|
WASHINGTON – The U.S. House of Representatives and Senate passed a revised economic stimulus package today that will provide tax rebate checks this spring to more than 130 million American families, including 20 million seniors and 250,000 disabled veterans not covered under the original package. U.S. Congressman Bart Stupak (D-Menominee) – who has been advocating for seniors to be included in economic stimulus package since it was announced two weeks ago – voted in support of the legislation.
“This bipartisan bill is a victory for northern Michigan’s seniors,” Stupak said. “Seniors are facing the same rising costs for energy, health care and other goods that every American family is. I am pleased the revised bill recognizes this fact. Now we can truly say we are providing immediate relief to all of those who need it the most.”
The $150 billion package passed by Congress on Thursday will likely be sent to the President for his signature before the weekend. It includes tax rebates to be mailed this spring of up to $600 for individuals and up to $1,200 for married couples. More than 130 million families would receive a check, including 20 million seniors living on Social Security and 250,000 disabled veterans. The bill also doubles the amount small businesses can write off on their taxes for new investments and provides immediate tax relief for all businesses to invest in new plants and equipment. The package also includes mortgage lending reforms.
“This is a good first step,” Stupak said. “And now I look forward to beginning work on a second stimulus package aimed at addressing the fundamental flaws in our economy such as rising energy and health care costs. If we’re serious about addressing our economic problems in the long-term, we need to take a hard look at these issues that are putting a financial strain on every American family and business.”
To protect consumers from skyrocketing energy costs, Stupak authored The Federal Price Gouging Prevention Act, which passed the House in May 2007. The Senate has passed its own price gouging proposal, and now the two chambers must reconcile the differences. Stupak is also pushing for legislation to lower energy costs for all consumers and businesses. He has introduced The Prevent Unfair Manipulation of Prices (PUMP) Act to regulate all energy trades, preventing the speculation by hedge fund managers and investors that is artificially inflating energy prices. Economists estimate the bill could lower the cost of a barrel of oil by as much as $30.
“As oil prices continue to climb, families in northern Michigan and across the country are being hit hard by rising energy costs,” Stupak said. “This is something that would benefit everyone and have ripple effects through the economy, lowering the cost of not just energy, but also food, transportation and manufactured goods.”
Stupak also believes a second, more comprehensive stimulus package should include extended unemployment and food stamp benefits. The nonpartisan Congressional Budget Office has found that historically the two programs have been the most effective tools for economic stimulus.
“We need to make American workers and their families a priority,” Stupak said. “Extending these benefits for the workers who have lost their jobs as a result of ill-conceived economic policies and un-enforced trade agreements will help workers recover from layoffs while continuing to support their families.”
# # #
NOTE: An MP3 radio actuality is available for this release. Contact Nick Choate at 202-225-4735 or nick.choate@mail.house.gov. |
|
|
![[News From Congressman Bart Stupak]](stupakpr.gif)
![[flag bar page separator]](flag_bar.gif){kind=small}
