Pelosi: Tax Extenders Act Creates New Jobs, Growth, Innovation, and Opportunity for Every American

/PRNewswire/ -- Speaker Nancy Pelosi released the following statement today after the House passed the Tax Extenders Act of 2009, which will help to create jobs and cut taxes for American middle-class families. The House passed the bill by a vote of 241 to 181.

"Today, Congress took another positive step forward in our drive to create more jobs, strengthen our economy, and lay the foundation for long-term prosperity. By passing the Tax Extenders Act, we are placing our working families at the center of our economic recovery.

"This legislation is good for businesses, good for homeowners, and good for our communities. The bill extends research and development tax credits for American companies, encouraging them to invest in innovation and clean energy, and create the high-tech jobs of the 21st century. It provides property tax relief to 30 million families, ensures our men and women called to serve overseas do not face a pay cut here at home, and offers some security for millions of parents, teachers, and consumers by extending deductions for college tuition, classroom expenses, and state and local sales taxes.

"Maintaining our commitment to fiscal discipline, this legislation will not add to the deficit. The costs of this proposal are fully paid for because we put an end to the preferential tax treatment for hedge fund managers and investment bankers and cracked down on offshore tax havens.

"This bill is a down payment on new jobs, growth, innovation, and opportunity for every American."

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Isakson Denounces White House Comments Connecting Him To Terribly Flawed House Health Care Bill

‘This Is What Happens When the President and Members of Congress Don’t Read the Bills’

U.S. Senator Johnny Isakson, R-Ga., today denounced comments made by President Obama and his spokesman regarding Isakson’s alleged connection to language contained in the House health care bill on “end-of-life counseling.”

Isakson vehemently opposes the House and Senate health care bills and he played no role in drafting language added to the House bill by House Democrats calling for the government to incentivize doctors by offering them money to conduct “end-of-life counseling” with Medicare patients every five years. Isakson also strongly opposed the House bill language calling for doctors to follow a government-mandated list of topics to discuss with patients during the counseling sessions.

By contrast, Isakson took a very different approach in July during the Senate HELP Committee hearings on the Senate version of the health care bill. Isakson’s amendment to the Senate bill says that anyone who participates in the long-term care benefit provided in the bill – if they so choose – may use that benefit to obtain assistance in formulating their own living will and durable power of attorney.

Isakson’s amendment, which was accepted unanimously by all Republicans and Democrats on the Senate HELP Committee, empowers the individual to make their own choices on these critical issues, rather than the government incentivizing doctors to conduct counseling on government-mandated topics. Isakson ultimately voted against the Senate health care bill.

“This is what happens when the President and members of Congress don’t read the bills. The White House and others are merely attempting to deflect attention from the intense negativity caused by their unpopular policies. I never consulted with the White House in this process and had no role whatsoever in the House Democrats’ bill. I categorically oppose the House bill and find it incredulous that the White House and others would use my amendment as a scapegoat for their misguided policies,” Isakson said. “My Senate amendment simply puts health care choices back in the hands of the individual and allows them to consider if they so choose a living will or durable power of attorney. The House provision is merely another ill-advised attempt at more government mandates, more government intrusion, and more government involvement in what should be an individual choice.”
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Cap-and-tax slams economy without affecting ‘climate change’

Westmoreland: ‘I have never seen a more economically destructive piece of legislation’

U.S. Rep. Lynn Westmoreland today voted against the “cap-and-tax” bill called the American Clean Energy and Security Act of 2009. The bill, which passed 219-212, essentially implements a national energy tax in an effort to limit greenhouse emissions.

“In all my years in elected office, I’ve never seen the people’s representatives pass a more economically destructive piece of legislation than this,” Westmoreland said. “This cap-and-tax system will dramatically raise the cost of business, raise the costs of products, raise the cost of transportation; it will cost many good-paying jobs while at the same time causing the cost of living to soar for American families – about $3,000 a year more in energy costs for the average family of four.

“The numbers just don’t add up. This is liberal fantasy. We can cut our standard of living to the bone and it’s not going to make a difference when China is building six new coal-fired plants a week and when there’s similar growth in India. In case the leaders in Congress and at the White House haven’t noticed, it’s darn hard to find employment right now and this legislation makes it worse by costing the nation well over a million jobs over the next 35 years. And for what? To cut the global temperature by 1 degree by 2050?

“The businesses that provide jobs to Americans are simply going to relocate to other countries with less stringent standards. This won’t lower global temperature. It’ll simply lower our standard of living and make it harder to find work.”

