Lee Terry's Five Point Economic Recovery Plan
Make America Energy Independent
A return to economic growth and prosperity begins with energy independence. Our
nation will continue to be vulnerable to severe economic fluctuations if we fail to secure
a sufficient supply of domestic energy to meet America’s needs.
Protect all tax payers from huge tax increase in 2011
Under current law, the tax cuts enacted in 2001 and 2003 are set to expire on December
31, 2010. This means the next session of Congress will face a major decision: if the tax
cuts expire, the prior rates automatically take effect and will cause a $1 trillion tax
increase on individuals, families and businesses. I believe the better approach is to
extend these tax cuts.
Reduce the National Debt by Two Trillion Dollars
I have introduced legislation in the U.S House to use the revenue from the new drilling in
Alaska and the Outer Continental Shelf to pay down the national debt. Over the next 30
years these revenues could total $2 trillion, according to the National Taxpayers’ Union
and Congressional Research Service. My proposal is to divert all royalty and lease
payments, as well as taxes on the income attributable to oil from such drilling, to paying
down the debt. The money cannot be spent on any new government programs.
Implement the Financial Rescue Plan with Tough Oversight and Quality Control
In order to protect domestic jobs and ensure credit flow to qualified businesses, I
supported the recent economic rescue plan. Poor lending practices and bad decisions by a
few have now caused the rest of the country to suffer. I truly believe my actions have
helped to contain the negative effects of the actions of few. Without this plan, credit
could have ceased, forcing companies to lay off thousands of employees in Nebraska’s Second District alone. This bold move will unfreeze credit and will allow businesses to
continue to operate.
Help the Housing Sector to Recover
The housing market was the first industry to suffer from the current economic recession
and has been hit the hardest. In fact, many analysts feel that the reduction in home
values due to decreased demand is the driving force behind the economic downturn. In
order to reverse this trend, I have introduced legislation that would allow home buyers to
receive a tax credit up to $10,000 when they purchase a home. This tax credit would
stimulate demand in the housing market and greatly speed our country's economic recovery.
My Plan for Economic Recovery Will Work for All Americans
My five-point plan will not only provide immediate relief during a slowing economy, but
will provide for long-term growth in order to ensure America's economic viability well
into the 21st century. Economic stability is crucial for the survivability of a thriving
middle class. Additionally, a sound economy greatly contributes to the security of the
nation as a whole. My plan will expand the middle class, protect the foundation of our
national security, and promote economic prosperity for future generations of