Isakson, Chambliss Call for End to Federal Program Used To Assist Troubled Banks, Automakers

Urge Administration to Use All Repayments for National Debt Reduction

U.S. Senators Johnny Isakson, R-Ga., and Saxby Chambliss, R-Ga., joined with 37 of their Senate Republican colleagues yesterday in a letter to Treasury Secretary Timothy Geithner calling for an end to the Troubled Asset Relief Program, known as TARP, which has been used to assist troubled banks, financial institutions and automakers.

The authority for the TARP is scheduled to expire on Dec. 31, 2009.

On Jan. 15, 2009, Isakson and Chambliss voted to oppose the Bush administration’s request to access the remaining $350 billion in TARP funds, citing their disappointment and frustration over how the administration spent the first $350 billion. Isakson and Chambliss also strongly opposed the Bush administration’s decision to use TARP funds to bail out U.S. automakers.

The full text of the letter:

Dear Secretary Geithner:

As we approach the termination date for authority to spend federal funds allocated to the Troubled Asset Relief Program (TARP) through the Emergency Economic Stabilization Act of 2008 (EESA) (PL 110-343), we ask you to allow the authority to expire on December 31, 2009. As you know, the latest TARP report shows a significant amount of unobligated funds. Ending the authority for TARP would help improve the Federal debt going forward and reduce the need to increase the debt limit, which Congress has raised three times in the last 14 months.

When Congress passed EESA last October, the financial markets were in a downward spiral, and our country was facing an unprecedented credit crisis. Then Treasury Secretary Paulson requested $700 billion in federal funds to purchase toxic assets, which were at the heart of the financial crisis. Congress was told it was imperative to act quickly before the financial markets crashed, taking with it the pensions, savings and investments of hardworking, American taxpayers. As you know, the Senate passed EESA on a bipartisan basis, including the support of then-Senator Obama. Subsequent to the enactment of this legislation, however, TARP has been used by the federal government to acquire ownership stakes in banks, financial institutions, and automakers. This direct investment certainly was not the intention of Congress in passing this legislation. In fact, Congress explicitly rejected legislation to provide federal funds to bail out car manufacturers.

Based on your comments to the TARP Congressional Oversight Panel on September 10, 2009, it appears that you believe that our financial markets are recovering. In addition, borrowing costs are down for both business and consumer lending and banks are reporting stronger balance sheets. While we understand that our economy is still recovering, we believe it can function without added TARP funding. Additionally, the cost to the taxpayer if TARP authority was extended could be substantial. Already the taxpayer is expected to lose tens of billions of dollars on funding that was provided to GM, Chrysler and AIG.

As elected officials with the responsibility to the American public when it comes to overseeing taxpayer interests, we urge you not to extend TARP. To the extent you have concerns that allowing TARP to expire after this year would jeopardize the progress made in the recovery of our financial markets, we would remind you that Congress stands ready to work alongside the Administration if future action is required. This program should expire on December 31, 2009, and all TARP repayments should be returned to the Treasury for debt reduction.
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Isakson Criticizes Senate’s Refusal to Stimulate Housing Market by Expanding Tax Credit for Homebuyers

U.S. Senator Johnny Isakson, R-Ga., today criticized the Senate’s rejection of his amendment to stimulate housing demand and boost the economy by expanding the first-time homebuyer tax credit to a $15,000 tax credit for any buyer of any home. The Senate rejected Isakson’s amendment, which he sought to attach to the “cash for clunkers” bill, by a vote of 47 to 50.

Isakson then voted against final passage of the “cash for clunkers” bill.

“I’m disappointed in this vote on the homebuyer tax credit, because every American is suffering in this economy. Every American deserves for Congress to look for positive incentives to bring the housing market back, restore their equity, improve their values and return us back to a vibrant economy,” Isakson said. “The ‘cash for clunkers’ program demonstrates what I’ve known all my life, which is positive incentives cause positive results. The problem we have, though, is it was not the automobile market that disappeared first in America. It was the collapse of housing market.”

Specifically, Isakson’s amendment would have increased the maximum amount of the credit from $8,000 to $15,000 and expanded the current tax credit so that it applies to any buyer of any home, not just first-time buyers. The amendment also would have eliminated the income caps of $75,000 for an individual and $150,000 for a couple under the current tax credit so that there is no income limit for eligibility. The amendment would have extended the tax credit for one year from date of enactment and would have still allowed homebuyers to claim the credit on their 2009 tax return for purchases made in 2010. Finally, the amendment would have required the expansion of the tax credit ultimately to be paid for by stimulus funds.

Isakson’s amendment was endorsed by the National Association of Home Builders and the National Association of Realtors.

Isakson has pushed hard for a tax credit for homebuyers since January 2008 because he knows that it will work. In the mid-1970s, America faced a similar housing crisis when a period of easy credit and loose underwriting flooded the market with new construction. Interest rates rose, the economy slowed and America was left with a three-year supply of vacant homes. Congress responded by passing a $2,000 tax credit for anyone purchasing a new home for their principal residence. Isakson, who was in the real estate industry in Atlanta at the time, says the results were clear and swift as home values stabilized, housing inventory dropped and the market recovered.

