Delivering the weekly Republican address, Rep. Kevin McCarthy (R-CA) says President Obama is still not listening to the American people and pressing ahead with new job-killing legislation that would guarantee permanent bailouts for Wall Street and make it even harder to save, invest, and hire. He notes that Democrats in Washington forced through an extension of the controversial TARP program last year so that they could use it as a slush fund for more wasteful Washington spending. Rep. McCarthy says that Republicans have a plan to get rid of TARP, end permanent bailouts, and institute much-needed accountability so that American taxpayers are protected without being held responsible for reckless decisions made by irresponsible bankers. Now in his second term in Congress, Rep. McCarthy serves as House Republican Chief Deputy Whip and is a member of the House Financial Services Committee.
“Hi, I’m Congressman Kevin McCarthy. I have the great honor of representing California’s 22nd Congressional District. I also serve as the House Republican Chief Deputy Whip. I’d like to start by wishing all those families celebrating Easter and Passover a year of peace and prosperity in this holiday season.
“I need not remind you that this is a time of great economic anxiety for almost everyone. Americans are rightfully asking ‘where are the jobs?’ ‘Why is Washington raising taxes in times of recession?’ ‘Doesn’t anyone care about us?’ ‘Is anyone actually listening?’
“I know what you’re thinking. Enough is enough. Stop the spending. Stop the waste. Stop the broken promises.
“Major employers are already being squeezed because of the tax increases and cost hikes thanks to the new health care law signed by President Obama. The new law is just the latest in a series of anti-taxpayer policies coming out of Washington that is making it harder for Americans to save, invest, and hire, but it is by no means the last.
“As a former small business owner – a deli here in Bakersfield – I know that there is risk involved in turning a new idea into a successful business. There is no reward without some risk. My small business – like many small businesses – was started on credit. At this time of high unemployment, when we need to focus on jobs, we should not be expanding government spending, government commitments, and government promises that crowd out the small businessman and businesswoman. That’s not good for jobs. That’s not good for anyone.
“From TARP and permanent bailouts, to the cap-and-trade national energy tax, the government takeover of healthcare, and huge increases in the national debt – and now still more demands for more spending to change the financial regulations, we have run out of money. And yet this Administration and Congressional Democrats want to spend even more.
“So on behalf of the hardworking taxpayers of my district, I have one question for Washington: who is going to pay for all your new spending?
“Last fall, when the controversial TARP program was on track to expire, Republicans voted to terminate the program and ensure that any unused funds were used to pay down our crushing national debt. Democrats instead forced through an extension so that they could use it as a ‘slush fund’ for more wasteful Washington spending.
“Now, President Obama wants Congress to pass job-killing legislation that would guarantee permanent bailouts for Wall Street. Under his plan, unelected Washington bureaucrats would be granted virtually unlimited power to pick winners and losers – and hardworking American taxpayers would pick up the tab for the reckless decisions made by irresponsible bankers.
“What’s worse, this legislation fails to address the root causes of the economic crisis and housing meltdown – the lack of accountability in Washington and on Wall Street.
“Republicans have proposed a plan to protect taxpayers, end the permanent bailout and get rid of TARP. Our plan would address the causes of the financial crisis and institute accountability while adopting a new approach to the markets that will no longer include using the taxpayer as Wall Street’s financial lifeline.
“Because more Washington bureaucrats, more federal agencies and more blue-ribbon commissions are not the answer. And putting taxpayers on the hook for more bailouts will not revive our struggling economy – it will only compound the pain for struggling small businesses and for families who played by the rules, lived within their means and acted responsibly.
“Earlier I asked whether anyone was listening. I’m Kevin McCarthy, a member of the House Republican Conference, and we’re listening. And if you want to put an end to these big government bailouts, the reckless wasteful spending and the mountain of debt, we hope you’re listening, too.”