H.R.3221 is one more reason why we need a change in the way bills are written and approved in Congress. This bill started out as the “New Direction for Energy Independence , National Security, and Consumer Protection Act” and now it is known as the “Housing Legislation Vehicle”. There are 161 amendments to this volume of a law and if any of the law makers have actually read the entire thing, I would be very impressed.
The Congressional Budget Office says the following concerning the home mortgage bailout:
The Congressional Budget Office and the Joint Committee on Taxation (JCT) estimate that H.R. 3221 would:
• Decrease revenues by about $2.4 billion in 2008 and by $21.5 billion over the 2008-2018 period; and
•
Increase direct spending by $218 million in 2008 and by $4.8 billion over the 2008-2018 period.
In total, those changes would increase budget deficits (or reduce future surpluses) by about $2.6 billion in 2008 and by $26.3 billion through 2018.
WHAT!? All to bail out people, whether investors or homeowners, who made irresponsible decisions when they financed their houses.
Nice. This #1 encourages irresponsibility and #2 is a complete overstep of the government into private contracts at the cost to tax payers of 26.3 BILLION dollars.
I’m sure that will help a slow economy. Thank you Speaker Pelosi, the sponsor of this give away.
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