Isakson spent more than three decades in the real estate business, beginning his business career in 1967 when he opened the first Cobb County, Ga., office of a small, family-owned real estate business, Northside Realty. Isakson later served as president of Northside for 20 years, presiding over the company’s growth into the largest independent residential real estate brokerage company in the Southeast and one of the largest in America.
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Governor Perdue to Co-host Second Annual Southeastern United States–Canadian Provinces Alliance Conference

In second year, group aims to increase economic relationships between southern states, Canada

Georgia Governor Sonny Perdue will co-host the second annual Southeastern United States–Canadian Provinces Alliance (SEUS//CP) conference in St. John’s, Newfoundland and Labrador from July 26 through July 28. Last year, Governor Perdue hosted the inaugural conference in Savannah, which drew hundreds of delegates from six southeastern states and seven Canadian provinces.

“Canada is Georgia’s top trading partner and it is critically important to continue to form business connections and collaborations that will only improve the trade and investment relationship that we have developed over the years,” said Governor Perdue. “In these economic times, reaching across borders to find commonalities in business and research is the way to help bolster the economies in our states and provinces.”

Approximately 200 delegates from across the Southeast and Canada are expected to attend the second annual conference. The itinerary includes a town hall session on public sector leadership in today’s economy, business sessions regarding energy, green economic development and ocean technology and many opportunities for participating businesses and organizations to network and form lasting partnerships.

“Last year’s conference was an outstanding start to what we believe will be a long, productive alliance among the six southeastern states and seven Canadian provinces,” said Heidi Green, deputy commissioner for the Georgia Department of Economic Development. “Georgia businesses will have the opportunity to network with Canadian businesses and delve further into our strategic industries.”

The SEUS-Canadian Provinces Alliance (SEUS//CP), which is modeled after the successful 33-year SEUS-Japan association, is designed to present opportunities for businesses to enhance commercial exchanges, promote two-way investment, and encourage technological and scientific exchanges between and among six southeastern States and seven Canadian Provinces. Member states include Georgia, South Carolina, North Carolina, Tennessee, Mississippi and Alabama and member provinces include Newfoundland and Labrador, Nova Scotia, Prince Edward Island, New Brunswick, Quebec, Ontario and Manitoba.

In addition to representatives from southern states, three Canadian premiers will attend the conference: Danny Williams, Newfoundland and Labrador; Shawn Graham, New Brunswick; and Darrell Dexter, Nova Scotia.

“On behalf of the Province of Newfoundland and Labrador, I extend a warm welcome to delegates of the second annual SEUS//CP conference,” said Premier Williams. “Over the course of this conference, businesses from all jurisdictions will have the opportunity to enjoy an itinerary that focuses on key areas of growth. The opportunity to meet with individuals from across the SEUS//CP region will hopefully result in new partnerships being forged and the valuable exchange of ideas.”

SEUS//CP was initially spearheaded by the State of Georgia and the Province of Quebec with support from the U.S. Embassy in Canada and the Canadian Consulate General for the Southeastern U.S. in Atlanta. The program is led this year by the province of Newfoundland and Labrador. Next year, the state of Misssissippi will chair the alliance
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Sen. Balfour Begins Term as President of National Conference of State Legislatures

Sen. Don Balfour (R-Gwinnett) today took office as president of the National Conference of State Legislators (NCSL) at the organization’s annual legislative summit in Philadelphia. The first legislator from Georgia to be elected to NCSL office, Balfour will lead the bipartisan Conference in serving the nation’s state lawmakers and advocating for their interests before Congress.

“I have dedicated my political career to serving the people of Georgia, and am humbled by the opportunity to serve the states of this nation as president of such an esteemed organization,” said Balfour. “NCSL is at the forefront of bringing state legislatures together to develop public policy that will strengthen our country and the lives of its citizens. I look forward to working with state leaders from across the nation to enhance the state legislatures’ influence in the federal system.”

Sen. Balfour has been an influential member of NCSL throughout his legislative career. Prior to his election as president, Balfour served as vice president and is a member of the executive committee. He will serve as president in 2009-2010. Known for his work in helping Georgia pass some of the strongest ethics and eminent domain laws in the nation, Sen. Balfour’s colleagues agree that his leadership skills will serve him well as NCSL president.

“This is truly a great day for our state,” said Lt. Governor Casey Cagle. “Senator Balfour is one of our strongest and most experienced Senators with over 17 years championing conservative policy and representing his Gwinnett constituents admirably. Now heading one of the most prominent legislative organizations in the nation, Senator Balfour’s expertise and forward-thinking mindset give NCSL a tremendously capable leader who will do an outstanding job as president.”

Balfour’s longtime colleague, Sen. Eric Johnson (R-Savannah), remarked: “Senator Balfour is a driving force in some of the most important political issues facing our state. I greatly respect his commitment and dedication to serving our citizens. We are lucky to have such a seasoned leader representing the state of Georgia in one of the most influential legislative organizations. The states are getting a strong leader at NCSL as we face record deficits and unemployment challenges.”

“I am proud to serve alongside Senator Balfour in representing the citizens of Gwinnett County,” said Sen. Renee Unterman (R-Buford). “Throughout my years in the Senate, I have watched him fiercely champion the issues that are important to his constituents. He is committed to doing all he can to help those he represents, and I am confident that he will serve as NCSL president with the same determination and convictions that have made him a cornerstone in the Georgia legislature.”

NCSL is a bipartisan organization that serves the legislators and staffs of the nation’s 50 states, its commonwealths and territories. NCSL provides research, technical assistance and opportunities for policymakers to exchange ideas on the most pressing state issues. The Conference is an effective and respected advocate for the interests of state governments before Congress and federal agencies.
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Boehner, Westmoreland Unveil “Bloodhounds” Video Asking: Where Are the Jobs?

