Kind Stresses Smart Investments, Budget Reform as Ways & Means Considers Economic Recovery Bill
WASHINGTON, DC – As the Ways & Means Committee met today to examine the tax proposals of the American Economic Recovery and Reinvestment Plan, U.S. Rep. Ron Kind (D-WI) stressed that the recovery package must be focused on investments that will save money down the road, as well as the eventual need for budget reform to deal with the long-term fiscal consequences of this plan.
“I firmly believe that this money will be best spent on investments that will not only create jobs now, but save money in the long-run through steps like fixing our crumbling infrastructure and reducing health care costs through technology,” Rep. Kind said. “We have had a severe lack of long-term investment over the last decade, and that, coupled with out of control spending on other things, is part of the reason we are in this situation. My hope is that this package will change that.”
Many of the tax proposals to be included in the American Economic Recovery and Reinvestment Plan are designed to couple a short-term boost to consumer spending with long-term investments. Individual tax relief, helping businesses free up capital to create jobs, promoting home buying, supporting state and local governments, and investing in health care technology, education and renewable energy are included in the bill. Additional help for families who are struggling, such as an extension of Unemployment Insurance and help for those who want to continue their health coverage after losing their job are also included. For more information on the tax proposals included, go to: https://waysandmeans.house.gov/MoreInfo.asp?section=50.
“Following the passage of additional economic recovery legislation, our long-term fiscal challenges will be greatly exacerbated,” Rep. Kind continued. “While swift and comprehensive action is needed to stem a greater economic downturn, we also must recognize that our long-term spending obligations are unsustainable. Reforming our budget through a fiscal commission or bipartisan summit will act to ensure that future generations are not still paying for this bill.”