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Bipartisan Economic Stimulus Provides Needed Jumpstart

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Location: Washington, DC


Bipartisan Economic Stimulus Provides Needed Jumpstart

Congressman G. K. Butterfield said that he strongly supports the bipartisan economic stimulus package in the hopes it will help stimulate the slowing American economy.

"The goals were to provide working Americans struggling in these difficult economic times with timely, targeted and temporary relief and to quickly give our economy a shot in the arm," Butterfield said. "This package provides a strong bipartisan effort to accomplish these goals."

Butterfield said he expects quick action by the House, and he hopes the bill can be signed into law by President Bush by February 15th.
This stimulus package will:

· 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.

· 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.

Also, the package also includes important mortgage lending reforms—including a one-year increase in Fannie Mae's and Freddie Mac's conforming loan limits (from $417,000 to $625,500), and other changes that immediately help families facing foreclosure refinance their loans and get the housing counseling they may need.

"It's an important package that will help American families struggling to make ends meet in the slowing economy," Butterfield said.
Butterfield said that his only disappointment with the package was that it failed to include an extension of unemployment benefits and a temporary increase in food stamps.


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