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On the Issues
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Economy
For the latest developments on Senator Lieberman's work on economic issues, click here. To get the most up to date information about the Emergency Economic Stabilization Act, click here.
Innovation and Competitiveness Senator Lieberman has one of the most advanced and broad-based competitiveness agendas in Congress. National Innovation Act. On April 25, 2007, the Senate overwhelmingly passed the America Competes Act (S. 761), which invests in research and education to improve U.S. competitiveness in the global economy. Senator Lieberman co-sponsored the Act and was actively involved in its development. The Act is similar to The National Innovation Act, a bill Senator Lieberman introduced in 2005 with Senator John Ensign (R-NV). The Act was based on "Innovate America," the Council on Competitiveness' National Innovation Initiative Report, which identified three primary areas of focus: research investment, increasing science and technology talent, and developing an innovation infrastructure. Advancing American Manufacturing. Senator Lieberman is committed to ensuring the long-term success of America's manufacturers and believes that manufacturing is vital to Connecticut's future. Since 1997, he has served co-chair, with Senator Olympia Snowe (R-ME), of the Senate Manufacturing Task Force. The Task Force works to identify and advance policies that promote U.S. manufacturing. Senator Lieberman's comprehensive report on the crisis in U.S. manufacturing offers more than 50 policy recommendations, including enforcing trade agreements, enhancing worker training, and involving the Defense Department in the manufacturing sector's revival. He continues to advocate for the Manufacturing Extension Program, which provides small and medium-sized manufacturers with the help they need in implementing the most advanced manufacturing technologies and processes to succeed. The Senator has also focused on the loss of key parts of the advanced technology sector. His report on the semiconductor industry makes major policy recommendations on that area. Two other white papers he released, one on offshore outsourcing, the other on the lack of federal data collected to measure outsourcing, also addresses the fundamental challenges to America's competitiveness posed by the ongoing loss of our manufacturing capabilities. The Senator was also instrumental in crafting provisions in the FY 2006 National Defense Authorization Act to support high-performance defense manufacturing. These provisions encourage the development and dissemination of revolutionary manufacturing technologies that will help the United States to maintain a leadership role in manufacturing. High-Tech Skills. In 2006, Senator Lieberman cosponsored the Protecting America's Competitive Edge - Education Act, which includes a wide range of grants, scholarships and fellowships to better train our teachers in math, science and engineering, as well as similar programs to encourage students in American universities and graduate schools to enter such disciplines. In 2002, Senator Lieberman authored and helped win passage of the Technology Talent Act, which is filling the high-tech talent gap in the U.S. labor market by spurring American universities to increase their math and science enrollment. Senator Lieberman helped secure $22 million in first-year funding for the program. Addressing Skill Shortages. While strongly supporting initiatives to close the domestic skill gap, Senator Lieberman also has been an ardent supporter of the H-1B visa program, which provides American employers with access to highly educated foreign professionals in "specialty occupations." His Skilled Worker Immigration and Employment Act (S. 1397) would increase the cap on H-1B visas, while adding meaningful and reasonable reforms to prevent visa fraud and abuse. Competing in the Global Marketplace. Senator Lieberman has focused Congressional and national attention on enhancing our nation's ability to compete in the global marketplace. He serves as a member of the Senate Democratic High Tech Task Force. Among other initiatives, he:
