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Recovery Rebates and Economic Stimulus for the American People Act of 2008

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Location: Washington, DC


RECOVERY REBATES AND ECONOMIC STIMULUS FOR THE AMERICAN PEOPLE ACT OF 2008 -- (House of Representatives - January 29, 2008)

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Mrs. CAPITO. Mr. Speaker, I rise today in support of the financial economic stimulus package we have before us. As we know, our economy has begun to slow after a robust growth period of 52 months. It is imperative that we act swiftly in a bipartisan manner. I congratulate the Speaker, the minority leader, and the President for their ability to work together and come forth with this package.

We have learned about tax rebates for filers. I think this is good for family budgets. Furthermore, they are targeted to the low- and moderate-income Americans who are most in need. I am also pleased that this package includes important tax incentives for small business growth. In a State like West Virginia, business is small business, and they are the job creators. It is critical that we provide them with the assistance that they need to keep their businesses viable and growing.

This agreement includes much-needed incentives to encourage the investment that creates jobs and seeks to maintain our Nation's competitiveness.

Lastly, I would like to talk about the long-overdue step toward modernizing the Federal Housing Administration to provide support for Americans who are struggling in this current housing crunch. This bill will make it easier for many Americans to refinance their mortgages and receive the support to do so. Yet while I am encouraged by this step, we must continue to work towards more comprehensive FHA modernization to make sure that this program continues to be the resource for creditworthy borrowers that may not qualify for conventional market loans.

I look forward to continuing to work with the chairman and Ranking Member Bachus on this important issue, and our colleagues in the other body, to proceed with negotiations and produce a final product we can all support.

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