Rep Cmte Financial Services

Bachus: Democrats' New Billion-Dollar Tax Rewards ACORN-Style Political Activists


Bachus Questions The Ability of Democrats To Include New Spending In An Extension Bill

May 28, 2010 

- Financial Services Committee Ranking Member Spencer Bachus made the following statement regarding the Democrats' so-called tax extenders package that contains $1 billion in funding for the National Housing Trust Fund. The trust fund was included in the Democrats' Government Sponsored Enterprise bailout bill in 2008 and includes funding for programs such as those that were operated by ACORN-style activists. 

"Having already cost taxpayers $145 billion, Fannie Mae and Freddie Mac are obviously in no position to play the role that Chairman Frank envisioned for them in 2008 when he tapped them as the funding source for the National Housing Trust Fund.  Unfortunately,  Democrats are now forcing taxpayers to step in and fill the void left by the GSEs.  Once again Democrats are concocting new ways to reward their political allies, while leaving taxpayers to pay the tab. 

"What's even worse is requiring taxpayers to finance the operations of political activist groups set up to fulfill the Democrats' social agenda. Americans deserve better.

"At a time when families across America have had to do more with less, it is irresponsible for Democrats to continue their spending spree.  What we need now is for Democrats in Washington to cut out of control spending and focus on real housing finance reform that ends these unlimited taxpayer bailouts."