Stabenow Helps Lead Passage of Economic Stimulus Package that Includes Seniors, Disabled Veterans
U.S. Senator Debbie Stabenow (D-MI) today announced Senate passage of H.R. 5410, the Economic Stimulus Act. The Act improves on the version passed by the House of Representatives by providing tax rebates for over 20 million seniors and 250,000 disabled veterans, left out by the House. In addition, the Act includes provisions to help families facing foreclosure, by allowing increased opportunities to refinance mortgages with high interest rates.
"This is an important victory for seniors, veterans, and middle-class families across Michigan and across our country," said Stabenow. "However, this can only be the first step in addressing the economic crisis facing our state and our nation. I will continue the fight to make the investments needed to create quality, good paying jobs and ensure a vibrant economy and a strong middle-class."
A more comprehensive package, passed by the Senate Finance Committee, failed to pass the Senate last night by one vote. The comprehensive package included investments in alternative energy technology and a provision allowing struggling businesses to access capital to invest in domestic production.
The comprehensive package also included provisions authored by Senator Stabenow that would have extended federal unemployment insurance by 13 weeks in all states, and an additional 13 weeks in states, like Michigan, that are experiencing high unemployment.
"A bipartisan group of economists and financial experts agree that extending unemployment insurance is one of the fastest, most effective ways to stimulate our economy," said Stabenow. "That's why I will continue this critical fight to ensure that millions of unemployed, middle-class Americans are not forgotten."
The Senate-passed legislation would provide millions of Americans with rebates between $300 to $600, including over 20 million seniors living on Social Security and 250,000 disabled veterans. An additional $300 will be provided to families for each child who qualifies under the current child tax credit rules.