Earl Pomeroy: “I rise in response to a preceding speaker who said the Democrat substitute has not been vetted. It is based essentially…”

“I rise in response to a preceding speaker who said the Democrat substitute has not been vetted. It is based essentially on a proposal known as First Credit which I introduced last Congress and I introduced this Congress. We do not run the Committee on Ways and Means, but there have certainly been proposals out there to gear savings incentives to modest- and middle-income households to accelerate the rate of savings, and any fair-minded look at the savings issue in this country would identify that the lower-income, modest- income, middle-income levels are having the harder time saving. Let me just say about the underlying legislation, the problem is not so much what is in it; the problem is what is left out. That is why the Democrat substitute is additive, not detractive. It does not change the underlying bill; it adds to it in a very important way, savings incentives for families who need it.”