Mr. Speaker, America needs a stimulus package. That is why the House and Senate Budget Committees worked in a bipartisan manner to put forth principles to stimulate the economy. The package, it said, should be short-term, give a quick boost to the economy, and not sacrifice our long-term fiscal stability.
The Republican package here today fails on all three scores. It is not a stimulus package; it is a shameless package which gives $10.4 billion in ill-timed capital gains cuts. It gives $53.6 billion tax cuts to the wealthiest Americans and, are we ready for this? It gives a $24 billion retroactive to 1986 tax cut on the Alternative Minimum Tax, and 86 percent of this benefit goes to the wealthiest Americans.
Vote ``no'' on the shameless Republican bill.
Mr. Speaker, as I was saying at the close of the other debate, instead of supporting the shameless Republican package, we should support the Democratic stimulus package put forth here today. It honors the principles of bipartisanship in that it is short term, provides a quick boost to the economy, and does not, does not sacrifice our long-term fiscal stability.
It is paid for, Mr. Speaker. It is paid for.
What it does is there are many good ideas that are being brought to the table, including a one-time rebate for people who were left out of the last rebate because they only pay payroll taxes. It gives new resources to help unemployed workers get access to health insurance and unemployment benefits, and funds to help small business and increase infrastructure investments to create jobs.
We must pass a bill that includes a proper balance between spending and tax cuts and must target tax cuts that are included to low-income families with the greatest need.
I urge my colleagues to support the Democratic stimulus package which is, as I say, a stimulus in every respect, and to reject the Republican shameless package on the floor today.