Bishop Praises Economic Stimulus Breakthrough
Statement
BISHOP PRAISES ECONOMIC STIMULUS BREAKTHROUGH
Today Congressman Tim Bishop (NY-1) issued the follow statement regarding the agreement that has been reached among President Bush and Congressional Democrats and Republicans on an economic stimulus package:
"It's all-too rare when we in the Majority and the President arrive at consensus. So it's welcome news that we have agreed that the relief Americans need in today's economy should come in the form of a stimulus bill. The targeted tax breaks and other short-term measures agreed upon will help the middle class and low-income workers.
"The stimulus package we have today is a good compromise that will quickly put money in the hands of the people who most need it and will spend it the quickest. That, in turn, will boost our economy.
"Of course the plan, like all compromises, is not perfect; for example, I would have preferred for it to have included additional funding for food stamps and unemployment extensions.
"On balance, this is the prescription middle class America needs to help cure the ills of today's economy."
This comprehensive stimulus package will provide the following benefits:
Provide tax relief this spring of up to $600 for an individual and up to $1,200 for a married couple, plus $300 per child. A total of 117 million families will receive a check.
Include $28 billion in checks to 35 million working families who would not otherwise been helped. More than 19 million of these are families with children.
Double the amount small businesses can write off their taxes for new investments to get our economy moving again and provide immediate tax relief for all businesses to invest in new plants and equipment.
To address another critical issue affecting American homeowners, the package includes mortgage lending reformsincluding a one-year increase in Fannie Mae's and Freddie Mac's conforming loan limits (from $417,000 to a maximum of $729,750), and a permanent increase in the FHA loan limit from the current $367,000 up to a maximum of $729,750. The legislation will also include other changes that immediately help families facing foreclosure refinance their loans and get the housing counseling they may need.
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