Job-Sniffing GOP Bloodhound Ellie Mae Makes Debut, Finds Few Jobs from Trillion-Dollar “Stimulus”



House Republican Leader John Boehner (R-OH) today released a new web video targeting Washington Democrats’ trillion-dollar “stimulus” bill and asking “where are the jobs?” The tongue-in-cheek web video, inspired by a classic 1984 TV commercial by now-Senate Republican Leader Mitch McConnell (R-KY), features a job-sniffing GOP bloodhound named Ellie Mae and a down-home voiceover by Rep. Lynn Westmoreland (R-GA).

"This is a lighthearted web video, but the underlying point is no laughing matter,” Boehner said. “At a time when Americans are looking to Washington for leadership, the trillion-dollar ‘stimulus’ isn’t working. Americans were promised the ‘stimulus’ would keep the unemployment rate from going above eight percent. It’s now at 9.x percent, and rising. Where are the jobs?”

In the video, job-sniffing bloodhounds follow the “stimulus” money trail across the nation in search of the millions of jobs the Obama Administration promised to “save or create” if the trillion-dollar spending bill were enacted. The trail takes them to AIG Headquarters in New York City, where “stimulus” funds were used to pay big bonuses to top executives; to Wisconsin, where “stimulus” funds are paying for repairs to a bridge that reportedly carries about 260 cars per day, many to a place called Rusty’s Backwater Saloon, according to a June 16 report in the Wall Street Journal; and to North Carolina, where “stimulus” funds were reportedly used by one town to hire a new worker whose job is to apply for more “stimulus” funds from Washington.

“A real ‘stimulus’ would help small businesses across America get back on their feet and create jobs,” Boehner said. “Washington hasn’t tried that yet. Instead we’ve made government bigger, wasted taxpayers’ money, and piled new debt on our children and grandchildren. Republicans have put forth a better solution – a plan that recognizes small business, not government, is the engine of the American economy. We hope Washington Democrats will work with us in the months ahead to make it a reality.”
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Tonight on Evil Conservative Radio 10-11PM EDT

Note: Well, well, guess this is our day for passing along all kinds of info. Been getting all these updates and info, we look at it, sometimes listen, sometimes click, but generally we've kept it to ourselves. Little light bulbs went off in the brain this morning (caffeine after good night's sleep 'll do it to ya), and we're sharing. Not sure if we'll do it on a regular basis yet, will decide after another cup o' strong Irish tea and a bit of waiting to see if we get a reaction from our readers...

Applied Reaganism for Free Americans

Wednesday (7/1): Gun-Hunting Feds and Grab-Bag Thursday on Wednesday, as EC covers some of the stories we haven't had time to get to during this abbreviated week.

Have a GREAT 4th of July and don't forget EC's on vacation most of next week, but we'll be back LIVE on Thursday 9 July.

EC's Call-in #(347) 215-6246

Live on Liberty Works Radio Networkor GRAB a PODCAST
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(**note that there are several 3-minute silences per hour for affiliate advertising)
EC's Call-in #(347) 215-6246
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Listen/Watch ECR Archives on LiveLeak or NMATV
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Life, Liberty & the Pursuit of Conservatism

Note: We haven't had time to listen to the program below, but it looked interesting. Some of you have been asking where you can find an alternative to YouTube... http://www.nmatv.com/. They are part of www.heritagenewmedia.com. What's that have to do with this post? We get updates from Heritage New Media, and the following is one we rec'd today. They sponsor or own or whatever the NMATV.com site. We have a page on NMATV (http://www.nmatv.com/users/GeorgiaFrontPage) with one lonely video on it. We're going to add more soon.)

Life, Liberty & the Pursuit of Conservatism

Can conservative + grassroots + Christian = edgy and insightful political commentary? Tune in and find out!

Every Thursday at our NEW TIME of 6:00 pm PT hosts Babe Huggett and Warner Todd Huston discuss and examine current political events, put them in historical context and follow trends to their logical conclusions through a conservative, Christian viewpoint. Scheduled guests will enjoy their own featured isegment. Phone in comments from listeners always welcome!On tonight's show:

Hosts Babe Huggett & Warner Todd Huston dig deep & analyze the news with their usual insightful and historical approach all the while being as politically irreverent as possible! We're heading into cloak & dagger territory tonight with Mr. A Nonymous, a retired Department of Defense analyst, Arabic linguist and author of Tremble The Devil, who will explain why the police can not handle terrorism from the African-American community's islamic converts.

Program info

Date / Time: 7/2/2009 at 6:00 PM Pacific/ 8:00 PM Central/9:00 PM Eastern
Tonight's Topic: Mr. A Nonymous explains why the police can not handle terrorism from the African-American community's islamic converts.

Call-in Number: (347) 237-4040
Visit & listen!

Listen to Huggett & Huston on Blog Talk Radio

More from Huggett & Huston:
OutLoudOpinion.com
Publius' Forum
Free Britannia.org
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Gwinnett GOP to Host Rep. Austin Scott and County Commissioners at Saturday Breakfast

The Republican Party of Gwinnett County’s upcoming breakfast meeting will feature guest speaker State Representative Austin Scott (R-Tifton), Chairman of the Governmental Affairs Committee and candidate for Governor.

Also invited are all 5 county commissioners to talk about the proposed millage rate increase was tabled at Tuesday’s public hearing.

