Our economy has been hit hard by a number of avoidable and unavoidable factors that have caused job losses, declining home values, shrinking retirements, and damage to our financial structure.  In efforts to strengthen our economy, I remain committed to keeping taxes low while providing the proper level of oversight and tools necessary for the American people to build upon the proven strength of the free market.  American families deserve to keep their hard-earned money, not have it frivolously spent in Washington.

During debate on the recent stimulus package, I fought for solutions that would have provided tax relief for American families and small businesses, assistance for the unemployed, and tools to upright our housing market.  While I did not support the final spending bill passed by Congress, I remain dedicated to working with all of my colleagues to draft a smart, commonsense, and effective strategy to help America lead itself and the world out of these tough economic times.

Here are two key initiatives I have fought for both this congress and in years past:

• Bonus Depreciation Extension Act (HR 212) – Reinstates the 50% bonus depreciation provisions previously passed by Congress which would provide further incentives for businesses to continue investing in machinery and equipment.  Greater investment creates more new jobs and spurs economic growth.
  
  
• Tax credit for certain home buyers (HR 214) – Provides a $5,000 tax credit a year for three years for home purchases made under the following conditions:
  • new homes where the building permit was issued and construction began on or before September 1, 2007
    owner occupied homes whose first mortgage loan was in default prior to March 1, 2008
  • single family homes that have been foreclosed on or are owned by the mortgagor or its agent

I believe in the power and promise of the American people to do what is necessary to rebuild our economy and to make it stronger.  The government, for its part, needs to be bold but also precise.  Our economy will recover, so we must prepare for that recovery by avoiding actions today that could lead to hyperinflation, high interest rates, and higher taxes in the future.