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On behalf of hundreds of thousands of FreedomWorks members nationwide, I urge you to VOTE “NO” on H.R. 5818: the Neighborhood Stabilization Act of 2008. The bill, which provides $15 billion in loans and grants to states and cities to buy foreclosed properties is a prime example of out-of-control government spending that would do little to address the underlying problems in the housing sector.
The proposed legislation would provide $15 billion in grants and loans to local communities to purchase properties. Yet, the vast majority of American homeowners are paying their mortgages on time, and creating a new spending program to cover the mistakes of speculators and imprudent homeowners is not a wise use of tax dollars.
Creating a new $15 billion government program with no plan to pay for it simply perpetuates the spending problem that Congress promised to correct. Further, the program promotes a moral hazard, distorts prices, and pushes costs onto taxpayers. At the same time, this expands the role of government and puts homeowners at risk of eminent domain abuse by cities and states.
We will count your vote on H.R. 5818 as a KEY VOTE when calculating the FreedomWorks Economic Scorecard for 2008. The FreedomWorks Economic Scorecard is used to determine eligibility for the Jefferson Award, which recognizes members of Congress with voting records that support economic freedom.
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