The plan proposed by House Democrats would cost $864 billion, according to the Congressional Budget Office, a price tag the nation couldn’t afford even it hadn’t spent trillions on a stimulus package, a bloated budget and corporate bailouts.

Georgia would have 82,000 fewer jobs than would be expected and would see a loss of $15 billion in GDP by 2035, according to an analysis by the Heritage Foundation.

“When we talk about the costs of these laws, we talk about billions and trillions,” Westmoreland said. “Those numbers are impossible for people to understand. But Georgians understand what an extra $300 to $400 a month in energy costs will do to their family budgets – it’ll be devastating for many families.”

“Every Democratic ‘energy bill’ increases taxes, increases regulation, hurts businesses, raises the cost of living and increases our dependence on foreign oil,” Westmoreland said. “Our best hope is an ‘all of the above’ energy policy, that increases clean sources such as nuclear, and an investment in continued research into energy alternatives.”

Westmoreland points that even leading Democrats admit this bill will hit American families hard.

President Obama has said, “Under my plan of a cap-and-trade system, electricity rates will necessarily skyrocket.” Obama went on to admit that retrofitting power plants “would cost money and they will pass that money on to consumers.”

Michigan Democrat Rep. John Dingell, the longest-serving House member in history, said during an Energy and Commerce Committee hearing: “Nobody in this country realizes that cap and trade is a tax, and it’s a great big one.”

Congress Passes Cash For Clunkers Bill, Offers $4,500 Stimulus Vouchers to Car Owners

/PRNewswire/ -- Congress passed the Automotive Stimulus bill "Cash For Clunkers" on Thursday, marking the first real legislative stride towards an auto industry recovery, announced CashForClunkersHeadquarters.com, an organization that is leading the campaign to educate the public about the bill. Cash For Clunkers provides up to $4,500 to car owners who trade in their present car for a more fuel efficient and environmentally-friendly alternative. The bill is being called a legislative "trifecta" because its passage stands to ignite a much-needed recovery in the auto industry, save car-owning households money, and improve the environment on a national scale.

Cash For Clunkers works by providing a $4,500 voucher for car owners whose present car gets less than 18 miles per gallon in fuel efficiency. Drivers who buy a car with a 10 MPG improvement over their previous car qualify for the entire $4,500 voucher, while those who choose a car with a 4 MPG improvement qualify for a $3,500 voucher. SUV and truck owners also qualify for the program but fall under slightly different qualifications. CashForClunkersHeadquarters.com provides all of the information regarding the program on its website. Spanish speakers can find this information translated on dineroporsucarcacha.com.

The official name of the program is C.A.R.S. - "Consumer Assistance to Recycle and Save Program" (www.ConsumerAssistanceToRecycleAndSaveProgram.org) - and is Title XIII of Bill H.R. 2346. The program will receive an initial allocation of $1B funded by the US government as a part of a War appropriations bill. The program time length is 7/1-11/1 and will be implemented by the NHTSA which has 30 days from the approval of the bill to post all program details online.

In addition to advocacy groups like these, Cash for Clunkers drew support from local car dealers who see the program as an opportunity to boost not just their own businesses but regional economies which are heavily dependent on car sales. In addition, parts of the private sector have stepped up to promote the bill (www.ConsumerAssistanceToRecycleAndSaveProgram.org). One of the innovators of the Cash For Clunker voucher is Paragon Cars, one of the largest dealers in the country. "While Paragon's own Cash For Clunker program has a local or even regional effect on the economy and environment, the country on a whole needs a congressional initiative like this bill to make both the serious economic and environmental impact we need," said Brian Benstock, one of the partners at Paragon. New York's Paragon Cars (www.ParagonCars.com) took a lead in educating the public about the bill by creating an information site for New York residents (www.CashForClunkersNY.com) but also designed and implemented a program to offer their own vouchers to car buyers who trade up in fuel efficiency at Paragon's New Yorked-based Honda-Acura dealership. Paragon declared that it will continue to offer its own vouchers to buyers, in addition to the vouchers provided by the bill.

CashForClunkerHeadquarters.com is leading a national effort to certify eligible car dealers and equip them with the right communication plan and campaigns to reach and help qualifying consumers in their market. CashForClunkersHeadquarters.com also received an important push from Hispanic American celebrities like Dancing With The Stars' Cristian de la Fuente and Ugly Betty star Angelica Vale. Both stars expressed their support for Cash For Clunkers as a way to boost the economy and help the environment but also as a way to make an important financial impact on the hundreds of Hispanic American communities whose livelihoods are tied to the auto industry.

