Recovery Rebates and Economic Stimulus for the American People Act of 2008
Floor Speech
RECOVERY REBATES AND ECONOMIC STIMULUS FOR THE AMERICAN PEOPLE ACT OF 2008 -- (House of Representatives - January 29, 2008)
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Ms. MATSUI. Madam Speaker, I rise today in strong support of the economic stimulus package. I want to congratulate our Leadership for working in a bipartisan manner to bring much-needed economic relief to all sectors of our economy.
Madam Speaker, our economy is on a downturn. We are seeing gas prices, grocery prices, heating bills, and the price of consumer goods steadily increase.
The dollar has fallen to new alltime lows, prompting inflation fears and the standing of our currency in the world market.
Our housing foreclosure rates continue to threaten the quality of life for our constituents. In my hometown of Sacramento, the foreclosure rate is now the fourth highest in the Nation, with 1 out of every 48 homeowners burdened by this crisis last year.
Madam Speaker, as more and more Americans are feeling insecure about their future, I believe it is the right time for economic intervention by this Congress.
This economic stimulus package put forth today is targeted, temporary, and timely.
It will put hundreds of dollars into consumer pockets and bring financial relief to millions of working families. It will significantly expand the child tax credit.
Madam Speaker, this package also seeks to help those in danger of losing their homes. Americans across our Nation are being challenged daily by the mortgage crisis.
By raising the FHA and GSE loan limits, this bill will inject much-needed liquidity into the California housing market, and more importantly into the Sacramento region.
It will allow struggling homeowners to get out of bad loans and refinance into more affordable loans.
This bill is an important first step. I am proud that we were able to work quickly in a bipartisan fashion to start the process of relieving the economic strain being felt by families across this great country.
Madam Speaker, I again want to thank our Leadership for their hard work on this bill. It is critical that we get our economy back on track. This stimulus package is a step in the right direction.
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