WASHINGTON – House Republican Conference Chairman Jeb Hensarling (R-Texas) issued the following statement today after the U.S. House of Representatives approved his legislation, H.R. 836, to eliminate the ineffective, $1 billion Emergency Homeowner Relief Program.
“America is drowning in a sea of red ink. If we want to help job creators create jobs today we’ve got to start taking away the uncertainty brought about by our nation’s spending-driven debt crisis. If we want to save our children from bankruptcy tomorrow, we’ve got to stop spending money that we do not have.
“Not only is the Emergency Homeowner Relief Program ill-advised, it is also far too expensive. Spending a billion dollars on yet another questionable housing program at a time when our country is in unprecedented debt does not make any sense. H.R. 836 rescinds all unobligated balances made available for this costly program and saves American taxpayers $1 billion.
“The best foreclosure mitigation program in America is a job. It’s not a government check, it’s a paycheck. Job creators are hampered by the uncertainty of the national debt. They know that historic levels of debt will lead to historic levels of taxation, which will eventually lead to historic levels of unemployment. This equation could not be more true or elementary.
“Republicans are committed to putting America back on the road to economic growth and job creation by putting an end to Washington’s job-destroying spending spree. Today’s vote to pass H.R. 836 is another important step in this direction. By cutting spending today, Republicans are restoring promise to our economy and saving the American dream for our children tomorrow.”