“The Gwinnett Republican Party offers the county’s conservative voters the opportunity to meet the candidates running for governor and to be better educated on this issues that matter in the community,” said party Chairman Chuck Efstration.

The meeting, scheduled for this Saturday, June 6th, will start at 8:30 a.m. Breakfast service begins at 8:00 a.m. and the meeting is held at the Sweet Tomatoes restaurant located at 3505 Mall Boulevard in Duluth, across from Gwinnett Place Mall.

For more information on this Saturday’s meeting or other upcoming Gwinnett Republican Party events, please visit our web site at www.gwinnettgop.org or send an email to gwinnettrepublicanparty@gmail.com.
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Isakson Praises Signing of Law to Investigate Economic Crisis

Independent, Bipartisan Financial Crisis Commission Would Have Subpoena Power

Yesterday U.S. Senator Johnny Isakson, R-Ga., praised the signing by President Obama of a financial fraud bill that includes his proposal with U.S. Senator Kent Conrad, D-N.D., to create a Financial Crisis Inquiry Commission charged with fully investigating the causes of the near collapse of our financial markets and our economy.

“This is a great day for the American people, who demand and deserve some answers. I’m pleased the President understood the importance of signing this bill into law quickly so we can get those answers to what caused this financial collapse,” Isakson said. “We need a forensic audit of the damage to the financial markets and our economy so we can find out where mistakes were made and ensure we don’t make them again.”

“My constituents deserve answers. The American people deserve answers. They have every right to know where mistakes were made, and why our financial system spiraled downward so far, so fast. If it is discovered that laws were broken or any wrongdoing led our nation down this path, people must be held accountable,” Senator Conrad said.Isakson and Conrad originally introduced legislation in January 2009 to examine the causes of the current economic crisis. On April 22, the Senate overwhelmingly passed an amendment by Isakson and Conrad to the Senate’s version of the financial fraud bill that would create a Financial Crisis Commission.

On May 6, the House of Representatives passed the financial fraud bill, including the Financial Crisis Commission, with amendments by a vote of 367 to 59. On May 14, the Senate, on a unanimous consent motion, agreed to relatively small changes to the bill and sent it back to the House. On May 18, the House agreed to the Senate’s changes and sent the bill to President Obama for his signature.

The 10-member, bipartisan Financial Crisis Commission will have until December 2010 to investigate all the circumstances that led to this financial crisis. The panel will have subpoena power and will have the authority to refer to the U.S. Attorney General and state attorneys general any evidence that institutions or individuals may have violated existing laws. At the end of its investigation, the Commission will report its findings and conclusions to the Congress and the President.

This bipartisan Commission will be appointed by Democrats and Republicans in Congress. The Speaker and Senate Democratic Leader would choose the commission’s chair. The Senate and House Republican Leaders would select the vice-chair. Members of Congress as well as federal and state employees would be prohibited from serving on the Commission.
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Isakson Continues Push to Stimulate Housing Market, Expand Tax Credit for Homebuyers

Seeks to Add Homebuyer Tax Credit to Supplemental

Yesterday U.S. Senator Johnny Isakson, R-Ga., introduced an amendment to the Fiscal Year 2009 Supplemental Appropriations bill that seeks to stimulate the nation’s declining housing market by expanding the current $8,000 homebuyer tax credit to include all individuals who purchase a home in the next year.

Specifically, Isakson’s amendment would expand the current $8,000 homebuyer tax credit so that it applies to any buyer of any home, not just first-time buyers. The amendment also would eliminate the income caps of $75,000 for an individual and $150,000 for a couple under the current tax credit so that there is no income limit for eligibility. Finally, the amendment would extend the tax credit to June 10, 2010, and would still allow homebuyers to claim the credit on their 2008 tax return.

“By removing the income and first-time buyer restrictions from the current homebuyer tax credit, I am confident many more buyers will take advantage of this tax credit and we will have a significant improvement in the housing market and in our economy,” Isakson said. “As has happened in 1968, 1974 and 1990-1991, housing took America into a recession and it was only when the housing market recovered that the America economy improved.”

Isakson has pushed hard for a non-repayable tax credit for homebuyers because he knows that it will work. In the mid-1970s, America faced a similar housing crisis when a period of easy credit and loose underwriting flooded the market with new construction. Interest rates rose, the economy slowed and America was left with a three-year supply of vacant homes. Congress responded by passing a $2,000 tax credit for anyone purchasing a new home for their principal residence. Isakson, who was in the real estate industry in Atlanta at the time, says the results were clear and swift as home values stabilized, housing inventory dropped and the market recovered.

Last year, Isakson introduced legislation to specifically target those homes that were causing the unprecedented increase in housing inventory by offering tax credits to individuals purchasing a foreclosed home or a home where foreclosure is pending. In April 2008, the Senate passed legislation to stimulate the nation’s declining housing market that included Isakson’s proposal. However, the final version of the legislation that was signed into law included only a $7,500 tax credit for first-time homebuyers that must be repaid over a 15-year period.

On Feb. 4, 2009, the Senate unanimously approved an amendment by Isakson to the economic stimulus bill would have provided a direct tax credit to any homebuyer who purchases any home. The amount of the tax credit would be $15,000 or 10 percent of the purchase price, whichever is less. During conference negotiations between the House and Senate on the final version of the bill, Isakson’s $15,000 tax credit for all purchasers of any home was removed. Instead, House and Senate negotiators made only small modifications to the first-time homebuyer tax credit that was enacted in 2008 as part of the Housing and Economic Recovery Act of 2008.

