Days following the failure of a financial bailout bill in Congress, U.S. Rep. Bill Pascrell, Jr. (D-NJ-08) today voted for a modified economic rescue plan that will provide vital tax relief and foreclosure protection to middle-class homeowners, create jobs and enhance credit opportunities for small businesses.
"Following countless conversations with constituents, small business owners, colleagues and economists, I cast a very difficult vote to approve a bipartisan economic rescue plan. Though imperfect, during these unsteady economic times I have concluded this package is necessary. The modified recovery bill has a number of additions that I am confident will help middle-class homeowners and local businesses jump start the economy from the ground up," stated Pascrell.
"The alternative minimum tax is a good example. In my district alone, 55,000 families would be hit by the unintended consequences of the AMT if we did not immediately apply a patch. I could not, in good conscience, vote against this type of middle-class tax relief. The people I represent are already burdened by taxes. It would be an abdication of responsibility to allow the AMT to expand into hundreds of thousands of new households around the nation."
"Another worthy addition in the modified bill expands the Federal Deposit Insurance Corporation's (FDIC) insurance limits. Increasing these limits will restore faith in our banks and give families and small business a secure place to deposit their funds. Community banks and credit unions will offer enhanced lending opportunities and small businesses will regain the confidence essential to make capital improvements, purchase inventory and boost employment. It is exactly the type of bottom-up approach we need to put liquidity back in to Wall Street."
"In addition to these major improvements, the modified legislation includes important tax incentives for renewable energy development. With an extension of these tax credits, New Jersey's solar industry alone is estimated to add about 10,000 construction and manufacturing jobs in just 8 years."
Despite some of the provisions I like in this package, it is far from perfect. It is a departure from the disciplined budget principles I have fought for and lacks the caliber of oversight Congress needs. My vote has been cast, but my fight to end corporate greed and lift up our communities is far from over. I will keep a watchful eye over how the money in this package is invested and continue to demand the highest standards to account for every American tax dollar in the bill," concluded Pascrell.