Bono Mack Praises Passage of Economic Stimulus Package

Press Release

Congresswoman Mary Bono Mack (CA-45) today praised the passage of the bipartisan economic stimulus package that will bring quick relief to American families. The bipartisan legislation now heads to the President's desk for his signature.

"Americans in California's 45th District and across the nation are a step closer to getting some needed relief from the uncertain economic situation," said Bono Mack. "While not perfect, this economic stimulus package will put money back into the pockets of hardworking Americans and small businesses, who are responsible for keeping our economic engine running. By providing immediate economic relief, we've met a priority for the short-term, and I will strive to meet the long-term needs of our nation's economy as well.

"This economic growth package includes relief for such individuals as seniors with significant need on Social Security and disabled veterans, and it offers housing provisions to bolster the real estate market."

Key provisions included in the economic stimulus package, passed by both the U.S. House of Representatives and the Senate would:

Provide tax rebates for 137 million people, including rebates of up to $600 for individuals and $1,200 to couples;

Offer parents additional $300 rebates for each child;

Raise the caps on loans that may be purchased by Fannie Mae and Freddie Mac (from the current level of $417,000 to nearly $730,000;

Increase the size of loans that would be eligible to be insured by the Federal Housing Administration; and

Provide more generous expensing provisions for small businesses and allow larger businesses deduct more of their purchases more quickly.

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