Bono Mack: Economic Stimulus Package Will Bring Immediate Relief
Emphasizing the importance of reenergizing the American economy, Congresswoman Mary Bono Mack (CA-45) today praised the economic stimulus package, which was previously passed by Congress and signed into law this afternoon by the President. Bono Mack issued the following statement:
"People in California's 45th District and throughout our nation will see some needed relief now that this package has been signed into law," said Bono Mack. "The uncertain economic situation in our country demands our attention, and I am pleased that leadership in both Houses of Congress and on both sides of the aisle moved quickly to enact this legislation.
"But we must continue to look to the future by establishing pro-growth policies that will work to strengthen our economy, create more jobs, and ensure that American businesses stay competitive with the rest of the world."
According to Bono Mack, American taxpayers and low-income individuals, including veterans who depend on disability checks and seniors living off of Social Security, can expect to see some extra dollars as soon as May. Taxpayers could receive a rebate check from the Internal Revenue Service (IRS) of up to $600 for individuals and $1,200 for couples, with an additional $300 per child.
Other provisions included in the economic stimulus package will:
-Raise the caps on loans that may be purchased by Fannie Mae and Freddie Mac (from the current level of $417,000 to nearly $730,000);
-Increase the size of loans that would be eligible to be insured by the Federal Housing Administration; and
- Provide more generous expensing provisions for small businesses and allow larger businesses deduct more of their purchases more quickly.