Isakson spent more than three decades in the real estate business, beginning his business career in 1967 when he opened the first Cobb County, Ga., office of a small, family-owned real estate business, Northside Realty. Isakson later served as president of Northside for 20 years, presiding over the company’s growth into the largest independent residential real estate brokerage company in the Southeast and one of the largest in America.
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Herman Cain Speaks at GA GOP Convention

Herman Cain energized the crowd at the 2009 Georgia State Republican Convention 5/16/09. Over 2,500 were on hand for the 2-day convention held in Savannah. Cain is a radio talk show host on "The Herman Cain Show" out of Atlantas WSB 750am and is a FOX News Business Commentator. Cain remains President and CEO of THE New Voice, Inc. and serves on the Boards of Directors for AGCO Corporation, Hallmark Cards Incorporated and Whirlpool Corporation. In 2004, he ran as a candidate for the United States Senate from Georgia. For more information on Herman Cain and to learn about his "Intelligent Thinkers Movement" visit www.HermanCain.com. Visit www.GeorgiaFrontPage.com for Georgia political news and views.

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Isakson, Conrad Praise House Passage of Legislation to Investigate Economic Crisis

Independent, Bipartisan Financial Markets Commission Would Have Subpoena Power

U.S. Senators Johnny Isakson, R-Ga., and Kent Conrad, D-N.D., today praised the House’s passage of a financial fraud bill that includes their proposal to create a Financial Markets Commission charged with fully investigating the causes of the current financial and economic crisis in the United States. The House passed the legislation by a vote of 367 to 59.

Isakson and Conrad originally introduced legislation to examine the causes of the current economic crisis in January 2009. On April 22, the Senate overwhelmingly passed an amendment by Isakson and Conrad to the Senate’s version of the financial fraud bill that would create a Financial Markets Commission. The bill now goes back to the Senate, which must decide whether to accept the changes made to the bill by the House.

“The only way to get an objective evaluation of where mistakes were made is to create an independent commission of experts to ask what went right, what went wrong and what could we have done to prevent this. We need a forensic audit of the laws of the United States as it relates to the financial markets and our economy,” Isakson said. “I want to thank Senator Conrad who has been diligent in his effort to help pass this legislation. I’m pleased our colleagues in the House understand the importance of making sure we don't miss the mark, that we stay focused, and we get the answers to what caused this financial collapse. It’s what the American people deserve.”

“After seeing their retirement accounts cut in half and the nation's economy teeter on the brink of total collapse, the American people deserve to know what caused our financial system to spiral downward so far so fast. We must hold those responsible for this calamity to account,” Senator Conrad said. “I appreciate the commitment Senator Isakson has shown to unearthing the details of this collapse. The commission the House voted to create today will investigate wrongdoing and help ensure this never happens again.”

The 10-member, bipartisan Financial Markets Commission would be modeled after the 9-11 Commission, which thoroughly and independently investigated the failures leading up to the September 11, 2001, terrorist attacks and made sound recommendations on where we needed to improve to prevent another attack in the future.

Likewise, the Financial Markets Commission would have until December 2010 to investigate all the circumstances that led to this financial crisis. The panel would have the authority to refer to the U.S. Attorney General and state attorneys general any evidence that institutions or individuals may have violated existing laws. At the end of its investigation, the Commission would report its findings and conclusions to the Congress and the President.

This bipartisan Commission would be appointed by Democrats and Republicans in Congress.

The Speaker and Senate Democratic Leader would choose the commission’s chair. The Senate and House Republican Leaders would select the vice-chair. Members of Congress as well as federal and state employees would be prohibited from serving on the Commission.
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Obama’s budget a bill we can’t repay

By Lynn Westmoreland

A few years back, Republicans controlled all branches of government and Democrats howled about the GOP’s budget gimmicks and spendthrift ways.

I admit there was some truth to their charges. I fought my fellow Republicans at the time to cut spending and shrink the size of government just like we’d promised our constituents we would do.

But now that Democrats control every branch of government, I can’t help but look back on Republican deficits as mere child’s play compared to what President Obama and his fellow travelers have in store for us: trillion-dollar deficits as far as the eye can see and no plausible plan for ever paying it back.

What has become of America when the leaders of Communist China and socialist Europe can legitimately preach to us about spending too much? The president of the European Union – an organization hardly known for its fiscal conservatism or aversion to big government – recently called Obama’s spending plans a “road to hell.”

I can’t remember ever agreeing with a leader of the EU on economic policy, but I guess there’s a first for everything.

The Democrat budget, set for a vote this week in the House, spends too much, taxes too much and borrows too much.

President Obama promised his legions of young supporters on the campaign trail that he would restore fiscal sanity to Washington and kick all those money-grubbing special interests to the curb. Blue Dog Democrats swore they’d stand up to ultraliberal Speaker Nancy Pelosi and impose “paygo” – which means that every dollar of new spending is balanced out with cuts elsewhere or new revenue.

Ha! Jokes on us, I guess. They pulled a fast one.

Instead of balancing budgets and reforming entitlement spending and “making tough choices” (Remember that Obama phrase?), the Democrats’ plan is quite simple: Just spend, spend, spend. The Congressional Budget Office estimates that Obama’s plan will expand the debt by $9.3 trillion over the next 10 years. That’s more than all the debt accumulated by the nation from George Washington to George W. Bush.

