Paying Down the Debt, Opposing Cap-and-Trade
Washington, June 26, 2009 | Brock McCleary ((202) 225-2576)
Paying Down the Debt
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.
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.
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