Cornyn Statement On Passage Of Economic Stimulus

Press Release

U.S. Sen. John Cornyn made the following statement Thursday following Senate passage of an economic stimulus bill by a vote of 81 to 16. Sen. Cornyn voted for the package.

"It is encouraging that the Senate overcame partisan obstacles and took a first step toward helping boost the economy and benefit America's working families. We also prevented tax rebates from going to those who have broken our immigration laws, and blocked add-ons that would do nothing to stimulate the economy.

"But I believe the Senate needs to do more to stimulate the economy—action that is more focused on reducing home foreclosures and creating jobs. My hope is that the Senate will consider and pass legislation I cosponsor to provide a one-time, focused tax credit of $5,000 a year for three years to those who purchase a single-family home that has been foreclosed on or whose first mortgage loan is in default. I believe this legislation will help stabilize home values and allow the housing market to recover."

Sen. Cornyn supports making the tax relief passed in 2001 and 2003 permanent, which would prevent a large tax increase on working families and small business owners. He also continues working to reduce wasteful government spending and removing unnecessary regulation that prevents free market solutions and job opportunity.

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