Congressman Cohen Urges Economic Stimulus Package in House Speech; Comments on Subsequent Proposal

“In the coming weeks, the American people need this House, the Senate and the President to work in a bipartisan fashion to come up with a monetary policy and a fiscal policy that will help our economy and that needs to be temporary, timely and targeted,” said Congressman Cohen.

He added, “I would hope we could work with our Republican colleagues in a bipartisan fashion to direct (the economic stimulus package) to people in the middle-income and lower-income levels who need help and will spend the money immediately. To give rebates to people who are making a lot of money – people earning salaries such as we are in Congress – is not the right thing to do.”

Congressman Cohen’s call to action was echoed by his colleagues. On Thursday, Congressional Democrats and Republicans reached a tentative agreement with President Bush on a bipartisan stimulus package designed to quickly jumpstart the slowing economy. The proposed stimulus package with broad-based benefits will provide tax relief this spring of up to $600 for an individual and up to $1,200 for a married couple, plus $300 per child. An estimated 117 million families would receive a check.

As Congressman Cohen requested in his speech, rebates would only go to people earning below a certain income cap, likely individuals earning $75,000 or less and couples with incomes of $150,000 or less.

“I am very pleased that President Bush and Congress took the opportunity to address this issue in a bipartisan way and I’m pleased that members of Congress on both sides of the aisle came together to fight for our citizens,” said Congressman Cohen. “The American people have called for relief and their voices have been heard. However, I wish the final proposal could have been more progressive.”

Congressman Cohen continued, “This is far from a perfect proposal and I’m disappointed that programs such as summer jobs, unemployment benefits and food stamps were cut from the compromise. In addition to those programs benefitting the individuals with the greatest needs, such monies would be spent quickly by the recipients and would most effectively stimulate our economy.”

To address another critical issue affecting American homeowners, the package includes mortgage lending reforms—including a one-year increase in Fannie Mae’s and Freddie Mac’s conforming loan limits (from $417,000 to $625,500), and other changes that immediately help families facing foreclosure refinance their loans and get the housing counseling they may need.

Additionally, the package would double the amount small businesses can write off their taxes for new investments to get our economy moving again and provide immediate tax relief for all businesses to invest in new plants and equipment.

“While not encompassing all I’d hoped for, this is an exceptional achievement that shows how Government can function when all sides come to the table ready to negotiate,” Congressman Cohen said. “That has not always been the case in the past with this administration, but today we’ve put the American people first. This package will help American families struggling to make ends meet in the slowing economy, in the face of rising prices for gas, home heating oil, groceries, and health care.”

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Contact:
Marilyn Dillihay, Press Secretary, (202) 225-3265/ (202) 368-9275 (mobile)
Charlie Gerber, Communications Assistant, (202) 225-3265 / (202) 320-2817 (mobile)