Boehner: Savings Recovery Act Will Help Americans Rebuild Their Retirement, College, and Personal Savings

House Republican Leader John Boehner (R-OH) issued the following statement on the Savings Recovery Act, legislation he and House Republicans are introducing today to help Americans rebuild their retirement, college, and personal savings:

“The American people are hurting, as their job security weakens and their confidence in our economy is shaken. In fact, loss of retirement, college, and personal savings ranks as the American people’s top concern during this recession, according to a recent NPR poll. Yet Washington Democrats continue to advocate proposals that weaken our economy and make building a nest egg even more difficult. Some are even proposing that the federal government wipe out 401(k)s entirely and replace them with accounts run by bureaucrats in Washington. Workers, seniors, students, and their families deserve far better than this.

“Republicans have been saying all year long that we will not be the party of opposition, but the party of better solutions. Today, we’re demonstrating our commitment to better solutions once again by introducing legislation to help restore Americans’ retirement, college, and personal savings. Washington must abandon its destructive economic agenda, which is racking up more debt to be paid by our children and grandchildren, eroding Americans savings, and destroying good-paying jobs. It’s time for the Administration and congressional Democrats to work with Republicans on bold, better solutions to the problems facing the American people.”

NOTE: The Savings Recovery Act, crafted by Boehner and Members of the House GOP’s Savings Solutions Group, will:

Make it easier for Americans to save more for their retirement by increasing the contribution and catch-up limits for individuals and families.

Restore college savings by extending the existing SAVERs Credit to contributions made to 529 college savings accounts, effectively reducing by up to half the cost of a family’s contribution to the plan.

Increase retirement income by doubling the Social Security earnings limit from $14,160 to $28,320 and allowing more Americans to increase their income without being hit by the Social Security earnings penalty.

Provide tax relief for investors and seniors by immediately suspending the capital gains tax on newly acquired assets for the next two years, raise and index to inflation the amount of capital losses allowed against ordinary income to $10,000, and suspend taxes on dividend income through 2011.

Stabilize worker pensions and helping employers invest in the future by temporarily providing an increased glide path for recognizing losses and two additional years to resolve pension funding shortfalls.

Preserve employee-controlled 401(k)s by blocking efforts to wipe out 401(k)s entirely and replace them with government-run accounts.

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Boehner: Administration’s Promise to Cut Waste “Just Doesn’t Square with Its Reckless Record on Borrowing and Spending”

House Republican Leader John Boehner (R-OH) today released the following statement on the Administration’s plan to trim .0025 percent from the $4 trillion federal budget after spending trillions in taxpayer dollars since the beginning of the year:

“The Administration’s new talk of trimming a meager .0025 percent from the $4 trillion federal budget just doesn’t square with its reckless record on borrowing and spending. Washington Democrats have spent the past three months doling out more taxpayer dollars than every previous President combined, and the Administration is clearly feeling the heat. If the Administration wants to get serious about cutting waste, it should start by taking a closer look at how millions in ‘stimulus’ dollars are being wasted on a skateboard park in Rhode Island, bike racks in Washington, D.C., highway studies instead of construction projects in Ohio, and programs led by housing agencies that routinely fail audits.

“Last week, hundreds of thousands of Americans participated in Taxpayer Tea Parties to say they’ve had enough of Washington piling more debt on our children and grandchildren, and House Republicans share their frustration. That’s why we have proposed a better budget solution that curbs spending, creates jobs by cutting taxes, and controls the debt. I hope the President and his Democratic colleagues in Congress back up their promises to control government waste by working with Republicans on better solutions that restore some fiscal sanity in Washington.”

NOTE: The Congressional Budget Office (CBO) estimates the federal government will spend $4 trillion in Fiscal Year 2009. $100 million only represents a .0025 percent cut from this budget.

Over the weekend, House Republicans unveiled a new website – “Washington Watch Report” – highlighting government waste uncovered by the House GOP. The website is available at http://republicanwhip.house.gov/WashingtonWatch.

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House GOP to Force Vote on Federal Government Spending Freeze TODAY

Today’s jobs report is yet another reminder of how much families and small businesses are hurting. Their savings are evaporating, their job prospects are weakening, and their costs of living are rising. Consequently, they are being forced to make difficult budget decisions each and every day.

