Hare Votes to Put More Money in the Pockets of Illinois Working Families
Congressman Phil Hare (D-IL) today voted in favor of the bipartisan Recovery Rebates and Economic Stimulus for the American People Act. The legislation will provide tax rebates to 5 million households in Illinois. Congress is determined to act quickly so that families can receive tax rebates of up to $600 per individual, $1,200 per couple, and $300 per child as early as mid-May.
The bill also includes provisions to help families avoid losing their homes to foreclosure. The bill expands affordable mortgage loan opportunities for families at risk of foreclosure through the Federal Housing Administration. To enhance credit availability in the mortgage market, the measure also includes a one-year increase in the loan limits for single family homes from Fannie Mae and Freddie Mac.
"This bipartisan compromise will give much needed tax-relief to lower and middle-income families as well as provide overdue assistance to homeowners," Hare said. "With so many Americans struggling to make ends meet, this stimulus package is the least we can do."
The bill provides a recovery rebate to 117 million families, including 35 million who work full-time but earn too little to pay income taxes. All told, the bill is estimated to save Illinois taxpayers a total of $4.5 billion, with an average tax rebate of $900 per family.
Hare called the stimulus package a "good first step" on the path to repairing our economy. "Checks in the mail are not enough," Hare said. "We must extend unemployment benefits, increase food stamps, and fix the broken Trade Adjustment Assistance program for workers who lose their jobs due to unfair trade."