number 21] My work on the Senate Veterans' Affairs Committee has made Veterans' Day even more meaningful for me.

All About Agriculture, November 2, 2007

[Volume 6, Number 20] I believe that properly shaped federal agricultural policy is critical to the health of our agricultural economy as well as to our economic security.

Appropriate Appropriations, October 19, 2007

[Volume 6, Number 19] A lot has been said recently about wasteful spending in Washington. With the tax-and-spend policies of the Democratic majority-whose budget will increase spending by more than $600 billion and taxes by more than $700 billion-it's a fact that's hard to ignore.

Listening to Idahoans, Working for Idaho, September 28, 2007

[Volume 6, Number 18] Understanding the views of those I represent is an important part of my job as Idaho's Senator. That's why in the previous edition of eNEWS, I asked what you believed to be the most critical issue that Congress must address before the end of this year.

Idaho's Capitol Connection, August 23, 2007

[Volume 6, Number 17] I have been refining my website by adding new features and issue briefings.

Improving Veterans Services, August 9, 2007

[Volume 6, Number 16] As the top Republican on the Senate Committee on Veterans Affairs, I have had the privilege of working on many issues important to Idaho's 132,000 veterans.

Burning Issues Before Congress, July 26, 2007

[Volume 6, Number 15] The smoke you see hanging over Idaho is a visible reminder that mismanagement has left our public lands in a dangerous state of disrepair.

Focus on Freedom, July 13, 2007

[Volume 6, Number 14] With Congress currently debating the Department of Defense Authorization Bill, the bill that funds the armed forces that help keep us free, and on the heels of Independence Day, I wanted to give you a status report on the ongoing fight for freedom.

Immigration Reform Update, June 28, 2007

[Volume 6, Number 13] We can all agree that people must not be allowed to enter the United States illegally, and those who have done so must be held accountable.

Energy Bill is Due, June 14, 2007

[Volume 6, Number 12] I support an energy policy that will both decrease demand and increase supply. For instance, I am supporting expanding our use of alternative fuel sources like ethanol, increasing vehicle fuel efficiency standards, and expanding our exploration of domestic oil and gas resources.

Legendary Heroes, May 31, 2007

[Volume 6, Number 11] As millions of Americans hit the highway last weekend to enjoy the Memorial Day holiday, I joined U.S. Secretary of Veterans Affairs Jim Nicholson and other Members of Congress in traveling to France to commemorate the first American pilots who died during World War I.

Older, Wiser and Healthier, May 18, 2007

[Volume 6, Number 10] With approximately 78 million baby boomers beginning to retire, our nation faces significant challenges.

Collaborative Conservation, May 4, 2007

[Volume 6, Number 9] As this year's Earth Day passed, like many folks I reflected on where our environment stands.

Don't Mend it, End it, April 19, 2007

[Volume 6, Number 8] The purpose of the tax code should be to simply fund the federal government, not tell us how to live our lives.

Second Amendment Comes First, April 5, 2007

[Volume 6, Number 7] The Constitution provides that the right of the people to keep and bear arms shall not be infringed.

Farm Bill Due, March 22, 2007

[Volume 6, Number 6] My goal is to represent Idaho agriculture's interest in the debate to ensure that needs and concerns of Idaho are considered as we update our national agricultural policies.

Empowering veterans with healthcare choice, March 8, 2007

[Volume 6, Number 5] I am proposing that we empower veterans with service-connected disabilities by allowing them to choose their healthcare provider--either the VA or another local doctor.

Bringing our budget Back to Black, February 22, 2007

[Volume 6, Number 4] By the year 2050, federal spending will consume fifty percent of our economy, which translates, in tax dollars, to a tax increase of 60 percent, or an additional $11,000 per household.

Surge to Success, February 8, 2007

[Volume 6, Number 3] It is no secret that I am concerned about the situation in Iraq. My anxiety matches that of the citizens of Idaho, and like many of you, I have taken a much more critical look at the way the war has been handled.

And, SOTU spoke the President, January 26, 2007

[Volume 6, Number 2] On Tuesday, in his annual State of the Union address, President Bush stayed true to form and presented bold initiatives to tackle long-standing problems.

Our fate hangs in the Balance, January 12, 2007

[Volume 6, Number 1] With a new year and a new Congress comes a renewed opportunity to fix our broken federal budget.