[Congressional Record Volume 154, Number 20 (Thursday, February 7, 2008)]
[House]
[Pages H784-H793]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]


                     ECONOMIC STIMULUS ACT OF 2008

  Mr. RANGEL. Madam Speaker, I ask unanimous consent that it shall be 
in order at any time to take from the Speaker's table the bill (H.R. 
5140) to provide economic stimulus through recovery rebates to 
individuals, incentives for business investment, and an increase in 
conforming and FHA loan limits, with a Senate amendment thereto, and to 
consider in the House, without intervention of any point of order, a 
motion offered by the chairman of the Committee on Ways and Means or 
his designee that the House concur in the Senate amendment; the Senate 
amendment and the motion shall be considered as read; the motion shall 
be debatable for 40 minutes equally divided and controlled by the 
chairman and ranking minority member of the Committee on Ways and 
Means; and the previous question shall be considered as ordered on the 
motion to its adoption without intervening motion.
  The SPEAKER pro tempore. Is there objection to the request of the 
gentleman from New York?
  There was no objection.

                              {time}  1830

  Mr. RANGEL. Madam Speaker, pursuant to the previous order of the 
House, I call up H.R. 5140 and the Senate amendment thereto.
  The Clerk read the title of the bill.
  The SPEAKER pro tempore. The Clerk will designate the Senate 
amendment.
  The text of the Senate amendment is as follows:

       Senate amendment:
       Strike all after the enacting clause and insert the 
     following:

     SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

       (a) Short Title.--This Act may be cited as the ``Economic 
     Stimulus Act of 2008''.
       (b) Table of Contents.--The table of contents of this Act 
     is as follows:
Sec. 1. Short title; table of contents.

    TITLE I--RECOVERY REBATES AND INCENTIVES FOR BUSINESS INVESTMENT

Sec. 101. 2008 recovery rebates for individuals.
Sec. 102. Temporary increase in limitations on expensing of certain 
              depreciable business assets.
Sec. 103. Special allowance for certain property acquired during 2008.

               TITLE II--HOUSING GSE AND FHA LOAN LIMITS

Sec. 201. Temporary conforming loan limit increase for Fannie Mae and 
              Freddie Mac.
Sec. 202. Temporary loan limit increase for FHA.

                    TITLE III--EMERGENCY DESIGNATION

Sec. 301. Emergency designation.

    TITLE I--RECOVERY REBATES AND INCENTIVES FOR BUSINESS INVESTMENT

     SEC. 101. 2008 RECOVERY REBATES FOR INDIVIDUALS.

       (a) In General.--Section 6428 of the Internal Revenue Code 
     of 1986 is amended to read as follows:

     ``SEC. 6428. 2008 RECOVERY REBATES FOR INDIVIDUALS.

