Rep. Gabrielle Giffords statement on final recovery bill
Today, I joined a strong bipartisan majority of my congressional colleagues in voting for the Emergency Economic Stabilization Act. This legislation is far from perfect, but the economic crisis confronting our nation demands congressional action.
Many parts of this legislation added by the Senate are ridiculous – to me and my constituents. But sitting on the sidelines and risking major economic collapse would be irresponsible. Retirement accounts, jobs, the safety of our money in local banks, and the survival of small businesses in Southern Arizona and across the country are on the line.
Let me be clear: I have no interest in bailing out the greedy corporate executives who created this mess. But inaction at this time would be negligent.
This is not the same bill that was rejected by a bipartisan majority in the House on Monday. It is a better bill because it helps taxpayers – not just Wall Street. It is not a silver bullet but I believe it is necessary to prevent further harm to our economy.
Over the past two weeks, thousands of my constituents in Arizona’s 8th Congressional District have contacted me about our economy. Families, business leaders, seniors, students – they all are very concerned. One local bank executive told me he was forced to stop lending money for new mortgages because of the uncertainty over having the funds to cover loans. Several business owners told me they cannot get credit necessary to maintain cash flow and meet payroll. Older citizens are terrified watching their hard-earned savings or retirement accounts disappear before their eyes with the potential of sinking them into poverty. This is a disturbing situation and the consequences of inaction would directly affect all of us.
The Emergency Economic Stabilization Act not only addresses these concerns but also promotes growth-oriented policies with clear tax benefits for Southern Arizonans and all Americans.
The most important among these for Southern Arizona’s economic development is an eight-year extension of the residential and commercial solar tax credits. Investing in renewable sources of energy like solar is one of the best ways to stimulate our economy, create new jobs and reduce our dependence on foreign oil. I have long advocated extending the credits and I am very pleased that today’s bill includes these provisions.
This bill also recognizes that the economic stability of our nation also depends on a strong middle-class. It cuts taxes for hard-working Southern Arizonans by protecting more than 42,000 middle-class families in my district from having to pay as much as $4,000 in higher taxes as a result of the Alternative Minimum Tax this year. In addition, the bill increases the number of families who can qualify for the child tax credit – more than 53,000 of my constituents claimed this credit in 2005 – and extends tax deductions for state and local sales and property taxes as well. More than 127,000 CD-08 taxpayers itemized their taxes and took advantage of these kinds of deductions to offset their expenses and lower their tax bills in 2005.
I also am pleased with the temporary increases in coverage for individuals’ bank accounts to $250,000 by the Federal Deposit Insurance Corporation and National Credit Union Share Insurance Fund. For the last 28 years, the FDIC has insured individuals’ deposits up to $100,000. Increasing this cap will restore much-needed confidence in our troubled financial institutions.
The bill’s mental health parity provision will allow those in need to seek mental health services. Mental health problems are one of the leading reasons for days missed in the workplace, so this provision will help hard working Arizonans seek necessary treatment so they can continue contributing to our economy.
Congress has more work to do to fix this problem and the underlying regulatory problems that contributed to this mess. I will fight for strict oversight of how the rescue plan is administered by the Treasury Department so that taxpayers will ultimately get a return on their money. This is the first of many votes that we will cast to restore fiscal discipline and regulation to the financial markets.
