Legislative Update

Paying Down the Debt, Opposing Cap-and-Trade

Paying Down the Debt
This week, Congressman McHenry announced that he and several of his colleagues on the Financial Services Committee have sent a letter to President Obama regarding the repayment of tax dollars by banks.  A few banks have begun to repay the taxpayer funds that the federal government used to bail them out. 

Congressman McHenry’s letter to the President calls for those funds to be used to pay down the exploding national debt.  Officials at the Treasury Department have indicated that the money could used to continue bailing out more banks.

The national debt has grown so large that every American citizen now owes the federal government $37,243 to pay it off.  In addition to looming tax increases, the debt is hurting working families by increasing interest rates on mortgages, impeding economic growth, and driving up unemployment.  For these reasons, Congressman McHenry is working to get our tax money back from banks, then used to pay down the debt.
Opposing Cap-and-Trade
This afternoon, the House of Representatives passed a controversial piece of legislation known as cap-and-trade.  The objective of the bill is to combat climate change.  However, the measure would at best reduce the earth’s temperature by two-tenths of a degree by the year 2100. 

Congressman McHenry voted against this bill because of the enormous cost in puts on working families.  Cap-and-trade would eliminate 88,000 jobs in North Carolina alone, increase gasoline prices by 77 cents, and raise energy prices by $1,400 each year for all households.  As we struggle and endure through this recession, the last thing Congress should do is cut jobs and raise the cost of living.  Without the cooperation of China and India, no climate change initiative will successful at anything other than punishing American families. 

On the Job Video
Please check out another edition of On the Job with Patrick McHenry by clicking here.