| | The REAL Inconvenient Truth
As most Ohioans know, Sen. Voinovich has long championed fiscal responsibility, and has become known as the Senate's top "debt hawk." However, helping people understand just how dire our fiscal situation is can be difficult. The senator wants Ohioans to know the truth about where we are as a nation – a truly inconvenient truth that starts with the national debt. Each month – at the beginning of this electronic newsletter – we will be sharing with you a "debt calculator" that gives an estimate of the current U.S. debt as well as your share of that debt. Why is this important? Because the government is wasting your tax dollars paying off the interest on the debt to creditors – including the Chinese government – instead of focusing on our priorities. How much are we paying? Last year, nearly 13 percent of our budget went to paying off the interest on our debt, and we're not even touching the principal. That's nearly $350 billion of your tax money. If paying the debt was a government program, it would be the fourth largest, right behind Social Security, Medicare and national defense. [source: OMB] The time to act is now, before it's too late. Currently, the U.S. Debt is estimated at: $9,394,354,380,955.73 Your share of today's public debt is: $30,891.15 | | | |
| | | | Protecting the Great Lakes
 Sen. Voinovich, co-chair of the Senate Great Lakes Task Force, recently introduced legislation to ratify the Great Lakes Compact – a bipartisan agreement among the Great Lakes states to protect the lakes through better water management, conservation and public involvement. Last week, Sen. Voinovich testified before the Senate Judiciary Committee about the importance of passing the Compact. The Compact, which will manage water diversions, withdrawals and consumptive use proposals, has been approved by the eight state legislatures and must be consented to by Congress to achieve full force as an interstate compact. In 2000, Sen. Voinovich in his role on the authorizing committee, helped to pass legislation directing the Great Lakes governors to negotiate a water management agreement. In 2005, the Great Lakes governors, in coordination with the Canadian premiers of Ontario and Quebec, completed negotiations of the eight-state Great Lakes—St. Lawrence River Basin Water Resources Compact. The Council of Great Lakes Governors was tasked with creating the Great Lakes Compact and is partnered with the governors of the eight Great Lakes states – Illinois, Indiana, Michigan, Minnesota, New York, Ohio, Pennsylvania and Wisconsin – and the Canadian provincial premiers of Ontario and Quebec. Preserving the Great Lakes is not only necessary because it protects one of our nation's greatest resources, but because it also helps Ohio's hurting economy. The best way to accomplish this is by passing and enacting the Great Lakes Compact and keeping control of the lakes in the hands of the states that surround them and value them the most.
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| | | | Leading the Fight for Comprehensive Energy Solutions
While Sen. Voinovich continues to beat the drum about high gas prices this summer, every day we're getting closer to the cold months ahead. This winter, our energy situation will only get worse. Sen. Voinovich is committed to working with his colleagues toward long-term solutions that will create true energy independence for our nation. However, in the short term, many Ohio families will struggle to pay their energy bills. That's why Sen. Voinovich has consistently supported the Low Income Home Energy Assistance Program (LIHEAP), a 27-year-old federal program that has provided America's most vulnerable some assistance when it comes to paying for their winter heating needs. Since 1999, when he first came to the Senate, Sen. Voinovich has helped to increase overall funding for the program. While Sen. Voinovich is an ardent supporter of the program, LIHEAP is only a temporary solution. In fact, despite these significant increases, over time fewer families are getting real help with their heating bills. What is needed today to help those most vulnerable is a comprehensive national energy strategy. If our goal is to help those who struggle to make payments, then we should be treating the disease rather than the symptoms. Congress' shortsighted environmental policies have driven oil and natural gas prices to record highs and have ignored the impact these rising prices have on all of us, particularly the middle class, the elderly and poor. Sen. Voinovich is committed to working with his colleagues to find solutions that harmonize our energy, environment, economic and national security needs; solutions that will lead our country toward a future of affordable energy. | | | |
| | | | Supporting Bioproducts to Reduce Oil Dependence