Isn’t it time for Washington to make some tough budget choices as well?

For the last several weeks, as the $410 billion “omnibus” spending bill has made its way through Congress, House Republicans have been calling for a spending freeze for the remainder of the fiscal year, which ends in September. After all, if American families are making difficult choices about how to cut their family budgets, shouldn’t Congress and the Administration do the same?

During today’s debate on a continuing resolution to keep the federal government running until early next week – a resolution that’s necessary while congressional Democrats determine exactly how they plan to enact the $410 billion monstrosity – House Republicans will offer a simple, straightforward federal spending freeze as a motion to recommit proposal.

What does the spending freeze mean? For starters, it means taxpayers won’t be forced to bankroll the some 9,000 unscrutinized earmarks loaded into the omnibus spending bill. It also means Americans won’t have to shoulder the financial burden of the largest discretionary spending hike since the Carter Administration (save for a brief increase after the September 11 terrorist attacks). It would simply keep the federal government running for the rest of the fiscal year without the massive spending increases Washington Democrats are seeking....
http://republicanleader.house.gov/News/DocumentSingle.aspx?DocumentID=113593

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Boehner Statement on February Jobs Report

After this morning’s release of the U.S. Labor Department’s monthly employment report, House Republican Leader John Boehner (R-OH) issued the following statement:

“As this recession worsens and the job market slumps further, the anxiety of middle-class families is deepening. Yet, even as Americans’ job prospects grow dimmer, their savings evaporate, and their budgets tighten, Washington Democrats seem more determined than ever to continue pursuing tax hikes and pork-barrel spending increases that are only proving to make matters worse.

“The American people want and deserve better solutions from both parties in Washington, and they expect us to work together to make the same tough budget choices they are being forced to make during this economic downturn. The $410 billion omnibus spending bill loaded with 9,000 unscrutinized taxpayer-funded earmarks is a textbook example of why Americans have grown so fed up with Washington. President Obama campaigned against wasteful spending last year and has renewed commitment to fight it now that he is in office. I hope he will follow through on that promise by vetoing this legislation if it passes the Senate and working with House Republicans to enact a spending freeze for the remainder of this fiscal year. Republicans are committed to working with the President and our Democratic colleagues in Congress to craft better solutions to help put Americans back to work, rebuild their savings, and gain confidence in our economy once again.”

NOTE: The $410 billion “omnibus” spending bill failed to pass the Senate last night, with a vote expected as soon as next week. The legislation includes 9,000 taxpayer-funded earmarks and represents the largest discretionary spending increase since the Carter Administration, aside from a brief increase after the September 11 terrorist attacks.

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Boehner Statement on Housing Plan Introduced by President Obama

House Republican Leader John Boehner (R-OH) yesterday issued the following statement on the housing plan outlined by President Obama in Phoenix, Arizona:

“The housing crisis is at the heart of our economic troubles, and House Republicans want to work with the President on a plan that keeps families in their homes without asking taxpayers to bail out irresponsible lenders, scam artists, and borrowers who knowingly made bad decisions. While we hope to work together, there are many unanswered questions that remain about the proposal that was announced today. Why should we reward Fannie Mae and Freddie Mac with $200 billion in taxpayer dollars without first reforming these housing entities that were at the heart of the economic meltdown? Will taxpayers be forced to subsidize the scandal-plagued activist group ACORN under this proposal? Should a responsible plan include a ‘cramdown’ provision that could increase the monthly mortgage payments for responsible borrowers?

“Taxpayers and homeowners who are playing by the rules expect their leaders in Washington to work together on solutions to get our housing industry – and our entire economy – moving again. The President’s announcement of his plan is an important step in that process, and Republicans look forward to working with him and our Democratic colleagues in Congress on this issue in the weeks and months to come.”

NOTE: Boehner and Republican Whip Eric Cantor (R-VA) sent a letter to President Obama earlier today seeking clarification on six common sense questions about his housing proposal. Specifically, Boehner and Cantor asked:

What will your plan do for the over 90% of homeowners who are playing and paying by the rules?

Does your plan compensate banks for bad mortgages they should have never made in the first place?

Will individuals who misrepresented their income or assets on their original mortgage application be eligible to get the taxpayer funded assistance under your plan?