Fiscal Policy.Senator Lieberman has vocally criticized President Bush's failed economic leadership and fiscal irresponsibility. The Senator has long recognized the dangerous combination of continuing deficits; unbalanced tax policy; growing debt; and obligations to meet the growing demands posed by Social Security, Medicare, and other entitlement programs as our population ages. He has called for changes in U.S. fiscal policy to reduce the deficit, target tax incentives to working families and the middle class, and to promote business expansion through a fair tax policy. Senator Lieberman has consistently supported "pay as you go" budgeting, has advocated a fairer tax policy that would help reduce our deficit, and has called for meaningful action to address our long term fiscal problems. He has introduced legislation to address our growing problem of unfunded liabilities and the imbalance between our long term financial commitments and the projections of available resources. He will continue to push for action to address these long term problems. And he will continue to fight tirelessly - as he has throughout his Senate service - to ensure that Connecticut receives its fair share of federal spending. Asset-Building Opportunities. For almost a decade, Senator Lieberman has been the leading Congressional advocate for Individual Development Accounts, an innovative tool for helping low-income working families build assets and achieve economic self-sufficiency. These special savings accounts provide dollar-for-dollar matching contributions that can be tapped for buying a home, starting a business, or paying for education. In March 2007, Senators Lieberman and Bunning (R-KY) introduced the Savings for Working Families Act 2007, which would expand by 18-times the number of Individual Development Accounts. The bill has broad, bipartisan support. Charitable Giving. Senator Lieberman was instrumental in negotiating and passing a bipartisan compromise of the President's faith-based initiative in the Senate, legislation that will help the nation's charities better meet the needs of millions of disadvantaged Americans. The Charity, Aid, Recovery and Empowerment Act, passed by the Senate but not conferenced with the House, created a range of new incentives to spur more charitable giving, as well as more than $1 billion in new federal funding for the Social Services Block Grant program. He is a co-sponsor the Public Good IRA Rollover Act of 2007 (S. 1366), which would expand tax-free distributions from individual retirement accounts for charitable purposes. Alternative Minimum Tax. The alternative minimum tax (AMT) was originally enacted to ensure that the highest-income taxpayers paid at least a minimum amount of federal taxes. But because the AMT was not indexed for inflation, the AMT has greatly expanded and an increasing number of Nutmeggers are subject to this stealth tax. Senator Lieberman is committed to identifying a long-term fix for the AMT. Tax Fairness for Connecticut Families. Senator Lieberman is a lead co-sponsor of the Tax Equity for Domestic Partner and Health Plan Beneficiaries Act (S. 1566), which would give all families the same tax treatment for employer-provided health insurance. Currently, federal tax law excludes from income the value of insurance premiums and benefits received by employees for coverage of a spouse and dependent -- but does not extend this treatment to coverage of a domestic partner. As a result, employees are taxed on the coverage provided to domestic partners, but receive no additional income to cover this tax burden. Senator Lieberman believes that this tax treatment is unfair. The Act would end the tax inequality and ensure that our tax law respects the diversity of American families. He is also a cosponsor of the START Act of 2007 (S. 601), which would require securities brokers to report customer's basis in securities transactions, in order to reduce the tax gap, and the Taxpayer Protection and Assistance Act of 2007 (S. 832), to addresses the costly fees and usurious interest rates charged by providers of refund anticipation loans. With Senator Dodd (D-CT), he introduced the Telecommuter Tax Fairness Act (S. 785), to limit the extent to which states may tax the compensation earned by nonresident telecommuters.
