Senator Cardin on the Bailout

Senator Cardin finally responded to my letter regarding bailouts. I find it interesting that he is responding now, just as a new fiscal year is starting for the US government and Congress is planning to spend some money in a variety of strange places.

More on that tomorrow. Here's Senator Cardin's view on the bailout and fiscal responsibility. Let me know what you think.

Dear Mr. Wolfe:

Thank you for contacting me about our nation's financial crisis. Please know that supporting Marylanders during this crisis is a top priority.

These are challenging times for our nation's economy and all Americans. We need to take strong action that will put Americans back to work and restore confidence in our future. If consumer spending sinks and financial markets continue to falter, more Americans risk losing their jobs and their homes. What began in the housing market and moved to the financial markets has turned into a serious world-wide economic recession. We must get the global financial system working again. It is essential for transactions from the purchase of an automobile or home, to starting a business or stabilizing the stock market.

Congress is working diligently to enact bipartisan reforms to ameliorate our nation's dire financial situation. In February 2009, Congress passed the American Recovery + Reinvestment Act (ARRA), a $789 billion stimulus package. ARRA will save 66,000 jobs in Maryland and more than 3.5 million jobs nationwide. I supported ARRA and I co-sponsored the Foreclosure Prevention Act of 2008 (S. 2636), which includes crucial measures to help families keep their homes.

I am committed to taking timely and targeted steps to lessen the severity of this recession. We must continue to take bipartisan action to restore confidence in our economy and must closely examine our financial system. Conservative, moderate, and liberal economists all agree that strong action, which will put Americans back to work and restore confidence in our future, is required.



Again, thank you for contacting me about this important issue.




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