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Ramstad to Support Recovery Bill

Press Release

Location: Washington, DC

U.S. Rep. Jim Ramstad (MN-03) said today he will vote for the revised economic recovery bill, which passed the Senate last night.

"The inclusion of our mental health parity bill, major tax relief and bank deposit (FDIC) insurance increases caused me to reconsider my position."

"There's too much at stake to let the legislation fail," said Ramstad.

"The revised bill is a recovery bill for the economy and a recovery bill for millions of Americans suffering the ravages of mental illness and addiction."

"This revised legislation will also protect 22 million middle-income taxpayers from the enormous tax increases of the Alternative Minimum Tax (AMT)," said Ramstad.

"The revised bill also extends research and development tax credits to create jobs and renewable energy credits to reduce our dependence on foreign oil," said Ramstad.

"Also, the revised bill increases bank deposit insurance limits (FDIC) to $250,000 to protect depositors and help small businesses that need credit."

"In the final analysis, I will vote for the revised economic recovery plan to help Minnesota's working families, seniors and small businesses during this historic crisis in our economy," said Ramstad. "The credit crisis is real, and it's destroying jobs, retirement savings and the American dream.

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