DEMOCRAT’S SPENDING-FRENZY CONTINUES: ANOTHER ALMOST SIX BILLION IN SO-CALLED EMERGENCY FUNDING
"Once again, Speaker Pelosi is selling a bill under the auspices of ‘jobs' yet billions of the stimulus bill remain unspent and Americans continue to suffer under increasing financial burdens," said Rep. Calvert. "We cannot continue down this road of fiscal insanity. If Speaker Pelosi insists on passing more spending bills, at a minimum they should be offset by unspent stimulus funds and should not add to our ballooning deficit."
Rep. Calvert voted against the legislation but supported a common-sense, deficit neutral amendment proposal by Appropriations Committee Ranking Member Jerry Lewis (R-CA). Lewis' amendment would have offset the cost of the bill by redirecting unspent stimulus funds. Once again Republicans were shut out of the process as the Rules Committee prevented the consideration of and votes on any amendments, prior to bringing the bill to the House floor for a vote.
In addition to the emergency supplemental "jobs" bill, the House also passed H.R. 4849, the Small Business and Infrastructure Jobs Tax Act of 2010, which would increase spending and reduce revenues by $19.2 billion, primarily for the temporary extension of federally subsidized tax-credits for local infrastructure programs, temporary tax incentives for investments in small businesses, and new welfare spending. The bill:
- Increases taxes, including a $7.7 billion tax hike on U.S.-based subsidiaries of foreign companies that provide employment in the U.S.
- Increases welfare spending over the next ten years by $2.5 billion
- Spends $3.58 billion in small business tax incentives,
- Spends $13.16 billion in state and local infrastructure subsidies, and
- Raises taxes by approximately $19.4 billion.
Source: House Republican Conference
"While I support certain provisions of the bill, including the suspension of capital gains taxes on investments in small businesses and the provision to allow for the maximum deduction for small business startup expenses, I could not support the other items in the bill which provide for more irresponsible spending and tax hikes," said Rep. Calvert.
Rep. Calvert is a cosponsor of H.R. 1552, the Small Business Formation and Job Creation Act of 2009. The legislation increases the maximum deduction for small business startup expenses from $5,000 to $20,000. It currently has 100 bipartisan cosponsors.