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Giannoulias goes after Kirk no vote on Democrat small business assistance bill

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WASHINGTON--Illinois Democratic Senate candidate Alexi Giannoulias goes after GOP rival Rep. Mark Kirk on Friday for voting against a bill this week to help small businesses by giving them access to more credit and incentives to hire more workers. The bill was sent to President Obama with Democratic votes: the legislation passed by a 237-187 vote that split along party lines.

Giannoulias will take his shot at Kirk in a conference call this morning: Per the Giannoulias release: "Giannoulias will call on Kirk to explain his vote and why he continues to say one thing in Illinois and then vote differently when he's in Washington, D.C.

The conference call was just announced: it seems designed to be a counter--a prebuttal--to the Chicago visit today of former Massachusetts Gov. Mitt Romney--who headlines a fund-raiser lunch for Kirk with a speech praising Kirk's approach to the economy and job generation.

Kirk has the disadvantage of being a voting member of Congress during his Senate campaign.

At the click: Kirk's statement on why he voted no on the bill.

below, Kirk statement.....

Kirk Statement on Latest Government Bailout

WASHINGTON--U.S. Rep. Mark Kirk (R-Ill.) released the following statement regarding today's vote on the latest government bailout program (H.R. 5297):

"Following the failure of the Stimulus, the House approved yet another government bailout program. According to Sen. Snowe of the Senate Small Business Committee, the Congressional Budget Office (CBO) reported the untested new lending program could cost taxpayers over $6 billion with funding that runs 'completely counter to the measures we have taken over the past two years to improve the quality of assets and underwriting in the financial market.' The bill would reward high volume rather than high quality lending, raising the too familiar risk of moral hazard at the taxpayer's expense. Even the TARP's Congressional Oversight Panel (COP) warned, 'A capital infusion program that provides financial institutions with cheap capital and a penalty for banks that do not increase lending runs the risk of creating moral hazard by encouraging banks to make loans to borrowers who are not credit worthy.' The COP went on to warn of 'imprudent lending activity', a 'commercial loan bubble' and 'diminishing credit quality.' Haven't we seen this movie before?

"In addition, the bill worsens the paperwork burden on small business, already swamped with the new 1099 requirement to report all purchases over $600. This new bill increases the fines for not reporting the new, overwhelming 1099 paperwork recently mandated in the Health Care bill. This is why I also backed the Lungren discharge petition to eliminate the Health Care bill's 1099 bureaucratic reporting requirement.

"If Congress wants to help small business, we should pass the Small Business Bill of Rights (H.R. 5109), which lowers taxes, reduces government red tape and provides employers the policies - not spending - they need to create jobs."

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below, from Giannoulias campaign.....

***CONFERENCE CALL TODAY**

MEDIA ADVISORY

Giannoulias Calls on Kirk to Explain Latest Broken Promise During Conference Call TODAY

CHICAGO - U.S. Senate nominee Alexi Giannoulias will discuss Congressman Mark Kirk's latest vote against providing much needed tax relief and access to capital for small businesses during a conference call with reporters TODAY, September 24, at 10:15 A.M. CT

Kirk's vote comes after he vowed repeatedly to help Illinois small businesses struggling in these difficult times. The legislation, which is deficit-neutral and won't cost taxpayers a penny, will provide much-needed tax breaks to help hire new employees and gain access to capital through a new loan fund.

Giannoulias will call on Kirk to explain his vote and why he continues to say one thing in Illinois and then vote differently when he's in Washington, D.C.

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Lynn Sweet

Lynn Sweet is a columnist and the Washington Bureau Chief for the Chicago Sun-Times.

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This page contains a single entry by Lynn Sweet published on September 24, 2010 8:10 AM.

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