Senator Lieberman has a long record of both working to increase the supply of affordable rental housing and making home ownership available to more lower and middle income Americans. The need for affordable housing is apparent, and the high cost of housing is clearly an issue of deep concern to the citizens of this nation - and especially so for residents of Connecticut. Senator Lieberman is committed to ensuring that decent housing is available to all Americans. Subprime Lending and the Mortgage Crisis. As a strong believer in the asset-building opportunity that purchasing a home provides, Senator Lieberman is concerned about the dramatic increase in home foreclosures. In Connecticut, foreclosure filings increased 100% between July 2006 and July 2007, with subprime mortgages representing over half of these foreclosures. In addition to devastating families who lose their homes, foreclosures also harm neighboring homeowners by lowering property values. Given the scale of the crisis, Senator Lieberman believes that Congress must enact sensible short-, medium-, and long-term solutions. For the short term, Senator Lieberman believes that we must take proactive steps to stem the rising tide of foreclosures. He is a vocal advocate of counseling programs. More than 90% of families receiving delinquency counseling in HUD counseling programs have been able to avoid foreclosure. But the programs' high costs and the rising wave of subprime foreclosures have overwhelmed the programs. Senator Lieberman supports measures to increase funding for these programs. But the programs' high costs and the rising wave of subprime foreclosures have overwhelmed the programs. In addition, the Senator is a cosponsor of the Foreclosure Prevention Act of 2008 (S. 2636). This legislation contains strong provisions to help families struggling to keep their homes and rebuild those communities hard hit by the rash of foreclosures. Specifically, this measure: In the medium term, Senator Lieberman believes we should encourage mortgage lenders and borrowers to restructure loans. To ensure that borrowers are not penalized for doing so, he has co-sponsored the Mortgage Cancellation Relief Act of 2007 (S. 1394), which would eliminate a tax code anomaly that subjects savings upon loan restructuring to income tax. He also believes that Congress has a role to play in enhancing market liquidity. To that end, he is a co-sponsor of the PROMISE Act (S. 2169), which would raise portfolio limits on Fannie Mae and Freddie Mac, thus enabling these government-sponsored enterprises to inject capital into the mortgage market. In turn, this would allow more borrowers to refinance at-risk loans. Finally, looking to the long-term, Senator Lieberman believes that Congress should enact structural reforms to prevent the crisis from recurring. He is a co-sponsor of The Borrower's Protection Act of 2007 (S. 1299), which contains strong, fair protections for home buyers. Specifically, the bill would: establish a fiduciary relationship between mortgage brokers and borrowers; require originators to underwrite loans at the fully indexed rate; require lenders to escrow for all taxes and insurance costs on subprime loans; prohibit steering; and prohibit lenders from seeking to influence home appraisers. Senator Lieberman plans to carefully consider additional legislative proposals to address this crisis, and is committed to working with federal, state, and local officials to assist affected Nutmeggers. Affordable Housing. Senator Lieberman supports legislation to create an Affordable Housing Fund. This fund would be dedicated to the production, rehabilitation and preservation of rental housing for low income families, as well as helping low income families with opportunities for homeownership. The 110th Congress may consider legislation to achieve this important goal, and Senator Lieberman will strongly support its passage. Empowerment Zones. Senator Lieberman was an early and vocal advocate of empowerment zones and enterprise communities as a means of lifting up economically depressed areas and expanding economic opportunity. He sponsored one of the first bills based on these ideas, and played a leading role in getting this measure included in the 1993 Clinton Administration budget. He has continued to back program improvements and support. In addition, his efforts were critical in ensuring that New Haven's designation as an Empowerment Zone. New Market Tax Credit. Created in 2001, the New Market Tax Credit (NMTC) stimulates private investment in low-income communities. Since its inception, the NMTC promoted more than $7.7 billion in investments in low-income communities. In our state, the NMTC has already spurred developments in Bridgeport, Hartford and New Haven. Senator Lieberman is committed to this innovative and successful program to attract private capital to low-income communities. He is a co-sponsor of the New Markets Tax Credit Extension Act of 2007 (S. 1239), which would reauthorized the credit through 2013. First-Time Homebuyers. Senator Lieberman is committed to making homeownership accessible to all Nutmeggers. He is an original cosponsor of the First-Time Homebuyers' Tax Credit Act of 2007 (S.1988), which would create a federal tax credit for first-time homebuyers of up to $3000 ($6000 for married taxpayers who file joint returns). Senator Lieberman is committed to identifying additional policies to enhance homeownership - especially those that enable public-safety officers, nurses, teachers, and young people to purchase homes in our communities. Homelessness. On any given night, an estimated 5,500 Connecticut residents