Murphy Praises Swift Approval of Measure to Boost Economy

Press Release

In response to the ailing economy, today Congressman Chris Murphy (CT-5) joined an overwhelming bipartisan majority in the House of Representatives to approve an economic stimulus package that is intended to help middle class working families who are being hurt the most by our struggling economy. House leaders and President Bush worked quickly to put together this compromise package that will provide a tax rebate for 1.4 million families in Connecticut.

"It's a new year, and I'm pleased that Congress has worked with the President early and in a bipartisan fashion to craft a short term economic stimulus package that I hope will work for middle class families in this time of economic uncertainty," said Congressman Chris Murphy.

The stimulus package includes:

- A tax rebate for 1.4 million Connecticut families: up to $600 per individual, $1,200 per married couple, plus $300 per child.

- $28 billion in tax relief for 35 million families who work but make too little to pay income taxes -- families that the President's original proposal did not include. More than 19 million of these are families with children.

- Assistance for low-income earners. Everyone who earned at least $3,000 in 2007 will get at least $300 per single and $600 per couple, plus the full child tax credit amount of $300.

- Assistance for families who are facing foreclosures by increasing affordable refinancing opportunities and liquidity in the housing market.

- Investment incentives for small businesses to spur job creation.

"It is my hope that this package will be just what Americans need to stabilize their family budgets in the short term. While this agreement is a good start, we should look for further ways to get this economy going - extending unemployment benefits and boosting Medicaid funding would be a good place to start. In the coming months, we must continue in this bipartisan spirit to find ways to provide long term health for our economy."

The Senate is working on their own economic stimulus package. It is expected that the two proposals will be worked out quickly to benefit middle class families.

Source