There’s a whack to fiscal sanity.

The CBO further predicts that federal spending will average 23 percent of gross domestic product while federal revenue will equal about 19 percent of GDP. That’s government expansion of 3 percent of GDP.

Double whack!

The Democrats’ $3.6 trillion budget raises taxes on all Americans by $1.3 trillion. Hey, reader, that’s you. Whether you’re a parent struggling to pay the bills, a small business person trying to avoid layoffs or worse, or an employee at a plant worried about keeping your job, the Democrats’ taxes are going to hit you. They promised a “middle class tax cut” but now they’ve dropped that idea. It was merely a sleight of hand to distract attention away from the global warming taxes that will hike costs for every American who turns on a light switch.

Triple whack! Still standing?

The Congressional Budget Office’s budget analysis paints a much more realistic and, hence, much worse scenario for our nation’s future than Obama’s numbers. That’s because Obama’s rosier predictions are based on the assumption that we’ll experience year after year of economic expansion greater than any in American history. How dumb do they think we are?

The Democrats are now scurrying to cover their big-spending ways by adopting the exact same budget gimmicks they deplored the past eight years. These include keeping “emergency” spending items that you know are coming out of the budget, budgeting tens of billions in revenue from the alternative minimum tax which Congress never implements and reducing the budget window from 10 years to five years to hide the exploding deficits in the out years.

That’s hypocrisy. But hypocrisy is a mere misdemeanor compared with the felonious theft from future generations with the trillions in IOUs we’ll be handing them.

Lynn Westmoreland (R-Grantville) represents Georgia’s 3rd Congressional District.
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Isakson, Chambliss Vote Against $3.5 Trillion Budget Resolution

Voice Dismay at Senate’s Refusal to Control Federal Spending, Keep Taxes Low

Expressing dismay over a budget plan that spends, borrows and taxes too much, U.S. Senators Johnny Isakson, R-Ga., and Saxby Chambliss, R-Ga., last night voted against final passage of the $3.5 trillion Fiscal Year 2010 Budget Resolution, which passed by a vote of 55 to 43.

This year’s Budget Resolution, which serves as a nonbinding blueprint for Congress when it decides how to appropriate federal dollars later in the year, was drafted by Senate Democrats who packed it with heavy spending and tax increases.

“The American people are facing difficult times. We are confronting difficult economic circumstances, and this Congress thinks the solution to our economic struggles is to dramatically increase government spending, raise taxes on American families and businesses, and put our nation deeper in debt,” Isakson said. “That’s absolutely the wrong answer. We must alleviate the tax burden placed on our citizens, not increase it. We must stop the reckless spending.”

“In this time of economic volatility, Americans are worried. They are concerned about their jobs, their mortgages and their mounting debts, and where our country is headed financially,” said Chambliss. “This freewheeling budget that borrows too much and includes the largest tax increase in history will do little to quell those worries. I have four grandchildren – two of them are newborns. They are the ones that will be charged with paying this debt. With this budget, we are making no sacrifices. We are doing ourselves and future generations no favors.”The Budget Resolution increases discretionary spending by $490 billion over the next five years and adds $4.96 trillion to the gross national debt. It also raises taxes by $361 billion and allows for $1.3 trillion in additional tax increases.

The Senate rejected a number of amendments supported by Isakson and Chambliss, including measures to:

· Establish a bipartisan commission to examine the long-term fiscal imbalances in the federal budget;
· Ensure millions of middle-income families do not face an alternative minimum tax increase in 2013 and 2014;
· Create a new a 60-vote point of order on earmarks for private for profit entities that are not competitively bid, earmarks that have not been the subject of public hearings where the sponsor has testified on behalf of the earmark, earmarks that have not been posted on a member’s website for at least 72 hours before consideration of the legislation and earmarks that are traded for political favors;
· Create a 60-vote point of order on any budget resolution that projects a ratio of debt-to-GDP for any fiscal year in excess of 90 percent to ensure the continued viability of the U.S. dollar and prevent doubling or tripling the debt burden on future generations;
· Encourage exploration and production of oil and natural gas in the Outer Continental Shelf by setting up a revenue sharing mechanism for states;
· Ensure full funding for construction of the Southwest border fence by creating a 60-vote point of order against any appropriations bill that fails to fully fund the construction of the Southwest border fence;
· Protect the freedom of conscience for patients and the right of health care providers to serve patients without violating their moral and religious convictions; and
· Protect the health of all Americans by ensuring that the government does not use comparative effectiveness research as a tool to ration or deny health care, allowing doctors and patients to decide what care is appropriate rather than the government.

Unlike the House Budget Resolution, the Senate Budget Resolution does not include any reconciliation instructions, which could allow major, controversial legislative measures to bypass the committee process and pass the Senate by a simple majority vote. Isakson and Chambliss believe including reconciliation instructions in the budget would allow the Democrats to pass their legislative agenda without debate or bipartisanship. Isakson and Chambliss joined with a majority of the Senate in passing an amendment to the Budget Resolution to prohibit using the reconciliation process to pass the Democrats’ energy tax in the form of a "cap-and-trade" plan to combat global warming.

