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|July 24, 2016|
Inland Republicans stick together against stimulus bill
WASHINGTON--The Inland Empire’s entire Republican delegation in Congress voted thumbs down on the economic stimulus package eventually approved by the House Wednesday.
Democrat Joe Baca of Rialto voted with the majority.
Corona Republican Ken Calvert complained in a floor speech that the bill only stimulates the government. He argued that it forces the middle-class “onto a troubling kind of public dependency.”
In an earlier interview, Calvert was not enthused about throwing a lifeline to the banks through the government buy-out of mortgaged-backed securities…“…buying preferred stock at the banks and other financial institutions to increase their capital accounts. We don’t know yet of that’s going to create short-term credit which is what’s necessary to get this ball rolling.”
Democrats say the massive injection of federal cash is needed to jumpstart stalled credit markets.
Story Date: January 30, 2009