       ``(a) In General.--In the case of an eligible individual, 
     there shall be allowed as a credit against the tax imposed by 
     subtitle A for the first taxable year beginning in 2008 an 
     amount equal to the lesser of--
       ``(1) net income tax liability, or
       ``(2) $600 ($1,200 in the case of a joint return).
       ``(b) Special Rules.--
       ``(1) In general.--In the case of a taxpayer described in 
     paragraph (2)--
       ``(A) the amount determined under subsection (a) shall not 
     be less than $300 ($600 in the case of a joint return), and
       ``(B) the amount determined under subsection (a) (after the 
     application of subparagraph (A)) shall be increased by the 
     product of $300 multiplied by the number of qualifying 
     children (within the meaning of section 24(c)) of the 
     taxpayer.
       ``(2) Taxpayer described.--A taxpayer is described in this 
     paragraph if the taxpayer--
       ``(A) has qualifying income of at least $3,000, or
       ``(B) has--
       ``(i) net income tax liability which is greater than zero, 
     and
       ``(ii) gross income which is greater than the sum of the 
     basic standard deduction plus the exemption amount (twice the 
     exemption amount in the case of a joint return).
       ``(c) Treatment of Credit.--The credit allowed by 
     subsection (a) shall be treated as allowed by subpart C of 
     part IV of subchapter A of chapter 1.
       ``(d) Limitation Based on Adjusted Gross Income.--The 
     amount of the credit allowed by subsection (a) (determined 
     without regard to this subsection and subsection (f)) shall 
     be reduced (but not below zero) by 5 percent of so much of 
     the taxpayer's adjusted gross income as exceeds $75,000 
     ($150,000 in the case of a joint return).
       ``(e) Definitions.--For purposes of this section--
       ``(1) Qualifying income.--The term `qualifying income' 
     means--
       ``(A) earned income,
       ``(B) social security benefits (within the meaning of 
     section 86(d)), and
       ``(C) any compensation or pension received under chapter 
     11, chapter 13, or chapter 15 of title 38, United States 
     Code.
       ``(2) Net income tax liability.--The term `net income tax 
     liability' means the excess of--
       ``(A) the sum of the taxpayer's regular tax liability 
     (within the meaning of section 26(b)) and the tax imposed by 
     section 55 for the taxable year, over
       ``(B) the credits allowed by part IV (other than section 24 
     and subpart C thereof) of subchapter A of chapter 1.
       ``(3) Eligible individual.--The term `eligible individual' 
     means any individual other than--
       ``(A) any nonresident alien individual,
       ``(B) any individual with respect to whom a deduction under 
     section 151 is allowable to another taxpayer for a taxable 
     year beginning in the calendar year in which the individual's 
     taxable year begins, and
       ``(C) an estate or trust.
       ``(4) Earned income.--The term `earned income' has the 
     meaning set forth in section 32(c)(2) except that--
       ``(A) subclause (II) of subparagraph (B)(vi) thereof shall 
     be applied by substituting `January 1, 2009' for `January 1, 
     2008', and
       ``(B) such term shall not include net earnings from self-
     employment which are not taken into account in computing 
     taxable income.
       ``(5) Basic standard deduction; exemption amount.--The 
     terms `basic standard deduction' and `exemption amount' shall 
     have the same respective meanings as when used in section 
     6012(a).
       ``(f) Coordination With Advance Refunds of Credit.--
       ``(1) In general.--The amount of credit which would (but 
     for this paragraph) be allowable under this section shall be 
     reduced (but not below zero) by the aggregate refunds and 
     credits made or allowed to the taxpayer under subsection (g). 
     Any failure to so reduce the credit shall be treated as 
     arising out of a mathematical or clerical error and assessed 
     according to section 6213(b)(1).
       ``(2) Joint returns.--In the case of a refund or credit 
     made or allowed under subsection (g) with respect to a joint 
     return, half of such refund or credit shall be treated as 
     having been made or allowed to each individual filing such 
     return.
       ``(g) Advance Refunds and Credits.--
       ``(1) In general.--Each individual who was an eligible 
     individual for such individual's first taxable year beginning 
     in 2007 shall be treated as having made a payment against the 
     tax imposed by chapter 1 for such first taxable year in an 
     amount equal to the advance refund amount for such taxable 
     year.
       ``(2) Advance refund amount.--For purposes of paragraph 
     (1), the advance refund amount is the amount that would have 
     been allowed as a credit under this section for such first 
     taxable year if this section (other than subsection (f) and 
     this subsection) had applied to such taxable year.
       ``(3) Timing of payments.--The Secretary shall, subject to 
     the provisions of this title, refund or credit any 
     overpayment attributable to this section as rapidly as 
     possible. No refund or credit shall be made or allowed under 
     this subsection after December 31, 2008.
       ``(4) No interest.--No interest shall be allowed on any 
     overpayment attributable to this section.
       ``(h) Identification Number Requirement.--
       ``(1) In general.--No credit shall be allowed under 
     subsection (a) to an eligible individual who does not include 
     on the return of tax for the taxable year--
       ``(A) such individual's valid identification number,
       ``(B) in the case of a joint return, the valid 
     identification number of such individual's spouse, and
       ``(C) in the case of any qualifying child taken into 
     account under subsection (b)(1)(B), the valid identification 
     number of such qualifying child.
       ``(2) Valid identification number.--For purposes of 
     paragraph (1), the term `valid identification number' means a 
     social security number issued to an individual by the Social 
     Security Administration. Such term shall not include a TIN 
     issued by the Internal Revenue Service.''.
       (b) Administrative Amendments.--
       (1) Definition of deficiency.--Section 6211(b)(4)(A) of the 
     Internal Revenue Code of 1986 is amended by striking ``and 
     53(e)'' and inserting ``53(e), and 6428''.
       (2) Mathematical or clerical error authority.--Section 
     6213(g)(2)(L) of such Code is amended by striking ``or 32'' 
     and inserting ``32, or 6428''.
       (c) Treatment of Possessions.--
       (1) Payments to possessions.--
       (A) Mirror code possession.--The Secretary of the Treasury 
     shall make a payment to each possession of the United States 
     with a mirror code tax system in an amount equal to the loss 
     to that possession by reason of the amendments made by this 
     section. Such amount shall be determined by the Secretary of 
     the Treasury based on information provided by the government 
     of the respective possession.
       (B) Other possessions.--The Secretary of the Treasury shall 
     make a payment to each possession of the United States which 
     does not have a mirror code tax system in an amount estimated 
     by the Secretary of the Treasury as being equal to the 
     aggregate benefits that would have been provided to residents 
     of such possession by reason of the amendments made by this 
     section if a mirror code tax system had been in effect in 
     such possession. The preceding sentence shall not apply with 
     respect to any possession of the United States unless such 
     possession has a plan, which has been approved by the 
     Secretary of the Treasury, under which such possession will 
     promptly distribute such payment to the residents of such 
     possession.

