Friday, May 1, 2009
McCarthy: allow banks to repay TARP money; Republicans regrouping to fight spending
A busy week for Rep. Kevin McCarthy (R-Bakerfield) that included his wife and daughter attending the First Lady's Luncheon. In his own words:
"This week was a busy week on several legislative fronts. After listening to many of our neighbors in our communities and attending the Bakersfield tea party, I continued to hear about the fear that many of us have with the record Federal spending and borrowing that’s taking place in Washington. We voted on the final version of the Federal budget blueprint, and I voted against it because it contained the same extraordinary levels of spending and borrowing that could lead our nation to doubling our national debt in five years, and tripling it in ten years. This unprecedented lack of fiscal responsibility will only mortgage the futures of our children and grandchildren tomorrow to pay for new spending programs and bailouts today.
"Serving on the House Financial Services Committee, I have been troubled by news that Treasury is making it difficult for banks that received taxpayer-funded TARP bailout money to repay portions of those loans back to the Treasury, and ultimately the taxpayers. That is why I introduced legislation to make sure that if a bank wants to repay bailout money, that the money goes straight towards paying down our national debt, instead of going back to Treasury where it can be spent. This prevents that repaid money from being used as a revolving line of credit for other things Washington would like to spend money on.
"The swine flu continues to be a major concern for our country, and especially our communities, given our close proximity to the United States-Mexican border. As of Thursday, there were 14 reported cases in California. I have posted a link to the Centers for Disease Control on my website for current updates and background information.
"The week ended with a big national announcement. On Thursday, my colleagues and I introduced the National Council for a New America, a new group to listen, facilitate, and create solutions to address the problems we face in our country. Listening to the American people will provide the real solutions that our country needs to solve our current challenges. We know the best ideas are not in Washington, but throughout America. The National Council for a New America will engage our communities in a conversation to gather common-sense solutions from hard-working American families. Please join us in this discussion as we use the power of new ideas to move our country forward. You can email me your thoughts through my website, or send me a tweet on Twitter or a note on Facebook. I also discussed this on CNN and Fox News to introduce this new grassroots group that will be a policy-based forum to engage in a thoughtful conversation with the American people. You can check out those interviews on my YouTube page.
"And finally, check out my new official website -- it was just redesigned in an attempt to make it more user-friendly and easier to access information. If you would like, let me know what you think (and also about other ideas you may have) by submitting feedback and thoughts here.
My wife, Judy, and daughter, Meghan, were in DC for a few days and were able to attend the first ladies luncheon with First Lady Michelle Obama, and today we are headed home. We are en route back to Bakersfield. Have a good weekend!