01.28.09

Burr Statement on Economic Stimulus Legislation

U.S. Senator Richard Burr (R-North Carolina) today issued the following statement on the proposed stimulus package currently being considered by Congress:
"Our economy is currently facing enormous challenges. People and employers are still having a difficult time getting credit -- credit that allows them to make large purchases, buy equipment, invest for the future, and fund their daily business operations. As a result, businesses are struggling to stay afloat, workers are being laid off, and families are bearing the brunt of the economic storm.
"President Obama and Congress are currently working on a stimulus bill in the hopes of jumpstarting our economy. The legislation currently being debated in Congress would spend almost a trillion dollars of borrowed money on projects and programsthat are unlikely to produce any real broad-based stimulus or create jobs that will still be here two years from now. This spending would be on top of the $1.2 trillion budget shortfall that the federal government is already projected to have in this year alone. If the bill the Democrats have proposed in the Senate does not change drastically, then I will not be able to support it.
"Instead, I believe our first priority should be to help stabilize the housing crisis, which was the spark of this economic downturn. By guaranteeing low-interest, fixed mortgage rates, we can help homeowners stay in their homes and entice prospective home buyers to get off the sidelines. This would get to the root cause of what's harming our economy and light the path toward recovery. At the same time, we should let taxpayers be the drivers of economic growth by allowing them to keep more of their hard-earned money through lower income tax rates.
"If the president and Congress want to stimulate the economy, we better get it right. If we don't, we will not only prolong this economic recession, but Americans for generations will also be faced with either massive tax increases or severe cuts in federal programs to pay off the enormous debt we have accumulated."