Rep. Foster Votes to Protect Taxpayers, Save Jobs, and Lower Taxes
Supports Economic Rescue Package - Calls Unnecessary Additions ‘Completely Uncalled for, and Awful’

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Washington, Oct 3, 2008 - Today, as part of his continuing effort to protect American jobs and the economy, Rep. Foster joined a bipartisan majority to vote in favor of the economic rescue bill, H.R. 1424. The bill overwhelmingly passed the House 263-171 and will be signed by the President.

“Today, we took a painful and difficult step, but one that was needed, to get America moving again,” Rep. Foster said. “I understand the amount of anger and frustration felt by the public leading up to this vote, and while I had strong reservations, especially about the pork added by the Senate, the taxpayers in my district and those across the country could not afford one more day of uncertainty, unsure if and how we would act.”

Signs of serious economic trouble have made headlines all week. After the House blocked H.R. 3997, the Emergency Economic Stabilization Act of 2008, the stock market lost a historic $1.2 trillion in value, wiping out years worth of retirement gains in 401K and pension funds for millions of Americans.

Today, the Department of Labor also announced that the U.S. lost 159,000 jobs in September, the biggest one-month loss in five years. In August, Illinois had an unemployment rate of 7.3 percent.

“We learned today that we lost 159,000 jobs in September, in addition to the billions lost this week to Americans’ retirement and pension funds,” Rep. Foster said. “I joined a bipartisan majority to pass this rescue, which was also supported by Senators John McCain and Barack Obama, because we cannot afford to lose any more in retirement money, and we cannot gamble with the chance of losing more middle-class jobs.”

The rescue package includes effective new measures such as increasing the FDIC insurance for bank accounts from $100,000 to $250,000, and new middle-class tax cuts. One tax cut is a modified version of Rep. Foster’s homeowner tax cut bill he introduced in April that would allow non-itemizing homeowners to deduct some of their property taxes. The Senate also made other additions to the legislation.

“There are more than a few parts of this bill that I absolutely detest. From the millions in handouts to promote the use of wooden arrows, to write-offs for a race track, or helping businesses buy their employees bikes, these are terrible additions to this bipartisan rescue effort,” Rep. Foster said. “This pork is completely unnecessary, but I could not let these requests throw a monkey wrench into the bipartisan solution I supported today essential to saving our economy and middle-class families from further hardship.”