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For Immediate Release
January 29, 2008 |
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Shays' Statement on
the Economic Stimulus Package
Washington, D.C. – Congressman Christopher Shays (CT-4)
voted today for H.R. 5140, The Recovery Rebates and Economic
Stimulus for the American People Act, which passed the House
by a vote of 385 to 35.
This legislation, which will inject a total of $145 billion
into the economy, will give a tax rebate of $600 to individuals
making up to $75,000 or $1,200 for couples making up to $150,000.
It will also provide an additional rebate of $300 per child,
and phase out the benefit for those with incomes above these
levels. It will allow businesses to write off additional depreciation
in 2008 and small businesses to expense the purchase of certain
equipment. Finally, it will allow Fannie Mae, Freddie Mac
and the Federal Housing Administration to purchase larger
loans.
The following is Shays’ statement:
I rise in support of the bipartisan Economic Stimulus package.
I believe we have talked ourselves into a recession, and
confidence in our economy is waning. By passing this legislation,
we are taking an important step to lessen the impact of an
economic slow down, but there is more work to be done.
I am pleased the legislation includes the bonus depreciation
and Section 179 expensing provisions, which will encourage
companies – and especially small businesses –
to immediately purchase new equipment and expand their business.
Allowing Fannie Mae, Freddie Mac and the Federal Housing
Administration (FHA) to purchase larger loans gives needed
flexibility to support sound lending in the 21st Century.
The recent slump in the housing market has been a major factor
in our current economic uncertainty, so it is appropriate
that we address home loans in the stimulus package. In doing
this, we increase the need for a new regulator of Fannie Mae
and Freddie Mac, which I am hopeful we will enact into law
soon.
While this is a start, the bipartisanship displayed in crafting
this legislation, which will have an impact in the short-term,
must continue to develop long-term solutions to address the
increasing cost of energy, uncertainty about future tax increases,
and unsustainable growth in health insurance costs.
Only by tackling the issues that impact the American people
will we restore confidence in our economy.
In closing, I am disappointed the stimulus package being
considered today does not have a cost-of-living differential
for regions. There are many residents of the Fourth Congressional
District who make over $75,000 but are struggling to keep
up with education, energy and health expenses in our region.
It would have been better if the legislation before us today
recognized it costs more to live in a state like Connecticut
than it does in other parts of the country.
With that being said, this is a good bill worthy of all members’
support.
Contact: Dave Natonski , 202/225-5541
Contact:
Sarah Moore, 202/225-5541
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