The devastating acts of terrorism on September 11 have changed life as we know it in America. Pure evil tragically took away the lives of thousands of innocent people when suicide hijackers commandeered four U.S. passenger jets, inflicting immeasurable pain and human suffering. The social, emotional and cultural consequences are still unfolding.
However, the debilitating economic repercussions since the attacks are more clear. The assaults unleashed enormous financial consequences that continue to mount as massive lay-offs, weakened consumer confidence, shaky stock markets and slow business growth plague an already soft U.S. economy.
As a result, the tragic events of September 11 also shifted dramatically the congressional agenda and sparked exceptional bipartisan cooperation in Washington. Like the rest of the nation, the assault on America has united elected leaders to work together in the most effective, efficient and expeditious manner possible to carry out the people's business.
Less than one week after the hijackings, Congress approved a $40 billion financial assistance package to help with recovery and response. Next, lawmakers addressed the major fall-out affecting the airlines and passed a $15 billion measure to help the U.S. airline industry weather the dramatic downturn in business. Now, the House and Senate are nearing completion on airline safety and anti-terrorism legislation to improve national security and rebuild confidence among the American people.
A month after the terrorist attacks, it would appear the economy could use a booster shot to help innoculate the United States against a drawn-out recession. The issue for policy makers is how best to stimulate the economy without doing more harm than good. As the top Republican on the Senate Finance Committee, I have the privilege and responsibility to hammer out the specifics on such a proposal. The president suggested up to 70 billion tax dollars ought to be spent to help displaced workers, spur business investment and restore consumer confidence.
After many meetings with fellow lawmakers, top administration officials and the president, it is also obvious that some things won't change in Washington. And that is the pressure by special interest groups to lobby furiously on their pet issues when a 'must-move' legislative item is coming down the pike. I call it the 'Christmas tree' syndrome. But as far as I'm concerned, an economic stimulus package will go nowhere fast if it becomes a vehicle for unnecessary perks, incentives and spending programs that won't trigger economic recovery and only add to long-term economic troubles.
Specifically, it is critical that policy changes do not contribute to a tighter money supply and put upward pressure on long-term interest rates. That would spell disaster for future prosperity. I strongly support initiatives that have won the test of time by helping to retain and create jobs. Job retention and creation is the best antidote to an ailing economy. That's why I support such
pro-growth and business investment measures as raising the expensing levels for small business, and accelerating depreciation for equipment. Gainfully employed workers are more likely to return to consumer spending habits that help drive the U.S. economy forward. Out of political necessity, I predict a final package will include elements to help boost business investment and enhance consumer spending.
Beyond consumer and business incentives, an economic stimulus package also likely will contain substantial amounts of money to help American workers who have lost their jobs during these trying times. Federal grants could be used to extend unemployment benefits, health care coverage and job training.
As this legislation moves through the peaks and valleys in Washington, I will pull out all the stops to ensure that the so-called economic stimulus package doesn't cause U.S. taxpayers, workers and consumers more harm than good in the long-term. In fact, I'm not afraid to pull the plug on a Christmas tree that's loaded down with high-priced ornaments that we simply can't afford.