Washington, Jan 16 - by Josh Singer, Pioneer Press

As congressional leaders attempt to assemble a stimulus package to rescue the economy, U.S. Rep. Peter Roskam, R-6th, discussed on Thursday (Jan. 15) his views about the proposed bailouts.

The Wheaton Republican is part of a study committee planning on how to spend the bailout money. Roskam voted against both the financial and automobile industry bailouts, but expressed approval of some of President-elect Barack Obama's proposals for the $700 billion bailout.

"I'm encouraged the president-elect is talking about tax cuts," Roskam said via a telephone conference call from Washington, D.C.

However, disagreements have arisen between the two congressional parties. Democratic congressional leaders U.S. Rep. Nancy Pelosi, D-California, and U.S. Rep. Charlie Rangel, D- New York, have not committed to Obama's call for bipartisan negotiations, according to Roskam's spokesman, Matt Vriesema.

While a strong proponent of tax cuts, Roskam said he was wary of plans that would be more like transfers of wealth and have only the "veneer of tax relief." Massive government spending could also backfire, Roskam said, adding that the current economic "house of cards" resulted in part from people spending money they did not have.

Regarding specific stimulus proposals, Roskam said he favored tax cuts of 5 percent for individuals and 10 percent for corporations, and removing barriers to the $7,500 first-time homebuyers tax credit. He opposes another round of stimulus checks sent directly to taxpayers, saying the previous stimulus payments failed to jump-start the economy.