New Bailout Bill Is Wrong For America

Press Release

New Bailout Bill Is Wrong For America

District Five congressional candidate David Schweikert says the just-passed bailout bill is the wrong prescription for the country's ailing economy.

"The bailout does absolutely nothing to deal with the essential problem facing our economy - the credit crunch," Schweikert said. "What's worse is that in an effort to address the most important financial challenge our country has seen in decades, Congress still had the nerve to pass a bill loaded with irresponsible earmarks. Taxpayers have been hit with both barrels: one loaded with debt, the other loaded with pork."

"I noted that the current Congressman from the Fifth District decided to say yes to this bailout after voting against it earlier. One can only wonder what enticements were added to this bill to change his mind and how much that will cost taxpayers," Schweikert added.

Schweikert concluded, "Congress should have suspended the capital gains tax in order to spur investment in our economy, halted mark-to-market accounting gimmicks, and put Freddie Mac and Fannie Mae on the road to becoming private entities. It did none of those things, and the ultimate losers in this episode are the American taxpayers."

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