THE CONAWAY CHRONICLE

Thank you for reading The Conaway Chronicle, a weekly review of my activities in Congress. This newsletter is to let you know what’s going on in Washington and what important issues are being debated in Congress.

Spend Too Much, Borrow Too Much and Tax Too Much
You will see and hear this phrase a lot in the coming weeks as Congress begins to consider President Obama's first budget.  This past week our President broke one of his more important campaign promises by signing a spending bill that contained earmarks.  I am disappointed that he did not veto the bill and thereby begin the process of learning how to make hard choices when it comes to spending at the Fedreal level.  The $410 billion ‘omnibus’ spending package increases federal spending by some $33 billion over 2008 spending levels.  This increase comes on top of the increased spending for many of these same issues that is contained in the Stimulus Bill.  This ‘Omnibus’ bill is inside-the-beltway code for federal spending between now and the rest of the fiscal year which ends in September.  

In President Obama’s speech to a joint session of Congress, he stated that we have some hard decisions ahead of us that will have to be made in terms of what needs to be done about spending and our currenteconomic crisis in our country. It was my hope that President Obama would begin that hard decision-making with this bill.

The spend, borrow and tax policy that Speaker Pelosi and President Obama are implementing will do little to help our current economic crisis. I am more than willing to work with the President as he makes these tough decisions to help our ailing economy, but the path of increased federal spending, borrowing and taxing is not the correct one.

Foreclosure Legislation
The House passed the Helping Families Save Their Homes Act of 2009 which among other things allows bankurptcy judges to change the terms of mortgage loans in bankruptcy proceedings.

This legislation has its good points and bad. The good being that it makes permanent the increase of the FDIC insurance limits to $250,000. However, the bad is that it alters the current relationship between bankruptcy judges and mortgages that are secured by primary residences.

The bill will allows bankruptcy judges to change the terms of mortgages on primary residences to reduce interest rates and, if necessary, reduce principle. It takes negotiations out of the hands of the lenders and the borrowers, which will put a chill on those buying a house, as lenders will no longer have the protections they need to be able to know that if the loan doesn’t get paid back, then they will get the house back.

This legislation will raise interest rates across the board, and, in all likelihood, will cause lenders to require greater down payments on loans, which will make it more difficult for people to purchase homes. All-in-all, this is poor policy and I voted against it.

Military Academy Application and Nomination Process
Each year, hundreds of the best and brightest young men and women write my office to apply for an appointment to a service academy. There are five Service Academies: The United States Air Force Academy, Naval Academy, Military Academy, Merchant Marine Academy, and the Coast Guard Academy. Nominations are required for all but the U.S. Coast Guard Academy. To be considered for an appointment to a service academy, an applicant must meet the eligibility requirements established by law and be nominated from an authorized person including a Member of the United States Senate or the House of Representatives.

Coming up in a couple of weeks, there will be an opportunity for students in District 11 to learn about the different academies and the application process. If you know of a young man or woman who is interested in applying for one of the five service academies please encourage them the event below or contact Joanne Powell in the San Angelo District Office.

April 4: Service Academy Day in San Angelo, TX
Location: Angelo State University, MCS Building. Rm. 100, 2200 Dena Drive
Time: 1:30 p.m. to 4:30 p.m.