Congresswoman Ileana Ros-Lehtinen, a senior member of the Florida Congressional delegation, supports the revised financial rescue package which includes much-needed tax breaks for middle-class families, students, teachers, and small businesses. The measure passed in U.S. Senate Wednesday evening by a vote of 74-25.
Said Ros-Lehtinen: "Thanks to those who had the courage to say No' to the original House bailout bill, we now have a bi-partisan bill that delivers meaningful economic relief for struggling families and injects federal stabilization funds into our floundering financial system. This bill includes some very important provisions including:
- Increased FDIC insurance limits, which establishes depositor confidence in the banking system for small businesses and creditors;
- Reinstates the college tuition tax deduction for families, which had lapsed in December;
- Extends a tax break for teachers who pay out of pocket for student supplies, including restaurants, of which there are many in South Florida;
- Additional tax credits for small businesses and retail owners;
- Protects middle-class families from getting hammered by an additional tax bill averaging more than $2,000;
- Extends energy tax credits to encourage investment in hybrid vehicles and energy efficient home technologies;
- Reaffirms the steps the government is taking to reform our accounting system, and eliminate outdated regulations that place a false value on mortgage assets and causes tremendous confusion down the accounting chain as to what the value of these assets actually are. This would help business owners know the true value of these properties.
I support the revised rescue package as a way to get our economy back on track and help struggling middle class families with their mortgage loans, mom and pop small businesses who are currently seeking short-term business loans, and students trying to finance their education. And most importantly, I am going to work with my colleagues in Congress to ensure that there is proper oversight, transparency, and accountability in how these dollars are spent."