February 07, 2008

CRAPO: PERMANENT PRO-GROWTH TAX POLICY,NOT ONE-TIME REBATES, BEST FOR THE ECONOMY

Adds too much debt for future generations

Washington, DC - Idaho Senator Mike Crapo voted against an economic stimulus package this afternoon, noting there are better ways of stimulating the economy that won't increase the national debt. Crapo, a member of the Senate Budget and Finance Committees, joined 15 other Senators in opposing H.R. 5140, as amended.

Crapo voted in favor of an amendment that would allow seniors on Social Security and disabled veterans and their widows to be eligible for the rebate checks. The amendment included a provision preventing illegal aliens from being eligible for rebate checks. That provision was not part of the House-passed bill, but was approved by the Senate.

The amended bill was approved by the Senate on an 81 to 16 vote. It now goes back to the House for final passage before being sent to the President.

"We can't spend ourselves into prosperity," Crapo said. "It is not the right policy at this time to add more than $150 billion to our national debt to try and stimulate the economy. Our children and grandchildren will be saddled with these costs."

"A better solution would be to fix our tax policy and make our existing tax relief permanent. We need long-term plans to get federal spending under control, and we need to create incentives to promote new capital that leads to new businesses and new jobs. The increased revenue being generated by our existing tax relief has shown benefits to our economy and the time is now to make that tax relief permanent," Crapo concluded.

Crapo also noted that the bill includes an additional $250 million just for the Internal Revenue Service to print out and mail the rebate checks.