Wednesday, February 13, 2008

McCotter Statement on Passage of Economic Stimulus Package

WASHINGTON D.C. – Congressman Thaddeus G. McCotter (MI- 11), Chairman of the House Republican Policy Committee, today issued the following statement after attending the president’s bill signing ceremony of H.R. 5140, the Economic Stimulus for American People Act of 2008 at the White House:

"Today Congress and the President banned together and passed bi-partisan legislation which returns to taxpayers their hard earned money to help them through this difficult economic time."

"This is a bi-partisan economic growth package, not a government growth package. It will strengthen family budgets across the country, especially in Michigan where we have suffered economically far longer and more painfully than the nation as a whole."

"Of course, this bill is but a step in the right direction, and more must be done to bolster America’s economic opportunities and prosperity."

The economic stimulus package, H.R. 5140, provides a temporary relief to jump start the economy. It required a two-thirds majority vote for passage in the House. It gained Senate approval last week.

The bill provides rebates of $300 to $1,200 for an estimated 130 million American families. Tax relief is also included for small businesses, and housing assistance. It is expected to provide over $152 billion back into the economy this year. Over 4.5 million Michigan residents will qualify for rebates. Michigan has the nation’s highest unemployment rate in the nation, teetering at 7.5 percent, with 383,000 unemployed workers.


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