0

Linder, Isakson unhappy with bailout plans

John Linder and Johnny Isakson aren't happy about the way politicians are bailing out businesses.

Linder, the Republican congressman from Duluth, was a co-sponsor of House Resolution 3, relating to the disapproval of obligations under the Emergency Economic Stabilization Act of 2008.

He voted along with 270 colleagues in the House to show his dislike for the release of $350 billion in taxpayer funds.

"We have already spent $350 billion, and unfortunately we have very little to show for our money," Linder said in a press release. "Credit for many Americans is still frozen, the government is continuing to cherry-pick which industries will receive special attention and which will be allowed to fend for themselves, and hard-working Americans are still losing their jobs and homes. We have to accept that this was the wrong solution to begin with and begin to work to implement the right one."

Last year, Linder voted against the original bailout bill. He said the practice is an example of the government giving away taxpayer money with "no clear explanation" of how any good will come of it.

Earlier this month, U.S. Sen. Johnny Isakson offered another solution to the nation's economy woes.

He introduced the "Fix Housing First Homebuyer Tax Credit Act," which would expand the tax credit passed by Congress last year.

In a speech on the Senate floor, Isakson said he was disappointed with the deployment of the first $350 billion bailout funds, saying he hoped it would have done more to stabilize the housing market.

Isakson, who worked in the real estate business during a housing collapse in 1974, said the $2,000 tax credit implemented at that time helped decrease the available housing stock.

After a meeting with President Obama's chief of staff Rahm Emanuel, Isakson said he hoped the White House would embrace the idea of a new tax credit to stabilize values and began to "reflate" the housing market.

He wants to repeal the $7,500 tax credit approved last year, which acts as a low-interest loan and, he said, is not being used, and replace it with a $10,000 to $22,000 credit, depending on a formula.

"I don't want to oversimplify the gravity of the problem we face, but the housing market led us in; the housing market will lead us out," Isakson said. "It is time for us to fix housing first. Our failure to do so will cost us a lot more than $700 billion of our taxpayers' money, and countless Americans who shouldn't will lose their homes, lose their jobs and lose their faith in the greatest country on the face of this Earth."

Political Notebook appears in the Thursday and Sunday editions of the Gwinnett Daily Post.

Camie Young can be reached via e-mail at camie.young@gwinnettdailypost.com.