1.22.09 - Rogers Statement on Opposing the Release of an Additional $350 Billion of Taxpayer Money
Thursday, January 22, 2009

U.S. Rep. Harold “Hal” Rogers (KY-05) released the following statement regarding his opposition to the release of the second $350 billion installment of the original $700 billion economic recovery package:

“As the economy began to crumble last fall, I made a very tough decision to support an economic recovery bill that was supposed to protect taxpayers, open lines of credit and keep our country from sinking into a deeper recession. Today, knowing what I know now, I cannot justify releasing another $350 billion of taxpayer money. The banking and finance industry was given a golden opportunity to help get our economy moving, restructure mortgages, and lend a helping hand. Needless to say, I’m unimpressed.

“The first $350 billion released last year was grossly mismanaged, lacked proper oversight and did nothing to shield Main Street from being swept up in the greatest economic crisis since the Great Depression. There are many lessons to be learned from the failures of the so-called ‘Economic Stabilization Act of 2008’ including that the government cannot spend its way out of a recession and another tranche of money is unjustified.

“I have always sought to help residents of southern and eastern Kentucky achieve a more prosperous future. In good faith, I cannot support the release of an additional $350 billion Wall Street bailout when there are hardworking Americans who are concerned about keeping their homes, sending their children to college and wondering if they will ever be able to retire. We owe it to our country to stabilize the economy by creating jobs, incentivize investments, and provide tax breaks for all working Americans.”