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Senate Proceeding on Aug 6th, 2009 :: 7:36:10 to 7:43:05
Total video length: 12 hours 31 minutes Stream Tools: Stream Overview | Edit Time

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Johnny Isakson

7:36:07 to 7:36:27( Edit History Discussion )

Johnny Isakson: and republicans, to reasonable amendment, and i retain the balance of my time. a senator: the presiding office

Johnny Isakson

7:36:10 to 7:43:05( Edit History Discussion )
Speech By: Johnny Isakson

Johnny Isakson

7:36:28 to 7:36:49( Edit History Discussion )

Johnny Isakson: senator from mr. isakson: madam president, i'd like to ask unanimous consent that the pending amendment be set aside and the clerk call up amendment 2306. the presiding officer: without objection, s the clerk: the senator from georgia, amendment numbered mr. isakson: madam president, for just a moment i want to address this amendment.

Johnny Isakson

7:36:50 to 7:37:11( Edit History Discussion )

Johnny Isakson: i want to set a stage for this amendment. this amendment was first offered by myself and of 2008. it's an amendment that would pride a $15,000 income tax credit to a family that purchases and occupies as their home any single-family dwelling in the united states, regardless

Johnny Isakson

7:37:12 to 7:37:32( Edit History Discussion )

Johnny Isakson: of their age, regardless of their income, and regardless of their state. six months later, in the middle of 2008, the finance committee did pass a $7,500 tax credit which was really an interest-free loan, to incentivize first-time home buyers to come to the market. but because it was a loan, it

Johnny Isakson

7:37:33 to 7:37:53( Edit History Discussion )

Johnny Isakson: didn't do anything. so in december of last year we changed it to an $8,000 tax credit for only first-time home buyers with incomes less $75,000 for indiduals and $150,000 for couples. and it has worked. in fact, if you look at sales figures from january through august -- or january through

Johnny Isakson

7:37:54 to 7:38:14( Edit History Discussion )

Johnny Isakson: july, you'll find that hen try-level housing, that housing under $180,000 to $200,000 has actually begun to recover. but if you examine the marketplace you'll numbers. 45% of all the homes in america are worth less than what's owed on them. that's a tragedy.

Johnny Isakson

7:38:15 to 7:38:35( Edit History Discussion )

Johnny Isakson: worst of all, in the month of june, 57% of all sales in america were foreclosures or short sales. 43% were arms hepbgt sales. the -- length sales. the housing market continues to flounder. values continue to decline, and equities continue to dissipate. this amendment is added to the cash for clunkers bill for a

Johnny Isakson

7:38:36 to 7:38:57( Edit History Discussion )

Johnny Isakson: very important as senator stabenow will tell you and senator levin will tell you,p to $4,500 incentive to come fuel-efficient car by trading in an old it worked so well that in week the money disappeared. it demonstrates what i've known all my life, that positive

Johnny Isakson

7:38:58 to 7:39:19( Edit History Discussion )

Johnny Isakson: incentives cause positive results. the problem we have, though, is it was not the automobile market that disappeared first in america. it was the collapse of housing in the last quarter of 2007 which accelerated in early 2008, which pulled away the equity, reduced the amount of credit folks had and caused car loa

Johnny Isakson

7:39:20 to 7:39:40( Edit History Discussion )

Johnny Isakson: to go bad and people did not buy cars. the only way we'll ever turn the u.s. economy around is to turn the biggest engine of the u.s. economy, and that is the construction industry and single-family construction and single-family homes. right now we're stagnant. the problem is not first-time buyers. it is with move-up buyers much. it is the fellow transferred

Johnny Isakson

7:39:41 to 7:40:03( Edit History Discussion )

Johnny Isakson: from georgia to h connecticut who can't sell the is no buyer for it. this tax credit does not t other people's tax money and give it to you to it gives you a credit against the taxes that you owe. and rather than buying a depreciable asset like a car, you're buying an appreciable asset like real estate.

Johnny Isakson

7:40:04 to 7:40:24( Edit History Discussion )

Johnny Isakson: and the fact it has a multiplier effect. in fact, when we entered this amendment last year, it was estimated by one economist it would create 700,000 sales in one year and 685,000 jobs. if there's anything america needs, so just as cash for clunkers has demonstrated that positive

Johnny Isakson

7:40:25 to 7:40:47( Edit History Discussion )

Johnny Isakson: rewards can cause actions on behalf o consumer, so too would the tax credit do the same. the amendment, by the way, the cost of this credit is estimated by c.b.o. a. $32.4 billion. in january of 2008, they said that's too much money. since 2008, january, we spent $85 billion in a.i.g., $700

Johnny Isakson

7:40:48 to 7:41:09( Edit History Discussion )

Johnny Isakson: billion on a stimulus, and we're still floundering. $34 billion sounds like a pretty cheap price to address what is the principal problem in the united states economy. this amendment, by the way, says that it's paid for. the secretary of the treasury has authorized a transfer from the stimulus money to the internal revenue service that claims to cover the tax credits

Johnny Isakson

7:41:10 to 7:41:33( Edit History Discussion )

Johnny Isakson: filed by homeowners when they pay their taxes for the houses they purchase. and finally and most importantly of all, there is a rude awakening coming in america on december 30, 2009 because that is when the existing tax credit for first time home buyers goes away.

Johnny Isakson

7:41:34 to 7:41:54( Edit History Discussion )

Johnny Isakson: difficulties now, you wait until that happens. with this amendment, you take om the date of its passage one year ahead which would be sometime in august of next year to take the $15,000 nonmeans-tested credit to replace the $8,000 means-tested credit. if the economists are right -- not me -- it will do the one ing the united states of

Johnny Isakson

7:41:55 to 7:42:15( Edit History Discussion )

Johnny Isakson: america's economy desperately needs. it will generate a housing market, a legitimate housing market. values will we will rephthalate in the value of -- reflate in the value of their we want to take the evidence of the success othis program, take what we already know has worked in a means-tested manner

Johnny Isakson

7:42:16 to 7:42:37( Edit History Discussion )

Johnny Isakson: and first-time home apply it to every mariana because he have -- every american becausevery american is suffering in this every american deserves us to look for posit bring the economy back, restore their value and return us back to a vibrant economy. so i would hope that the men and women of the senate would adopt this amendment. and to those that are going to

Johnny Isakson

7:42:38 to 7:42:58( Edit History Discussion )

Johnny Isakson: say we can't do it because the house has gone, i just ask you is question: if we were talking about health care and one body passed would be back here in a new york minute to do it. they can come back in a hurry, and we know it. and restoring our economy is important. recovering the equity of our homes is important. repaying the american people for the dissipation of our ma

Johnny Isakson

7:42:59 to 7:43:06( Edit History Discussion )

Johnny Isakson: and the home bers' tax credit will do it, and i would urge my

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