 Recently, Sen. Voinovich met with Bob Peterson, president of the Ohio Farm Bureau Federation. Members of the Ohio Corn Growers and the Ohio Soybean Association also met with Sen. Voinovich to discuss issues of interest to Ohio agriculture. Many in Ohio are not aware that agriculture is the state's number one industry. Sen. Voinovich has long held a great appreciation for Ohio's farmers and he is committed to working as a federal partner to help safeguard Ohio's interests and support the backbone of Ohio's economy. In fact, this week, Sen. Voinovich will be attending the Ohio State Fair where he will be discussing how Ohio's two leading industries – manufacturing and agriculture – are working together to create Ohio's emerging bioproducts industry. This collaboration, along with other exciting public-private partnerships, will be a win-win for Ohio and help the state become an undisputed leader in the innovation of materials from renewable resources. This is not only important to our economic competitiveness, but also to our national security, which is currently at risk due to our dependence on foreign oil. Ohio can play a critical role in reducing this dependence by developing and manufacturing materials derived from renewable resources like corn and soybeans. By distinguishing its crops globally, our state could become a leader in the development of chemicals, polymers and materials from renewable resources. Throughout his career, Sen. Voinovich has vowed to continue to work with farmers to strengthen Ohio's number one industry, which contributes $90 billion a year to its economy. | | | |
| | | | Fighting for Homeowners
Sen. Voinovich has led the fight to protect Ohio homeowners, getting numerous provisions signed into law aimed at helping ease the current crisis. Most recently, he successfully included provisions in the Housing and Economic Recovery Act of 2008 aimed at simplifying mortgage documents, reforming the Federal Housing Administration (FHA), providing funding for financial counseling programs, increasing funding to revitalize residential areas and allowing companies to use accumulated credits early to make new investments and create jobs. Sen. Voinovich originally introduced the first four provisions in previous legislation and fought for them with committee leadership. He is particularly pleased about the inclusion of his employer tax credits provision. Companies in a loss position cannot take advantage of the bonus depreciation provision included in the stimulus bill because they do not have any taxable income against which to take the deductions. Ironically, these are the companies struggling the most and that are in greatest need of relief. Sen. Voinovich's provision will create jobs and, in turn, help people pay their mortgages. A good-paying job is the first step in ensuring Americans can achieve the dream of homeownership and sustain that dream throughout their lives. Additionally, Sen. Voinovich's Mortgage Cancellation Relief Act has been signed into law by the president. Sen. Voinovich was moved to draft this bill after hearing stories about how homeowners were working out deals with their lenders and the lenders were forgiving part of the mortgages to make payments more affordable. Then the IRS would tax them on the forgiven amount. Sen. Voinovich's law encourages homeowners and lenders to work together voluntarily so that payments are manageable and foreclosure can be avoided by making the amount of the loan forgiven tax free. Sen. Voinovich is also working on extending this law for two additional years. | | | |
| | | | Thwarting Intellectual Property Theft
 Sen. Voinovich and other leading advocates in the Senate recently introduced the Enforcement of Intellectual Property Rights Act of 2008 – legislation to protect American innovation and address intellectual property rights enforcement. In the fierce competition of the 21st-century global marketplace, intellectual property is one of the few areas where America has a clear advantage over foreign competitors. Sen. Voinovich believes it is vital that we protect that advantage, level the playing field and ensure continued economic growth for America. This legislation is a critical step toward safeguarding the economic health of our country by improving the management, coordination and effectiveness of our nation's intellectual property enforcement efforts. Key among the legislation's components are: authorization for the attorney general to enforce civil copyright laws; enhancements to civil intellectual property laws; enhancements to criminal intellectual property laws; coordination and strategic planning of federal efforts against counterfeiting and piracy; and increased resources for key programs within the Department of Justice to combat intellectual property theft. | | |
