Congress Sends Bipartisan Economic Stimulus Package to the White House

Statement

Congress Sends Bipartisan Economic Stimulus Package to the White House

Late last night, after the U.S. Senate passed an economic stimulus package, the measure was sent back to the House, where it, too, passed overwhelmingly. Congressman John E. Peterson (R-Pleasantville), who backed the measure, along with 379 of his House colleagues, released the following statement:

"True moments of bipartisanship have been few and far between throughout the 110th Congress. As our economy is charting some rough waters, Congressional Democrats and Republicans came together, and did the right thing by putting money back into the pockets of the folks that have earned it, and to the small businesses who account for so much of the American job base," said Peterson.

The Stimulus Package will provide rebate checks on an overall phase-out basis for single taxpayers with adjusted gross incomes above $75,000 for single filers and $150,000 for married couples.

Rebate checks will include a base amount determined by the greater of two options: (a) Income tax paid in 2007, with a maximum of $600 for a single taxpayer and $1,200 for married couples; or (b) $300 for an individual and $600 for a married couple, provided the individual or couple earned income of at least $3,000 in 2007.

A children's bonus also will be included in the rebate check calculation. Anyone qualifying for the base amount also receives an additional $300 per child, with no cap on the number of children.

Additionally, the package will qualify certain veteran's disability and Social Security recipients to receive rebate checks. The package also safeguards against illegal aliens from receiving rebate checks.

Peterson expressed great concern about the long-term economic stressors affecting the American economy, specifically citing energy costs.

"While this measure aims to ease the shaky economic conditions we are facing, the bigger question that must be addressed is why the economy is slowing. The answer is quite simple: energy costs. America is paying the world's highest price for natural gas, and oil is not budging from $90 plus. If we, as a nation, do not address the need for a strategic energy policy that balances domestic production with conservation, economic stimulus packages will be needed every six months to keep our economy viable, and I don't think we want that," said Peterson.

This measure has been sent to the White House and is anticipated to be signed by the president within a week.

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