eters Opposes New Obama Spending Plan, Calls for Quick Action on Business Tax Cuts

Statement

After reviewing economic proposals released by the White House this week, Representative Gary Peters announced opposition to the President's plan for $50 billion in new transportation spending but called for action on proposed tax cuts to spur business investment, research, and development. In addition, Representative Peters reissued his call for all of the 2001 and 2003 tax cuts to be extended.

"The right way to spur immediate job growth is through supporting private sector growth and investment, not pumping more money into an already backlogged list of transportation projects," said Rep. Peters. "There is already funding for infrastructure projects that has not yet been spent, which is why I voted against this year's transportation funding bill. The best way to create jobs now is through tax cuts for businesses that want to invest in new equipment and hire more employees."

"This is not enough, however, and the Senate must pass the small business lending legislation that I helped pass through the House earlier this year. Small businesses create approximately two out of every three new jobs, and without access to credit, small businesses will not be able to take advantage of the proposed tax cuts.

"In addition, it is time for Congress to be decisive about the tax rates facing small business owners next year. Extending the 2001 and 2003 tax cuts for all earners is the right thing to do as anything less jeopardizes economic recovery."

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