Victims' Rights Caucus

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Bail-Out Bill; Congressman Poe Votes NO!

 

 

Today, the House passed the Financial Stabilization Package, 263-171. I voted against the Wall Street Bail-Out because it doesnt do anything of the sort. The Senate bill that was before the House today was four times longer than the bill the House rejected earlier this week and loaded with squeaky pork. Somehow in the so-called effort to improve this bill and to help stabilize our financial markets, the Senate sent us a bill far worse than the first.


The bill that is supposed to save us all is packed with pork and includes a $49 billion tax increase. What does pork have to do with the financial industry? Nothing. Let me point out a few: new tax earmarks for film and TV production; litigants in the Exxon Valdez incident; and tax exemptions for wooden arrows used by school children.


There are more tax earmarks: NASCAR racing tracks; Indian tribes; wool research; and get this one, Virgin Islands and Puerto Rican rum. I am not making this up. There are more: tax breaks for the railroads and the mining industry. None of these solve our banking and financial crisis.


This is an abuse by lawmakers and a waste of American tax dollars. As much as I would like to support legislation to stabilize our financial sector and restore confidence in our markets, I cannot support this bill.


The House needs to stay in session and design a bill to deal with the financial situation, making sure that those responsible are held accountable. The American taxpayers should not be forced to go broke paying for this so-called financial rescue. The federal government has no business socializing the losses of Wall Street and saddling the American people with $49 billion in taxes and a barrel of pork.