Recovery Rebates and Economic Stimulus for the American People Act of 2008

RECOVERY REBATES AND ECONOMIC STIMULUS FOR THE AMERICAN PEOPLE ACT OF 2008 -- (Extensions of Remarks - February 07, 2008)

SPEECH OF
HON. BETTY McCOLLUM
OF MINNESOTA
IN THE HOUSE OF REPRESENTATIVES
TUESDAY, JANUARY 29, 2008

* Ms. McCOLLUM of Minnesota. Madam Speaker, I rise in support of the Recovery Rebates and Economic Stimulus for the American People Act, and to commend Speaker PELOSI and Minority Leader BOEHNER for their bipartisan, timely action to get our economy moving.

* In Minnesota, median household income has decreased 6.8 percent since 2000, job growth is lagging, and families are being squeezed by increasing gas, health care and education costs. While the cost of the Iraq war has grown to $36,900 per Minnesota household, over 400,000 Minnesotans live in poverty, families are losing their homes, and a growing number are uninsured.

* This bill provides a recovery rebate check for 117 million families to help with rising costs and reinvigorate the economy. These rebates are targeted to middle-income Americans and additional assistance is provided for families with children. In Minnesota, the average rebate will be $952 and over 2 million families will benefit from this tax relief. H.R. 5140 also provides tax incentives to small businesses to help create jobs, and it increases access to affordable refinancing opportunities to help families keep their homes.

* H.R. 5140 is timely, targeted and temporary. While enactment of this package will give the economy a needed boost, it is not the end of our efforts. Congress needs to have a serious discussion about unemployment benefits, food stamps and aid to states facing deficits. And in order to truly grow our economy we need to invest in our infrastructure, reduce our dependence on foreign oil, educate our children, address the health care crisis and end the war in Iraq.

* There are significant challenges facing this country, and I am pleased that all parties were able to work together to put together this positive first step. I urge my colleagues to take real action today and to support H.R. 5140.

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