The Party of Hoover

As stock in Milton Friedman and the Chicago School of economic theory has fallen through the floor, and mainstream economists such as Paul Krugman look for Keynesian type economic stimulus to keep the US economy from tanking in the months ahead, Texas Republicans haven’t gotten the message. Stewart Powell of the Chronicle’s Washington Bureau reports what the Texas delegation is selling..

BIPARTISANSHIP? NOT SO FAST ...

President-elect Barack Obama has talked about reaching across party lines to rescue the ailing economy, but Houston-area lawmakers are showing little willingness to stray from traditional ideology. Here's what some said:

• GOP Sen. John Cornyn: Lawmakers should focus on tax relief for small businesses and working families "instead of trying to spend our way out of the problem"

• Rep.-elect Pete Olson, R-Sugar Land: "Our economic security must be the first priority," and the Bush-era tax cuts should be made permanent.

• Rep. John Culberson, R-Houston : Congress should eliminate capital gains taxes, reduce corporate taxes and adopt a national sales tax to replace the income tax.

• Rep. Michael McCaul, R-Austin: Congress should reduce the 15 percent capital gains tax rate, which "would unleash capital currently on the sidelines"