Bono Mack Encouraged by Plans to Stimulate Economy
Congresswoman Mary Bono Mack (CA-45) today issued the following statement in reaction to the need to stimulate the economy and to the Federal Reserve's decision to cut its benchmark short-term interest rate by three-quarters of a percentage point, to 3.5 percent:
"I am pleased with the swift action by the Federal Reserve to reduce rates, but it is clear that more must be done," said Bono Mack. "Congress must act quickly to pass bipartisan, broad legislation to reenergize our economy and build confidence in our markets.
"We should keep in mind that a stimulus package is only a short-term solution; we must be committed to enacting pro-growth policies that will allow more Americans to keep their hard-earned money, empower them to invest in the economy and create more jobs.
"A step in the right direction would be to make permanent critical tax relief measures that are set to expire in 2010, so that Americans can be confident that more of their money will be in their wallets instead of in the hands of the federal government. Empowering Americans with tax relief that they deserve - combined with responsible restraints on federal spending - will help our businesses and economy stay competitive in the global markets."