New car dealers are seeking to attain certification from www.CashForClunkersHeadquarters.com to distinguish themselves from other retailers. In addition, select retailers sign on to become exclusive "Certified Cash For Clunkers Headquarters" whereby they receive and implement the recommended communication plan to educate consumers in their local market. As a part of being certified "Cash for Clunkers Headquarters," the dealer agrees to augment the government vouchers with dealer funded stimulus programs.

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Newly Proposed Government Loan Program to Bring Relief to All Homeowners

/PRNewswire / -- A newly proposed home loan program known as 4/40 for Freedom was introduced today to address the continuing housing crisis, as evidenced by the recent AP story "Mortgage Delinquencies Hit Record High (May 28, 2009)." The program calls on Congress to draft a bill to reduce interest rates on all home mortgages to 4 percent and give new home buyers a 4 percent, 40-year loan option, which would dramatically stimulate the economy, prevent any more "toxic debt" and put America back to work.

On average, housing represents 35 percent of total family expenditures. The proposed program offers hope to struggling homeowners because it immediately decreases the monthly mortgage burden. Expected savings with the program are approximately 33-38 percent per month per household.

"Americans are begging for relief," said Ken Parker, founder of 4/40 for Freedom. "The program benefits are immediate; lower mortgages means increased disposable income, which translates to available cash to stimulate the economy through investments and product and service purchases. We have received enthusiastic support from the financial and business community regarding the program," Parker continued.

The program is simple: for existing homeowners it would be available automatically -- no qualification process or credit report required. The existing loan would be modified to a 4% interest rate, 40 year term, with no credit check. For foreclosed owners and first time buyers, the program offers a no nonsense qualification and application process, similar to FHA. Jumbo loans would also be offered, up to 3.5 million. Once passed by Congress, the program would be available for one year. As the economy improves and home values go up, homeowners will refinance with conventional programs and the U.S. backed real estate interest loan debt will be repaid, resulting in additional economic capital.

The Seidman Research Institute, a part of the W.P. Carey School of Business at Arizona State University, has produced a cost report regarding the 4/40 for Freedom program and it is available for purchase, along with bumper stickers and additional support material at www.4-40forFreedom.com.

Parker states that it is in the opinion of many business leaders that the money that is saved on interest will have an economic multiplier effect of three to five times the amount reinvested back into the economy. "If each homeowner saves an estimated $250 a month on their mortgage, all of a sudden they can make additional purchases and the effect on the economy will be tremendous," Parker said.

Nationwide, homeowners are being asked to sign an online petition to show their support of the program through the 4/40 for Freedom Web site, www.4-40forFreedom.com, which will then be taken to Congress.

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Revised Bailout Bill Passed by the House

The announcement has just been made that the Revised Bailout Bill has been passed by the House of Representatives.

What remains to be seen is exactly how that affects main street America.

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Emory's Alexander Asked to Weigh in on Defeated Bailout Bill

As Congress wrestled over the weekend with the now defeated financial bailout bill, Emory University housing expert Frank Alexander was asked to look at the impact of the proposed legislation on easing the crisis in the residential real estate market. Would this bill help ease this country's mortgage and home ownership crisis?

Alexander says the answer is no, but the reason is complex.

"The proposed legislation has two purposes," says Alexander. "One is to deal with the liquidity and credit crisis; the other is to deal with the mortgage crisis and homeownership preservation concerns. If this legislation is passed and Secretary [Henry L.] Paulson acquires large investments in mortgage-backed securities, he most likely would not have the authority to address the home ownership preservation activities contemplated by the statutes."

"The reason this bill wouldn't help the mortgage crisis is not the wording of the statute, but the nature of the product that would be acquired by the Secretary of the Treasury," Alexander explained in a letter dated Sunday, Sept. 28, to Rep. Dennis Kucinich, chairman of the House Domestic Policy Subcommittee.

"When and if the Secretary elects to acquire the mortgage related asset of any single financial institution, the Secretary will not be acquiring a portfolio of whole loans, or even a controlling interest in a securitization of loans," wrote Alexander.

And that is the heart of the problem:

"When the Secretary buys a fractional interest in large pools of mortgage backed securities, he is not acquiring controlling interest of the mortgages themselves," Alexander explains. "So he may be purchasing a five, 20 or 30 percent interest in a mortgage backed security, but that minority interest is not necessarily sufficient authority to modify the loans."

Or as Alexander said in his letter: "The Secretary will lack the authority to authorize, require or even permit a program designed to encourage or facilitate home ownership preservation or foreclosure avoidance actions."

The bill in its most recent form, says Alexander, "has many provisions that make it far superior to the bill that was submitted on behalf of Secretary Paulson eight days ago. I probably would have voted for the bill today (September 29, 2008)."

