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 Americans.