Smith Outlines Priorities to Bolster Economy Before Recession Takes Grip

Press Release

Smith Outlines Priorities to Bolster Economy Before Recession Takes Grip

Oregon Senator Gordon Smith outlined five steps today to bolster the economy and enhance services for the most vulnerable Americans. Republicans and Democrats on the Senate Finance Committee are currently developing an economic stimulus package.

"The economy's warning light has been on far too long," Smith said. "Tax cuts and rebates will jolt the economy, which is important to keep unemployment low. Then we need to keep people in their homes and make sure the most vulnerable have help.

Senator Smith proposes immediate action on the following initiatives:

* Rebate tax dollars to low and middle income Americans to kick start consumer spending and drive economic activity

* Approve a multi-year extension of the county payments safety net to help stabilize rural economies in 44 states

* Provide tax and regulatory relief to small businesses so they can afford to buy new equipment, innovate, compete and hire new workers

* Provide critical assistance to the states to fund programs such as food stamps, low-income heating assistance (LIHEAP) and unemployment insurance

* Provide a fair rate and a safe way for first time homebuyers to refinance their mortgage and avoid foreclosure

The Senate Finance Committee will hold a hearing Thursday in an effort to forge a bipartisan compromise that will stimulate the American economy.

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