But in order to address home ownership preservation, says Alexander, the Troubled Asset Relief Program outlined in the legislation should have as one of its goals the acquisition of Troubled Assets, "which will provide the Secretary with a controlling or majority interest in the underlying pool of whole mortgage loans. In such a context the Secretary will be in a position to implement the Homeownership Preservation goals of this legislation."

Alexander, founding director of Emory's Center for the Study of Law and Religion (CSLR), earlier this spring gave testimony before a congressional subcommittee on how federal funds could be targeted to neighborhoods most affected by rising rates of vacant and abandoned properties.

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Proposed Bail Out Bill Goes Down in House Vote

The House of Representatives has just defeated the proposed bill to pump over $700 million into bailing out the economy.

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President Bush Signs Landmark Housing Bill into Law

RISMEDIA - Landmark housing legislation signed into law yesterday by President Bush is aimed at ending the current cyclical downturn in the housing industry, helping home buyers and strapped borrowers and strengthening the housing finance system, according to the National Association of Home Builders (NAHB).

“This milestone bill contains several provisions to get home buyers back into the marketplace, stop the slide in home prices, provide a lifeline to borrowers facing foreclosure, improve mortgage liquidity and bolster confidence in Fannie Mae and Freddie Mac,” said NAHB President Sandy Dunn, a home builder from Point Pleasant, W.Va. “We commend Congress and the President for taking this action to provide much-needed relief to the American people.”

For the past year, NAHB has been in the forefront in pushing for legislation to address the turmoil in the financial and housing markets and to bolster the nation’s faltering economy.

“By helping Americans avoid foreclosure, cracking down on predatory lending, protecting communities from the blight of abandoned homes, and providing generous tax incentives to encourage home ownership, this legislation will help strengthen the housing market and create jobs,” said Speaker Nancy Pelosi.

Senate Banking Committee Chairman Chris Dodd (D-Conn.), a chief architect of the bill, calls it “the most important piece of housing legislation in a generation.”

Prudential California/Nevada/Texas President Ed Krafchow agreed, saying the passing of the bill signifies an important turning point in the real estate industry.

“I think [the passing of the bill] is indicative of us coming through the storm,” Krafchow said. “The best part of this is, that this is a rebuilding process and now we’re on the other side of the perfect storm that hit the industry and certainly damaged the financial part of the business and greatly impeded doing real estate transactions. I’m not suggesting we’ve hit smooth sailing, but the majority of the storm is over and we’re starting to move forward in the business and the industry as it grows. That’s the most positive piece of the signing of this bill.”

Key elements of H.R. 3221, the Housing and Economic Recovery Act of 2008, include:

- A temporary first-time home buyer tax credit. The tax credit will stimulate home buying, reduce excess supply in housing markets and shore up home prices.

- FHA modernization and expansion. A revitalized FHA will have greater flexibility to respond to the needs of borrowers, enable more working families to become home owners and play an important role in the mortgage markets. To address the foreclosure crisis, the FHA is given additional authority to insure up to $300 billion of mortgages to refinance loans headed for foreclosure.

- GSE (government-sponsored enterprise) reform. The law reforms the regulation of Fannie Mae and Freddie Mac and permanently increases the conforming loan limit to help buyers in high-cost markets. To reassure financial and global markets, the government will temporarily expand its line of credit to Fannie and Freddie and permit the U.S. Treasury to purchase an equity stake in the companies through the end of 2009.

- Mortgage Revenue Bond Program. The measure gives states the ability to issue an additional $11 billion in mortgage revenue bonds, which will help strapped borrowers seeking to refinance their home loans.

- Low Income Housing Tax Credit. Enhancing this program will expand the supply of much-needed affordable rental housing.

Tax Credit Centerpiece of Housing Bill

The centerpiece of the housing bill is a temporary, $7,500 first-time home buyer tax credit for the purchase of any home. The tax credit can be used for homes purchased between April 9, 2008 and July 1, 2009. It is expected to provide a significant-and temporary-financial incentive for home buyers.

“The tax credit is the best stimulative measure,” said Dunn. “It will increase housing demand, get home buyers back into the marketplace and fight falling home prices, which threaten the economy as a whole.”

The original eligibility period expired in April 2009, but following a major grassroots campaign from NAHB members, the period was extended to June 30, 2009 to enable home builders to include the credit in their sales and marketing next spring and into the early summer-the peak home buying season.

NAHB has launched a new website, www.federalhousingtaxcredit.com, which includes a set of comprehensive questions and answers about how the credit works and how consumers can put it to their advantage.