NRCC - Shea-Porter Rubber-Stamps $32 Billion in Wasteful Spending With No Budget Plan in Sight

Party of Bailouts Disguises More Excessive Spending, More Government Intrusion in New “Small Business” Bill

Washington- Democrat Carol Shea-Porter just rubber-stamped another $32 billion for the Democrat majority’s wasteful spending spree today when she voted for a bailout fund disguised as a “Small Business Lending Act.” Amid uncertain economic times and a record-breaking $13 trillion national debt that is still on the rise, Democrats continue to spend freely when they should be producing a budget resolution to set the nation’s finances on the right track. Thanks to Shea-Porter's misplaced priorities and party loyalty, American taxpayers will be forced to foot the bill for another government program, piling on to an already overwhelming debt burden for future generations.

Reckless Democrats have pushed forward with more government spending in spite of opposition from the public and lawmakers on both sides who worry about the growing national debt crisis:


“Democrats in Congress are pushing for the passage of hundreds of billions of dollars in new spending, much of which would be added to the nation's growing deficit, even as they face significant opposition from the public and lawmakers in their own party.”

“The debate on the spending bills in both the Senate and House has become a clash between lawmakers who refuse to add to the nation's $1.5 trillion deficit and those who believe more government funding is a critical element in helping the nation's economy recover.

“That debate took center stage in the House Tuesday as lawmakers considered a $32 billion loan package for small businesses. Democrats argued that the bill, sponsored by Rep. Barney Frank, D-Mass., would spur $300 billion in lending to small businesses. But Republicans said the money would not be available for up to two years and duplicated provisions in the $700 billion bank bailout Congress approved in 2008. ‘What this bill is going to do is deepen our debt problems,’ Rep. Virginia Foxx, R-N.C., said. ‘The simple truth is, taxpayers cannot afford another bank bailout.’” (Susan Ferrechio, “Spending showdown looms on Hill,” Washington Examiner, 6/16/2010)

Former U.S. International Trade Commission Chief Economist also warned of the Democrats’ anti-small-business agenda:

“Peter Morici, a business professor at the University of Maryland and former chief economist at the U.S. International Trade Commission, said Mr. Obama's proposed small-business lending fund is ‘a drop in the bucket’ compared with what is needed. With the estate tax scheduled to be reimposed at the end of this year, he said, small businesses will suffer even more.”

“‘I can't imagine a president with a more anti-small-business agenda than Barack Obama,’ Mr. Morici said. ‘What you saw in the Rose Garden was the cynical enterprise of a cynical man. He simply doesn't believe in the private sector, and it shows in his actions.’” (Stephen Dinan and Kara Rowland, “'Stimulus' or not, Obama seeks new spending,’” Washington Times, 6/13/2010)

“As Democrats plow ahead with another wasteful bailout bill and no budget plan in place, they have once again missed an opportunity to rein in government spending and provide the fiscal discipline that economists say is needed to create jobs and grow a healthy economy,” said NRCC Communications Director Ken Spain. “Today, New Hampshire voters have Carol Shea-Porter to thank for rubber-stamping another $32 billion bank bailout that our children and grandchildren will be forced to pay for. With Democrats to blame for the tide of red ink that continues to rise, it appears that Shea-Porter will be walking a tightrope until Election Day.”