are homeless. Senator Lieberman is committed to addressing this crisis. The cornerstone of federal homelessness policy is the McKinney-Vento Homelessness Assistance Programs. In 2006, Connecticut organizations were awarded $25 million in McKinney-Vento funding, and nearly 8,000 Connecticut residents received shelter at beneficiary organizations. But McKinney-Vento funding levels have remained relatively constant in recent years, and Senator Lieberman has called for additional funding for the programs. Additionally, he is an original co-sponsor the Community Partnership to End Homelessness Act of 2007 (S. 1518), which would make the programs more flexible, performance-based, and accountable - so that they can better prevent and end homelessness in Connecticut and across the country. Rehabilitation and Restoration of Historic Housing.Senator Lieberman is a cosponsor of the Community Restoration and Revitalization Act of 2007 (S. 584), which would expand and improve the "rehab credit," which benefits property owners who rehabilitate and restore historic housing, while enabling the credit to be combined with the Low Income Housing Tax Credit. Preserving existing housing programs. Senator Lieberman has opposed Bush Administration and congressional efforts to under-fund and dismantle effective housing programs. He has opposed the efforts to eliminate or drastically reduce funding for the HOPE VI program, which funds revitalization of deteriorated and distressed public housing. HOPE VI has been successful in stimulating the development of vibrant mixed income communities. Senator Lieberman has also opposed the Bush Administration's efforts to terminate funding for Empower Zones/Enterprise Communities. He also opposed Administration and congressional efforts to dismantle the Section 8 Voucher program, which offers rental subsidies to low-income families. Low Income Housing Tax Credit. Senator Lieberman has long recognized the benefit of the Low Income Housing Tax Credit (LIHTC) in encouraging developers to provide low-income housing rental units. He cosponsored legislation, which was enacted into law at the end of 2000, that updated the housing tax credit formula to increase the stock of low-income housing rental units.
Fighting Overseas Subsidies. Senator Lieberman is an original cosponsor of the Stopping Overseas Subsidies (SOS) Act (S. 796), a bipartisan bill aimed at ensuring that U.S. manufacturers and their employees can adequately compete in the global trading community. Under current law, U.S. industries competing with these unfairly advantaged foreign producers can file anti-subsidy petitions against any market economy - such as Canada or Chile - but not against a non-market economy, such as China. This bill revises trade remedies to ensure that they apply equally to imports from market and non-market economies, to ensure fair competition in the international marketplace. Supporting Workers Displaced by Trade. Trade Adjustment Assistance (TAA), which provides assistance to workers, farmers and firms adversely affected by changes in international trade and investment, expires in 2007. TAA benefits include access to income support programs, training resources, health benefits and relocation assistance for displaced workers. Under current law, these benefits apply only to manufacturing employees displaced as a result of foreign imports. Senator Lieberman is a strong advocate for extending this program, and also expanding it to meet the needs of more workers, including those with service industries jobs and those displaced by plant relocations. He is a cosponsor of the Trade and Globalization Adjustment Assistance Act (S. 1848), which would reauthorize the TAA programs for five additional years, extend benefits to service-sector workers and firms, and extend coverage to workers affected by trade with countries, like China and India, with which the US does not have a Free Trade Agreement. The Act would also create a TAA for Communities program, to address the effects of trade-related losses on our towns and cities.
Federal Budget and Fiscal Responsibility. As a firm believer in the need for long-term fiscal responsibility, Senator Lieberman has been one of the Senate's most vocal budget reform advocates. He has long called for Pay as You Go (PAYGO) Budgeting, which requires newly proposed expenditures or tax cuts be offset by commensurate increases in revenue and/or reductions in spending. He strongly supported the enactment of PAYGO rules when the Democrats gained control of the Senate at the beginning of 2007. Senator Lieberman believes that restoring fiscal sanity requires bold and innovative solutions. That is why he is a cosponsor of the Bipartisan Task Force for Responsible Fiscal Action Act, which would establish a 16-member task force to review all aspects of the current and long-term financial condition of the federal government. The Task Force's proposed solutions would be "fast tracked" to final consideration in both the Senate and the House. Senator Lieberman has also called for a two-year federal budget cycle, under which the President and Congress would establish a two-year budget in the first session of Congress and devote the second session to agency oversight.
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Senator Lieberman believes that America must regain its economic strength and create new jobs through pro-growth, fiscally responsible, entrepreneurial national leadership. Throughout his Senate career, he has championed innovative ways of empowering all Americans to compete in the global economy and secure their families' financial future.