FOR IMMEDIATE RELEASE: May 19, 2010
CONTACT: Luke Friedrich (952) 405-8510 / Andrew Foxwell (202) 225-2871

WASHINGTON – U.S. Representative Erik Paulsen (MN-03) today passed an amendment in the House Financial Services Committee that would require any funding returned to the government from new small business loan legislation be used to pay down our nation’s debt.  The amendment, offered to H.R. 5297, the Small Business Lending Fund Act of 2010, was co-sponsored by Representatives Leonard Lance of New Jersey and Randy Neugebauer of Texas and passed by voice vote.

“Spending in Washington is out of control. It jeopardizes the long-term fiscal health of the United States and threatens the future of our children and grandchildren,” Paulsen said.  “It was my fear that the $30 billion authorized by this legislation would turn into more ‘walking around money’ for the government.  We must not allow that to happen and I was pleased this amendment passed today.”

Paulsen’s efforts mirrors similar efforts he’s made to ensure bailout funds returned to government go towards reducing the debt rather than additional government spending.