Deal Reached on Economic Stimulus Package
House Majority Whip James E. Clyburn today released the following statement regarding the agreement that has been reached among President Bush and congressional Democrats and Republicans on an economic stimulus package.
"I'm pleased we quickly reached consensus with the President and our Republican colleagues on a bipartisan economic stimulus package that will provide timely, targeted, and temporary assistance to Americans adversely affected by our country's economic slowdown."
"The rising cost of energy, healthcare, and post-secondary education expenses combined with a turbulent housing market, has left many Americans in a state of economic turmoil. The stimulus package agreed to today will seek to alleviate some of these fiscal hardships and begin the process of moving our stagnant economy in a New Direction."
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 have 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.
* 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.