The Senate unanimously passed an amendment by Isakson to create a deficit-neutral reserve fund for providing a nonrefundable federal income tax credit for the purchase of a principal residence during a one-year period. The amendment would ensure that there is room available in the Fiscal Year 2010 budget levels for a homebuyer credit to be passed at a later date. Isakson plans to introduce his $15,000 tax credit as a stand-alone bill in the next few weeks in an effort to quickly revive the U.S. housing market.
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Chambliss, Isakson Applaud Passage of Legislation Recognizing Enslaved African Americans’ Contributions to Construction of Nation’s Capitol

U.S. senators Saxby Chambliss, R-Ga., and Johnny Isakson, R-Ga., co-sponsored a resolution recognizing enslaved African Americans’ contributions to the construction of the nation’s Capitol. The measure passed the Senate unanimously late yesterday evening.

The resolution authorizes a plaque to be placed near the original east front wall of the Capitol to acknowledge the role and contributions enslaved African-American laborers played in the evolution of the building, and, by extension, our democracy.

“It is one of the great, sad ironies of American history that the very foundation of this building in which we have debated essential questions of liberty – and even decided who was free and who was not – was laid by those in shackles,” said Chambliss. “We can never pay these laborers their due, but we can, even belatedly, recognize their significant contributions.”

“Slavery is one of our nation’s greatest tragedies and regrets, and I’m very pleased Congress will officially recognize the significant role that enslaved African Americans played in constructing our U.S. Capitol,” Isakson said. “History is our greatest teacher, and I believe it’s essential for future generations to know the important role these individuals played in building our democracy.”
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Isakson Outlines Keys to Getting Economy Back on Track

U.S. Senator Johnny Isakson, R-Ga., today outlined four principles he believes are imperative to helping improve the U.S. economy during a speech on the Senate floor.

“Our people are in difficult times. We have difficult economic circumstances and it's imperative that we move forward together, members of the House and Senate with the executive branch, to find the solutions to the challenges before us,” Isakson said. “I believe it is time to address the fundamentals of our economy and the fundamental problems that we face.”

First, Isakson believes jump-starting the demand for housing is essential to boosting the economy. Isakson announced he will continue to push a housing tax credit for all purchasers of any home without income restrictions. Isakson’s $15,000 tax credit for all purchasers of any home was removed during conference negotiations between the House and Senate on the final version of the economic stimulus bill, despite its unanimous approval by the Senate. Instead, House and Senate negotiators made only small modifications to the first-time homebuyer tax credit that was enacted in 2008 as part of the Housing and Economic Recovery Act of 2008.

Second, Isakson called for all homeowners to be eligible for the re-financing opportunities outlined by President Obama to help homeowners in trouble. Isakson does not believe responsible homeowners should be penalized or denied access to the proposed re-finance opportunities.

Third, Isakson called for the SEC to reinstate the Uptick Rule in order to stabilize the markets and protect the American consumer from traders forcing down the price of a stock. In his remarks, Isakson argued that the market deterioration was impacted by short sellers rushing to the market, shorting financial stocks and accelerating the decline of those values. Isakson called for the Uptick Rule to be reinstated to ensure that traders are not coming into the market to take advantage of these difficult economic times.

Finally, Isakson stated that Mark to Market rules (FAS 114) are disproportionately penalizing the very people we serve. Given the declines our nation has seen in the mortgage-backed securities and in real-estate, mark to market has caused tremendous problems for our nation’s banks.

“When the FDIC comes into your bank and says you are going to have to mark to market as real estate asset that might have been worth $20 million two years ago but is unfortunately worth $6 million today due to the economy, you are going to have to take a $14 million dollar loss in your bank asset ledger. Mark to market is making good loans look like problems therefore taking good banks and making them into troubled banks.” Isakson said. “This is devastating to our bankers as real estate is absorbed over time and not in one fell swoop. Mark to market should not be an arbitrary write-down to zero, it should be a recognition of the transition of values in a down market or in an up market. This issue hits at the heart of residential real estate construction lending thereby further crippling our economy from returning to a prosperous nation.”

Isakson said mark to market rules should be replaced with a mechanism of amortization or “smoothing” to absorb the assets over time. This will allow the absorption of those assets over time to be more reflective of reality and less reflective of the dire straits that our nation is currently in today.
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Isakson Votes No on Treasury Nominee

U.S. Senator Johnny Isakson, R-Ga., today released the following statement regarding Timothy Geithner’s confirmation to head the Treasury Department. Geithner was confirmed by a vote of 60 to 34. Isakson voted against confirming Geithner.

“Timothy Geithner is a talented and able man. However, that fact does not outweigh the fact that Mr. Geithner failed to pay payroll taxes on two years income at the IMF, even after the IRS audited his returns for the two succeeding years and discovered his failure to pay. It was only days before his nomination that he came forward to pay the other two years. That was more than a mistake for someone nominated to oversee the Treasury and the Internal Revenue Service. I cannot support his nomination.”

Isakson Pushes Labor Nominee to Oppose Eliminating Workers’ Rights to Secret Ballot in Choosing Whether to Unionize

U.S. Senator Johnny Isakson, R-Ga., today questioned why President-elect Obama’s nominee for Secretary of Labor supports legislation to strip workers of their right to a secret ballot when deciding whether to unionize, but previously insisted on a secret ballot for workers during negotiations with management on flex time.

The nominee, U.S. Rep. Hilda Solis of California, voted for legislation to strip workers of the secret ballot when deciding whether to unionize in 2007, but pushed legislation in the California Legislature in the late 1990s in which she insisted that workers have the secret ballot when negotiating with management on flex time and overtime pay.

“You insisted that there be a vote by all employees and that it be by secret ballot. Why would we want to change the law of the United States now with regard to how unions are organized and eliminate the secret ballot?” Isakson said to Solis during her hearing this morning in the Senate Committee on Health, Education, Labor and Pensions.

