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

Floor Speech

Ms. DeLAURO. Madam Speaker, from negative economic data on wages and consumer prices to a falling stock market, there is almost no margin for error in today's tight economy. We face an urgency and a mutual obligation to get it right and ensure no American is forced to live in those margins.

Today's economy weighs very heavily on America's families--and lately, things have gone from bad to worse. In December, the unemployment rate shot up to a 2-year high of 5 percent. December's sales and consumer confidence were at a 5-year low. Oil prices topped $100 a barrel, and home foreclosures are at an alltime high. And growth last quarter slowed to a glacial .6 percent.

This legislation represents a strong bipartisan agreement on an economic stimulus package that will begin to provide financial relief and income security to the middle class working Americans most at risk in a prospective recession. The Senate voted 18-16 in favor of the package to jumpstart our slowing economy and create jobs here at home, and I am proud of our quick action in both houses to get this done.

Last week, the House approved strong stimulus legislation, and this version continues in that spirit with two additions expanding recovery rebates to an additional 20 million seniors and 250,000 disabled veterans. Our men and women in uniform fought for our Nation, and they deserve all the respect, care and support we can provide.

Building on our work to extend the Child Tax Credit--and my belief that all hard-working low- and middle-income families should receive at least a partial credit--this package will ensure that any family that pays taxes and earned at least $3000 last year, will get a $300 rebate per child.

The bill provides refundable child tax credit rebates to approximately 34.2 million children. Families with children will receive a total of $21.8 billion in refundable rebates, including $9.8 billion specifically in refundable child tax credits.

It is long past time we finally recognize that the child tax credit should be available to all families, including those who serve in the military.

With the economy in so much difficulty, this is the right approach--immediate, focused on those who need resources and who will spend it. Unlike previous efforts to stimulate the economy, this package is focused on the middle class and provides real, not token relief. That includes $28 billion in tax relief for 35 million families who work but make too little to pay income taxes--families who otherwise would not have been included in this recovery effort, more than 19 million of them with children.

To meet our obligation, to boost our struggling economy, and provide real assistance for working and middle-class Americans, I urge a "yes'' vote.

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