-- Randy’s Roundup --

A Weekly Newsletter from Congressman Randy Neugebauer

January 12, 2009

111th Empowerment Agenda

Without question our nation’s economy is going through a difficult period –unemployment is at a sixteen year record high of 7.2%, business investment is down, and worried families are unsure what steps to take next.

With the start of the new 111th Congress, there is much to accomplish for the American people and the people of the 19th District.  The agenda and issues before us are as important as any in our history, and it is my hope that my colleagues and the new Administration will join me in putting aside partisan politics to craft legislation and enact laws that provide notable change and positive results.

Top on my list this year is introducing legislation that will empower hardworking families and businesses. For too long, many in Congress and across our nation have bought into the entitlement principal. We continue to reward people and companies for bad management and poor decisions. We cannot continue to buy into the principals of entitlement. We must embrace the principals of empowerment and recognize our own accountability.

My Empowerment Agenda for the 111th Congress will give power to individuals and businesses to be successful in the economy rather than make them more dependent on the federal government.

Although I will be discussing my Empowerment Agenda throughout the year, the first piece of legislation I would like to highlight is the Economic Growth Through Tax Stimulus Act. This legislation will make the 2001 and 2003 tax relief permanent, reduce marginal individual income tax rates by 5 percentage points for the next five years and reduce the top business and individual income tax rate to 25% for the next 5 years.

Across-the-board tax relief for all families who pay taxes means the government is not picking winners and losers.  Bailouts reward unsuccessful companies; reducing taxes helps successful employers, both small and large, be more productive, hire more workers and improve wages. As a former business owner, I know that reducing business taxes will lead to job growth and reduce the annual tax burden on every household.

Our country cannot afford to continue down the road of borrowing and spending our way to prosperity. That simply does not work. During difficult times, I believe the hardworking people of the 19th Congressional District deserve more from their elected officials. Throughout the year, I remain committed to introducing and promoting legislation that will restore empowerment back to families and businesses. I encourage you to visit my website over the next couple of months to follow the progress of my Empowerment Agenda.

Opposing the Release of Additional Taxpayer Funds for Troubled Asset Relief Program (TARP)

Before Congress even considers releasing the final $350 billion in Troubled Asset Relief Program (TARP) bailout funds, the Administration must present us with a clear plan outlining the effects the first $350 billion have had, an explanation of why additional funds need to be released now and a detailed plan for how those funds would be used. Before any action is taken, Congress must have a full debate and discussion of whether this second installment of funds is needed. Under the current law, the Treasury Department can spend funds without the approval of Congress. I plan to offer an amendment requiring Congress to vote up or down to approve spending the additional $350 billion.

The current situation in the financial system is much different than it was at the end of September when Chairman Bernanke and Secretary Paulson came to Congress with the initial request and made the case that money had to be approved immediately to avoid disaster.  Congress must take the time now, which we didn’t take the first time around, to assess the effectiveness of the funds that have been spent, determine what additional needs exist and have a clear plan for how the remaining funds, if any, should be used.

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As always, when events unfold in Washington, I will be sure to update you. In the meantime, do not hesitate to visit my website or call my office toll free district wide at (888) 763-1611 or my Washington, DC office at 202-225-4005.