Similarly, will you require mortgage servicers to verify income and other eligibility standards before modifying mortgages?

What will you do to prevent the same mortgages that receive assistance and are modified from going into default three, six, or eight months later?

How do you intend to move forward in the drafting of the legislation and who will author it?

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Boehner: White House Politicization of Census Will Taint Results, Open Door to Massive Waste of Taxpayer Funds

House Republican Leader John Boehner (R-OH) joined other House Republicans today at a press conference to urge President Barack Obama to reconsider an unprecedented plan by the White House to move control of the Census Bureau and the 2010 Census from the Commerce Department to political operatives on the White House staff. Boehner issued the following statement after the press conference:

“Yesterday, led by Ranking Member Issa, we wrote to President Obama urging him to reconsider a plan to hand over control of the 2010 Census to political operatives in the White House. This unprecedented move would undermine the goal of a fair and accurate Census count. And it would open the door to massive waste and abuse of taxpayer funds.

“The American people expect the Census to be fair, impartial, and free of politics. And they expect us to protect the hundreds of billions of taxpayer dollars the government distributes each year based on Census data. If this process is controlled by political operatives at the White House, instead of experts and statisticians at the Census Bureau, Americans are right to lose confidence in it.

“This is a time when we should be working together to eliminate government waste and protect every single taxpayer dollar. Politicizing the Census makes this impossible. The American people deserve better.”

NOTE: Yesterday, Boehner and other House Republican leaders sent a letter to President Obama saying that politicization of the Census will “undermine the goal of a fair and accurate Census count” and “open the door to massive waste and abuse in the expenditure of taxpayer funds.” An estimated $300 billion in federal funds are distributed annually on the basis of U.S. Census data, according to Census officials.

The letter was signed by Boehner and the entire House GOP elected leadership team, Oversight & Government Reform Committee Ranking Member Darrel Issa (R-CA), Judiciary Committee Ranking Member Lamar Smith (R-TX), House Administration Ranking Member Dan Lungren (R-CA), Information Policy, Census, and National Archives Subcommittee Ranking Member Patrick McHenry (R-NC), and Census Task Force Chairman Lynn Westmoreland (R-GA).

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Boehner Taps Blunt to Chair House GOP Health Care Task Force

House Republican Leader John Boehner (R-OH) today announced that Rep. Roy Blunt (R-MO) will chair a Health Care Task Force, which is charged by Leader Boehner with crafting Republican solutions to increase Americans’ access to quality, affordable health care and highlighting the consequences that a government-run health care system would have for American families. The Task Force will begin meeting this week.

“Health care costs are too high, access is too limited, and American families and small businesses are looking to their leaders in Washington for free-market solutions, not a government-dominated health care bureaucracy,” said Boehner. “House Republicans will not be content to be ‘the party of no.’ Instead, we will be the party of better solutions, and few issues demand more positive solutions than our nation’s health care crisis. Roy Blunt is uniquely qualified to chair this Task Force, which will help shape innovative House Republican health care solutions at a time when the American people need them most.”

Blunt said, “Republicans are committed to making health care more affordable, more accessible and offer more options to American families. Unfortunately, the only options we’ve seen so far from this Congress would push us to a one-size-fits-all government-run system. Through this working group, Republicans will develop real solutions to improve our health care system by putting patients before paperwork and frivolous lawsuits. I am honored that the Republican Leader has asked me to lead a group of talented members who I know will be active participants in this important debate.”

NOTE: Members of the House GOP Health Care Task Force are:

Rep. Roy Blunt (R-MO), Chairman
Rep. Joe Barton (R-TX)
Rep. Judy Biggert (R-IL)
Rep. Charles Boustany (R-LA)
Rep. Ginny Brown-Waite (R-FL)
Rep. Michael Burgess (R-TX)
Rep. Dave Camp (R-MI)
Rep. Nathan Deal (R-GA)
Rep. Phil Gingrey (R-GA)
Rep. Wally Herger (R-CA)
Rep. Lynn Jenkins (R-KS)
Rep. Howard P. “Buck” McKeon (R-CA)
Rep. Tim Murphy (R-PA)
Rep. Tom Price (R-GA)
Rep. Paul Ryan (R-WI)
Rep. John Shadegg (R-AZ)

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