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Jack to be on Alan Colmes Show tonight at 10:15 p.m.

December 11th, 2008 by Spokesblogger

Tune in tonight to hear Jack on the Alan Colmes Radio Show at 10:15 p.m. discussing the auto bailout.

RELEASE: KINGSTON VOTES AGAINST AUTO BAILOUT

December 11th, 2008 by Press Staff

Washington, Dec 11 -

Congressman Jack Kingston (R/GA-1) today voted against a $14 billion loan program created to bailout the “Big Three” automakers.  While he noted significant progress from the original $34 billion proposal, Congressman Kingston expressed concerns with the potential to nationalize an industry, failure to address the out of sync wages of autoworkers and Washington’s bailout spending spree.

“While American families are tightening their belts, Washington’s running to the printing press and borrowing from China,” Congressman Kingston said.  “So far this year, Washington’s poured more than $3.2 trillion into bailing out the economy, the national debt has risen to $11.3 trillion and all we’ve got to show for it are spotty results.  This is all deficit spending and it’s got to stop.”

Read the rest of this entry »

AUTO BAILOUT UPDATE: Text Available

December 10th, 2008 by Legislative Staff

The text of the auto bailout legislation is available here.

AUTO BAILOUT UPDATE: Rules Committee to Meet at 12:45

December 10th, 2008 by Legislative Staff

The House Rules Committee has announced that it intends to meet at 12:45 today to create the rule under which the auto bailout bill will be considered on the House floor.

This is usually the first time a bill like this becomes available.  When the full text is made available, we’ll share it with you.

AUTO BAILOUT UDPATE: No Senate Vote Today

December 10th, 2008 by Press Staff

Roll Call reports:

The Senate will not vote Wednesday on an automaker bailout bill as Democrats had hoped, Senate Majority Leader Harry Reid (D-Nev.) said on the floor.

Reid acknowledged that Senate Republicans, whose support has been soft to nonexistent for an auto package, need time to review the measure after legislative language has been finalized. He said he hoped he would be able to give his GOP colleagues a copy of the measure within the hour.

To read the full article, click here.

December 10th, 2008 by Press Staff

Appropriations Committee Ranking Member Jerry Lewis has called on Chairman David Obey to hold hearings on the remaining appropriations bills rather than allow unelected staff to roll all of them into a single omnibus.  To read the letter, click below:

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AUTO BAILOUT UPDATE: Summaries Available

December 10th, 2008 by Legislative Staff

Jack’s Bailout Page has been updated with a summary of the Auto Bailout deal reached between Congressional Democrats and the White House as well as the Republican Alternative offered by Leader Boehner, Whip Cantor, and Conference Chairman Pence.

To visit the page, click here.

New Bailout Survey

November 26th, 2008 by Jack

With each day bringing new reports of the economic downturn and as Congress prepares to debate the ways to address the economic situation, I launched a new survey so I can better represent your views in Washington.  To take the survey, click here.

Outrageous

November 19th, 2008 by Press Staff

Even as they’re closing plants, laying off workers, and begging for a government bailout, the CEOs of the “Big 3″ automakers can’t lower themselves to flying like the rest of us - even first class wasn’t good enough for them…

From ABC News:

Big Three CEOs Flew Private Jets to Plead for Public Funds Auto Industry Close to Bankruptcy But They Get Pricey Perk

The CEOs of the big three automakers flew to the nation’s capital yesterday in private luxurious jets to make their case to Washington that the auto industry is running out of cash and needs $25 billion in taxpayer money to avoid bankruptcy.

The CEOs of GM, Ford and Chrysler may have told Congress that they will likely go out of business without a bailout yet that has not stopped them from traveling in style, not even First Class is good enough.

All three CEOs - Rick Wagoner of GM, Alan Mulally of Ford, and Robert Nardelli of Chrysler - exercised their perks Tuesday by flying in corporate jets to DC. Wagoner flew in GM’s $36 million luxury aircraft to tell members of Congress that the company is burning through cash, asking for $10-12 billion for GM alone.

Read the rest of this entry »

RELEASE: KINGSTON VOTES AGAINST BAILOUT

October 3rd, 2008 by Jack

Less than a week after rejecting a similar bill, the House today passed a bailout intended to shore up the nation’s financial markets.  Congressman Jack Kingston (R/GA-1), who voted against the package both times, expressed concerns that the bill will not accomplish the task at hand.

“Rather than righting the ship, we’ve run for the lifeboats,” Congressman Kingston said.  “While the core bill has been improved since Monday, I’m still unconvinced it will avert an economic downturn.  I hope I’m wrong but suspect we will be back soon for further debate.  The economy will remain my highest priority and I will continue to fight for the alternatives not included in this bill.”

Largely the same as the version the House previously rejected, the bill authorizes the Treasury Department to spend up to $700 billion in a Troubled Asset Relief Program to purchase “toxic” mortgage-backed securities.  It also gives the Treasury Secretary the option to create an insurance program for the securities in which participating companies would be required to pay premiums.  Participating firms would be subjected to executive pay restrictions, limits on “golden parachutes” for departing executives, and would allow the government to take equity stake in their company.

