Eight years of Bush economic policy has severely damaged our nation’s economy and led to a housing market collapse that is forcing millions of Americans from their homes. Senator Lautenberg is at the forefront of efforts to take our economic policies in a new direction and repair problems in the housing and mortgage markets.
A former CEO, Frank Lautenberg knows how to create jobs and balance budgets. During the Clinton Administration, Senator Lautenberg was a coauthor of the 1997 Balanced Budget Agreement, which restored fiscal discipline to Federal government. The result was the first balanced budget in decades, an end to years of deficits and raids on Social Security, and the creation of record federal budget surpluses. Unfortunately, President Bush and his Republican Congress decimated the surplus and racked up new record deficits. Now, Senator Lautenberg and his fellow Democrats are working to undo Bush’s damage and restore our budget and economy.
Providing Relief and Reforming the Mortgage Market
Senator Lautenberg was a strong supporter of a new law that will allow up to $500,000 homeowners to refinance unaffordable mortgages into federally-insured mortgages. The law also reforms Fannie Mae and Freddie Mac, creates a new affordable housing trust fund, provides $4 billion for communities hit hard by foreclosures, and creates a new tax credit for first time homebuyers.
Working to Stimulate the Economy
Earlier this year, Senator Lautenberg supported the economic stimulus to provide direct financial relief to those struggling in the current economy. Under this new law, New Jerseyans are receiving $300 - $600 in tax rebate checks for individuals, and $600 - $1200 for married couples, including seniors living only on Social Security and disabled veterans. It also provided a $300-per child tax credit and helped families at risk of foreclosure by expanding mortgage financing opportunities.
Lautenberg: AMT Tax is Unfair and Must Be Curtailed
Senator Lautenberg is a cosponsor of legislation to repeal the unfair “Alternative Minimum Tax” (also known as “AMT”), which is hitting many working families hard when they file their taxes. The AMT tax, originally designed to ensure that the very wealthy pay a fair share of taxes, has strayed from its original purpose.
Lautenberg: End the rising deficit and higher taxes
In an effort to promote fiscal responsibility and avoid increases in the already overwhelming deficit, Senator Lautenberg voted for an amendment prohibiting any new spending or tax policies that are not paid for in the budget. He has historically fought against higher taxes, voting to prevent the two largest tax increases in American history.
Lautenberg: Demand accountability in Iraq reconstruction contracts
Senator Lautenberg is fighting to reduce the influence of patronage by the Bush Administration and war profiteering in Iraq. He coauthored an amendment that would require competitive bidding for future Iraqi reconstruction in response to the multi-billion dollar no-bid contract awarded to Halliburton.