Solis responded to Isakson this morning that she was not prepared to make a statement about her position on the secret ballot at this time.

Isakson strongly opposes the so-called Employee Free Choice Act, also known as Card Check, which would eliminate the rights of workers to participate in a secret-ballot election in order to certify the creation of a union. The legislation would force employees to make a public declaration of their preference by allowing union organizers to bypass elections if a majority of employees sign cards authorizing a union.

The legislation passed the U.S. House in 2007 and is expected to be brought forth by Democratic leaders for a vote in the Senate this year.
Isakson believes the current system, which allows employees to use a secret ballot in choosing whether they want a union to become their exclusive representative in the workplace, has worked well because it neither advocates nor discourages unionization.
Isakson blamed declining union membership as the motive behind the legislation, which did not receive committee consideration. Union membership among private sector employees is at its lowest level in decades.

Isakson also used the nomination hearing for Solis to stress the importance of writing regulations that both protect workers and allow businesses to operate efficiently.

“In my four years on this committee as the Republican leader on the Employment and Workplace Safety Subcommittee, I have worked with Senators Murray, Kennedy, Enzi and others to try and strike this delicate balance,” Isakson said. “We have a strong record of working together on critical issues to American workers such as mine safety reform, banning asbestos, and pension protection.”
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Westmoreland Appointed to GOP Whip Team

House Republican Whip Eric Cantor (R-Va.) appointed three-term Rep. Lynn Westmoreland to the Republican whip team this week after Westmoreland was sworn in to the 111th Congress.

“It’s an honor to serve the Republican Conference in this capacity, and it gives me a seat and a greater voice at the leadership table as I work to represent and promote Georgia in the House,” Westmoreland said. “House Republicans are going through a rebuilding stage after losing significant ground over the past two election cycles. The Democrats have a huge majority and that limits our ability to stop liberal excesses in their tracks. We nevertheless have a duty to our constituents and to the nation to hold the Democrats and President Obama accountable for their actions. Our country faces extraordinary difficulties today. Republicans at times will provide a helping hand to the Democrats, but we’ll also work at times in an oversight role and other times as opponents to bad policy.”

As a deputy whip, Westmoreland will serve as an aide and adviser to Cantor. Members of the whip encourage rank-and-file members to support the leadership position on certain votes and also relay members’ opinions and concerns to the conference’s leaders.

Cantor praised Westmoreland’s addition to the whip team.

“This week begins our march toward a stronger future for America based on revitalized, common-sense ideals,” said Cantor. “I’m pleased that Congressman Westmoreland has joined the Republican Whip Team, the team that will act as the cornerstone of House Republican efforts to preserve, protect and create a better tomorrow for working families. This team is comprised of top leaders that will advance a positive vision for the future of our country, a vision based on accountability, transparency and action. I look forward to getting to work alongside Lynn."

Westmoreland has also taken on new responsibilities at the National Republican Congressional Committee, the political arm of the House Republicans. Westmoreland will serve as one of five vice chairs of the NRCC. He will oversee congressional redistricting efforts in the various states, which will redraw districts for the 2012 election cycle.

The congressman will maintain his committee assignments on Transportation and Infrastructure, House Oversight and Government Reform, and Small Business.

“As the only Georgian on the transportation committee, this assignment is crucial to the state this year,” Westmoreland said. “We’re due for a major transportation bill this Congress and I’ll serve as the point person for all the Georgia projects. Congestion and infrastructure improvements are pressing needs in Georgia’s 3rd Congressional District, and I’m going to continue work on that those matters over the next two years.”
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Senate Subcommittees Examine State Agency Programs

Sen. Mitch Seabaugh (R-Sharpsburg) chaired a joint meeting of the Senate Fiscal Management Subcommittee and the Best Value in Government Task Force today at the Capitol. Members of both committees gathered to discuss agency reports, efficiencies, and cost savings for the Departments of Audits, Revenue, Banking and Finance, and Administrative Services, as well as the State Accounting Office, State Properties Commission/Georgia Building Authority, Georgia Technology Authority, and the Office of State Administrative Hearings.

“With the current economy causing a significant impact in state revenues, it’s imperative that we find budget savings and efficiencies everywhere we can in order to be fiscally responsible, and to ensure that we fund programs that are fundamental to the role of government in Georgia,” said Sen. Seabaugh.

Each agency presented an overview of programs, efficiencies, and cost savings that have been implemented. The current budgets were submitted and several agencies were asked to provide further detailed information on particular programs or services. Members of the committee focused on uncovering duplicated services between agencies, and encouraged making as many programs self sufficient as possible.

The committee also heard testimony from Commissioner Bart Graham of the Department of Revenue, State Accountant Greg Griffin with the State Accounting Office, State Properties Commission/Georgia Building Authority Director Steve Stancil, Georgia Technology Authority Director Patrick Moore, Department of Audits Commissioner Russell Hinton, Commissioner Rob Braswell of the Department of Banking and Finance, Commissioner Brad Douglas of the Department of Administrative Services, and Chief Judge Lois Oakley with the Office of State Administrative Services.

The Senate has been holding similar joint workshops over the past several months at the request of Lt. Governor Casey Cagle, who has charged the Senate to proactively identify non-essential government services and maximize efficiency and value in our state government. Several of the topics that have been covered include transportation, education, natural resources and community health.
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