Changes to the bailout, added by the Senate which passed the measure overwhelmingly on Wednesday evening, included a provision allowing banks that held Fannie Mae and Freddie Mac to count any losses as ordinary losses against their income.

The Senate also added tax provisions that extended breaks for producers of renewable energy, an Alternative Minimum Tax patch that prevents 22 million taxpayers from paying a tax originally meant for the wealthy and optional deduction for state sales taxes.  The package also included tax earmarks that for such things as rum production in Puerto Rico and the Virgin Islands, wooden arrows for children, and NASCAR racetracks.

Public outcry against the bailout was unprecedented.  Calls from constituents strained the Capitol’s phone systems and caused crashes of several websites as well as email services.  In an effort to better educate his constituents about the issue, Congressman Kingston created a website locate at http://kingston.house.gov/bailout to provide timely information.  Meant to serve as a clearinghouse, the website contains bill text, summaries, and analysis as well as opinion pieces, press coverage, and multimedia.

The President must now sign the bill into law before it is enacted.

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RELEASE: Georgia’s Republican House Members vote against Bailout

October 3rd, 2008 by Jack

Georgia’s Republican House members released the following statement after unanimously voting against the $700 billion bailout bill:

“These are challenging times for our country — citizens everywhere recognize that our economy is in peril. We have the largest and the most complex economy in the world, and we must approach this crisis with an eye toward the consequences of acting incorrectly.  What we do here will have a lasting impact on the course of our nation now and for future generations — so we have an obligation not just to get this done quickly but to get it done right.”

“We concluded this bill didn’t pass the test when it came to doing it right. We’re thankful the economic rescue portion of today’s legislation is markedly improved from Secretary Paulson’s initial request, thanks to Sen. John McCain and other conservative leaders. Nevertheless, we remain deeply concerned that today’s action could drastically and permanently enlarge the federal government’s role in our capitalist economy.”

“We are not convinced that this legislation is the best answer for hard-working taxpayers. We cannot preserve our free-market economy by sacrificing the very principles that underlie it.  Over the past week, we have heard loud and clear from many of the almost 5 million Georgians that we represent — and they are not convinced that this approach is the right one. They want to preserve our financial system, but demand that we think more about the taxpayer in developing the solution.”

“We agree that something must be done. As a delegation, we have fought for constructive improvements and common-sense, free-market alternatives. We fully recognize that inaction is not an option. We have advocated for:

Taxpayer protections to ensure our citizens are not indebted by multibillion dollar commitments.�
Private participation and market alternatives so those who caused this problem can be a part of the solution.
A viable exit strategy so we do not burden future generations with a massive and lasting bureaucracy.

“We wanted a ‘workout,’ not a ‘bailout.’  This is the direction that should have been taken, for the sake of taxpayers and future generations.”

Republican Lawmakers: “Paulson’s Bailout Plan Must Be Scrapped”

October 2nd, 2008 by Legislative Staff

A group of Republican lawmakers re-iterated their opposition to the Paulson bailout plan in a letter to Congressional leaders today. 

“We hope that you will join us on behalf of the American taxpayer in sending the Treasury Secretary a strong message that his unfair $700 billion bailout plan is a non-starter with the American people,” said the lawmakers.

In place of the $700 billion Wall Street bailout, the lawmakers are seeking reforms that protect the American taxpayer while shoring up our nation’s financial institutions.  A core part of the alternative plan would enable the Federal Reserve to spend up to $250 billion using a preferred equity with warrants arrangement.  Many provisions of the current package would also be retained, including an increase in FDIC insurance. 

Representatives Devin Nunes (CA), Thaddeus McCotter (MI), John Carter (TX), John Shimkus (IL), Jack Kingston (GA), Darrell Issa (CA), Trent Franks (AZ), Lynn Westmoreland (GA), and Bill Sali (ID) signed the letter which was delivered prior to Senate passage of the Paulson plan.

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To learn more about where Jack stands on the bailout, click here.

Kingston, Foxx call on negotiators to consider house purchase income tax credit

October 1st, 2008 by Spokesblogger

Jack joined with Congresswoman Virginia Foxx today to call on House negotiators to consider implementing a house purchase income tax credit in any bailout package.  The idea was proposed to Jack and Dr. Foxx by John Allison from BB&T (letter here).

To read the letter, click below:

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To see a list of other alternatives Jack believes should be considered in any bailout package, click here.

To learn more about the package and where Jack stands, click here.

Georgia Republicans Ask Boehner, Blunt to Appoint Rep. Linder to Bailout Negotiations

October 1st, 2008 by Spokesblogger

Given his extensive knowledge in the areas of taxes, business, and finance, Georgia’s Republican House members (The “G7″) sent the following letter to House Minority Leader Boehner and House Minority Whip Blunt asking that they appoint Georgia Congressman John Linder to the working group negotiating the financial bailout.

 From the letter:

Congressman Linder’s expertise and experience in finance, tax policy, and business would be of great value.  He understands well the serious concerns of many House Republicans and has advocated for a more deliberate approach to the negotiations – one which we believe will serve the American people well.

To read the full letter, click below:

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 To learn more about the bailout and see what Jack’s said about it, click here.