WASHINGTON, D.C.– U.S Representative Walter B. Jones (R-NC) has become a cosponsor of H.R. 3140, the Reducing Barack Obama’s Unsustainable Deficit Act (REBOUND), which was introduced by Republican Study Committee (RSC) Chairman Tom Price (R-MD). If enacted, the legislation would:

• Repeal the spending portion of the President Barack Obama’s “stimulus” package, which would save taxpayers $460 billion;

• Leave tax relief and unemployment benefits from the package intact;

• Prevent the Treasury Secretary from obligating further TARP funds; saving taxpayers $150 billion; and

• Require that all repayments of TARP money to go solely to debt reduction.

Congressman Jones said: “This administration is spending our great nation into the poor house, and the problems we now face simply cannot be solved by an explosion of government spending and even more federal debt. The consequences of massive government spending leave a frightening future for our children, grandchildren, and our country as a whole. My office receives calls every day from worried citizens. They want to know where their money is going and why the so-called “stimulus” package is not reducing unemployment and creating jobs like the President promised. This bill is urgently needed to reduce this year’s projected deficit and ensure that no more taxpayer money is wasted.”