Walberg Weekly Wrap-Up

Press Release

WALBERG WEEKLY WRAP-UP

Can We Afford The Pelosi Energy Plan?
Another week has passed and Speaker Nancy Pelosi still will not allow the House to vote to increase American energy production. The situation has become so bad that even newspapers like the Washington Post are calling on the Speaker to allow Congress to at least have a vote.

Earlier this week, I had the opportunity to meet with patients at Jackson Dialysis in Jackson, Michigan and discuss transportation issues. I heard from patient after patient about how high gas prices are negatively affecting their pocketbooks.

I also visited the American Red Cross branch in Jackson, and learned that service volunteers, men and women who help fire and accident victims, are now using their own money to pay for gasoline because the Red Cross cannot afford to reimburse them.

With situations like these becoming more and more common across the country, it is important to ask: how much longer can America afford Speaker Pelosi's energy plan? We need an energy policy that will use existing American energy sources to create more prosperity and security for the American people.

This week I pledged to support another bill that will help families struggling to cope with energy prices. I co-sponsored the American Energy Act (H.R. 6566), a comprehensive bill to help reduce gas prices by harnessing new technologies, encouraging greater conservation and efficiency and increasing American energy production in an environmentally-safe manner. The American Energy Act is another "all options included" American energy program that will wean America off of Middle East oil.

Please go to walberg.house.gov/Blog to watch a speech I gave this week on energy policy and to get the latest updates on this debate.

Oppose President Bush's Support for Bailout of Mortgage Lending Industry
This week, despite my strong opposition to the President Bush-supported bailout of the mortgage industry, the House pushed through legislation that would put taxpayers on the line for $300 billion in speculative securities, while adding a new tax on mortgages. The legislation would force hard-working Americans to accept the risk for the bad choices of speculators who knowingly purchased risky securities.

I viewed this action as an attempt to revise the great American tradition that hard work, responsible investment and diligent savings leads to home ownership. Sadly, the President stands by ready to support this flawed legislation.

In Michigan, we know firsthand how our struggling economy has frustrated people who've had dreams of home ownership and put many folks in difficult situations. Rather than allow the government to reward risky investments, Congress should work on policies that promote home ownership and keep alive the dream of owning a home for all Americans.

Michigan taxpayers cannot afford to pay for the irresponsibility and blatant recklessness of mortgage servicers and speculators, and this legislation forces hard working families to backup $300 billion in risky mortgage securities and adds a new tax on mortgages, which will only slow any economic recovery and job growth. The best way out of the current housing crisis is to create more good-paying jobs which will help all Americans purchase homes.

Last year, I voted for the Expanding American Homeownership Act, which will help more low- and moderate-income American families realize the dream of home ownership and prevent many first time and inexperienced home buyers from being pushed into loans that are unaffordable. This legislation gives families more flexibility when making down payments. Additionally I voted to stop taxes on mortgage debt forgiveness and to provide a $7,500 tax credit for low and middle class first time homebuyers.

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