TAHLEQUAH DAILY PRESS — In an unprecedented visit to the Tahlequah Daily Press, Sen. Jim Inhofe, R-Okla., stopped by Thursday to outline his six-point economic plan.

During the recent Wall Street financial meltdown, Inhofe voted against the $700 billion bailout plan presented to Congress.

“I took a position that made some people mad,” said Inhofe.

“But in checking with the Internal Revenue Service, the bailout hit to the taxpayers equaled $5,000 per household. Nothing is more important than finding a solution to the economic burdens families across our great state and this country currently face.”

Inhofe said the bailout he voted against is not the solution to a problem requiring increased transparency, lower energy prices and the ability for the American people to increase their savings.

“My plan to get our economy back on track brings relief to hardworking families during this financial crisis,” he said.

“We must lower taxes, focus on home ownership, incentivize savings and investment and create American jobs.”

Inhofe’s plan would:

• Divert a portion of bailout funds to the FDIC and Federal Reserve.

• Make the 2001 and 2003 tax cuts permanent.

• Stabilize the housing market by making tax deductions available to homeowners.

• Incentivize savings by relaxing limits on IRA contributions.

• Increase jobs by implementing an immediate phase-in of a domestic manufacturing tax deduction.

• Promote investment by eliminating the capital gains rate and repatriate foreign earnings. “One of the main problems with the current economy is that far too many people got into far too much debt,” said Inhofe.

“This country became addicted to debt instead of financing things the old-fashioned way: saving. Congress should immediately consider relaxing limits on Roth IRA contributions. The current limit is $5,000, and is scheduled to increase in yearly increments of $500. We should temporarily accelerate the scheduled increase. This will induce people to save and also provide much-needed capital to get the economy going again.”

Inhofe’s opponent, Oklahoma Sen. Andrew Rice, has a financial rescue plan aimed at helping the middle class. According to Rice, all of the ideas outlined in his three-point plan can either be enacted immediately through regulatory changes by the Bush administration, or can be enacted by Congress when they return in November after the election.

Rice believes Inhofe’s plan is “more of the same” policies pushed by the Bush administration.

“For eight years, George Bush and Jim Inhofe have successfully pushed an agenda based on giving the CEOs, the special interests, and their lobbyists everything they asked for: massive tax cuts for special interests like Big Oil and companies that export jobs overseas, and the elimination of limits and oversight over their actions.”

Rice’s plan to address the immediate crisis includes:

• Unfreezing the credit market for borrowers

• Providing a second stimulus payment.

• Refinancing distressed mortgages.

• Removal of penalties for families who must withdraw retirement savings early.

Rice also plans to provide tax relief for middle class families by making permanent the middle class tax cuts passed in 2001, and creating new tax credits for those same families burdened by the high costs of caring for aging parents, paying for child care and college tuition, and buying a new home.

Rice would also like to see tax relief for small businesses, by making permanent the ability of those businesses to deduct up to $100,000 per year in costs for new equipment and other investments.

Rice has also signed the Pickens Pledge for economic growth and national security.

During the televised debate last week, Inhofe said that the “technology isn’t there” to reduce the country’s dependence on foreign oil by increasing production of alternative energies like wind, solar, and natural gas.

“Now, more than ever, pioneering energy solutions are needed to increase energy independence, strengthen our national security, and create good jobs right here in Oklahoma,” said Rice.

The Pickens Pledge states that an Energy Independence Plan must be enacted within the first 100 days of the new administration, and Rice said Oklahoma will benefit tremendously from such a policy.

“Oklahoma is positioned to add 20,000 new jobs in the wind, solar and natural gas sectors,” said Rice. “Breaking our addiction to foreign oil will not only improve our national security, but it will spur tremendous economic growth.”