Economy |
We are in the midst of an economic crisis, the likes of which few of us have ever seen. When the Obama administration and the 111th Congress came into office, we inherited an economy in steep decline, a budget in record deficit and faltering public services due to persistent under-funding and neglect.
In Congress, we are acting aggressively to respond to that crisis. We face an incredibly difficult challenge. We have to get people back to work and get the economy back on track, while beginning the transformation of our economy so it emerges stronger than ever, and we need to do it in a way that gets us on a path back to fiscal discipline and a balanced budget. The American Recovery and Reinvestment Act:
Other economic initiatives: A member of the House Agriculture Committee, I have participated in important hearings on the role of credit derivatives in the financial crisis and how the problems they produced might be avoided in the future.
In the 110th Congress, I voted against the Wall Street bailout , because I believed it wasn’t a good deal for taxpayers and I was not convinced it would effectively solve our financial crisis, or help individuals and small businesses gain access to credit.
In the 110th Congress, I introduced the Middle Class Tax Fairness Act, which will double the standard deduction for all taxpayers for 2008 and 2009, providing an average tax cut of $750 to 61 million Americans. This legislation also expands eligibility for the Child Tax Credit and provides a new standard deduction for taxpayers who pay property taxes.
To view a fact sheet on Jobs and Economic Initiatives I have supported, please click here. |
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