I respect the decision of Inside Tucson Business to weigh in on the race for the 8th congressional district but would like to set the record straight. The primary reason cited for endorsing my opponent was my vote for the Emergency Economic Stabilization Act (H.R. 1424), but the description of this legislation was inaccurate. The bill did not contain earmarks. Rather, it extended and expanded critical tax breaks including the business research and development tax credit and the solar investment tax credit. Tax breaks are not earmarks – plain and simple.

While it was far from a perfect bill, the financial crisis on Wall Street was starting to impact Southern Arizona retirement and savings accounts, credit for small businesses, and jobs.  Doing nothing would have been irresponsible.  The endorsement statement made by Inside Tucson Business states that I voted for a bill to give the Treasury Department the full $700 billion it had requested with no strings attached. That is simply not the case. The agency was given an initial $250 billion; additional funds require presidential certification and subsequent congressional approval. Strict oversight of how the Treasury Department administers its financial recovery program was also included in the bill and provisions are included to make sure taxpayers get their money back.

Further, I take issue with the suggestion that I am not sincere in my determination to punish those responsible for our financial crisis.  Nothing could be further from the truth and I resent the implication that I am not demanding full accountability. For example, last week I sent a letter to U.S. Attorney General Michael Mukasey requesting that he, along with the FBI, conduct thorough investigations into all financial institutions, corporations, and individuals suspected of criminal action relating to our current economic crisis.

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 Gabrielle Giffords, a Democrat, represents Arizona’s 8th Congressional District in the U.S. House of Representatives.