[[Page H785]]

       (2) Coordination with credit allowed against united states 
     income taxes.--No credit shall be allowed against United 
     States income taxes under section 6428 of the Internal 
     Revenue Code of 1986 (as amended by this section) to any 
     person--
       (A) to whom a credit is allowed against taxes imposed by 
     the possession by reason of the amendments made by this 
     section, or
       (B) who is eligible for a payment under a plan described in 
     paragraph (1)(B).
       (3) Definitions and special rules.--
       (A) Possession of the united states.--For purposes of this 
     subsection, the term ``possession of the United States'' 
     includes the Commonwealth of Puerto Rico and the Commonwealth 
     of the Northern Mariana Islands.
       (B) Mirror code tax system.--For purposes of this 
     subsection, the term ``mirror code tax system'' means, with 
     respect to any possession of the United States, the income 
     tax system of such possession if the income tax liability of 
     the residents of such possession under such system is 
     determined by reference to the income tax laws of the United 
     States as if such possession were the United States.
       (C) Treatment of payments.--For purposes of section 
     1324(b)(2) of title 31, United States Code, the payments 
     under this subsection shall be treated in the same manner as 
     a refund due from the credit allowed under section 6428 of 
     the Internal Revenue Code of 1986 (as amended by this 
     section).
       (d) Refunds Disregarded in the Administration of Federal 
     Programs and Federally Assisted Programs.--Any credit or 
     refund allowed or made to any individual by reason of section 
     6428 of the Internal Revenue Code of 1986 (as amended by this 
     section) or by reason of subsection (c) of this section shall 
     not be taken into account as income and shall not be taken 
     into account as resources for the month of receipt and the 
     following 2 months, for purposes of determining the 
     eligibility of such individual or any other individual for 
     benefits or assistance, or the amount or extent of benefits 
     or assistance, under any Federal program or under any State 
     or local program financed in whole or in part with Federal 
     funds.
       (e) Appropriations To Carry Out Rebates.--
       (1) In general.--Immediately upon the enactment of this 
     Act, the following sums are appropriated, out of any money in 
     the Treasury not otherwise appropriated, for the fiscal year 
     ending September 30, 2008:
       (A) Department of treasury.--
       (i) For an additional amount for ``Department of the 
     Treasury--Financial Management Service--Salaries and 
     Expenses'', $64,175,000, to remain available until September 
     30, 2009.
       (ii) For an additional amount for ``Department of the 
     Treasury--Internal Revenue Service--Taxpayer Services'', 
     $50,720,000, to remain available until September 30, 2009.
       (iii) For an additional amount for ``Department of the 
     Treasury--Internal Revenue Service--Operations Support'', 
     $151,415,000, to remain available until September 30, 2009.
       (B) Social security administration.--For an additional 
     amount for ``Social Security Administration--Limitation on 
     Administrative Expenses'', $31,000,000, to remain available 
     until September 30, 2008.
       (2) Reports.--No later than 15 days after enactment of this 
     Act, the Secretary of the Treasury shall submit a plan to the 
     Committees on Appropriations of the House of Representatives 
     and the Senate detailing the expected use of the funds 
     provided by paragraph (1)(A). Beginning 90 days after 
     enactment of this Act, the Secretary of the Treasury shall 
     submit a quarterly report to the Committees on Appropriations 
     of the House of Representatives and the Senate detailing the 
     actual expenditure of funds provided by paragraph (1)(A) and 
     the expected expenditure of such funds in the subsequent 
     quarter.
       (f) Conforming Amendments.--
       (1) Paragraph (2) of section 1324(b) of title 31, United 
     States Code, is amended by inserting ``or 6428'' after 
     ``section 35''.
       (2) Paragraph (1) of section 1(i) of the Internal Revenue 
     Code of 1986 is amended by striking subparagraph (D).
       (3) The item relating to section 6428 in the table of 
     sections for subchapter B of chapter 65 of such Code is 
     amended to read as follows:

``Sec. 6428. 2008 recovery rebates for individuals.''.

     SEC. 102. TEMPORARY INCREASE IN LIMITATIONS ON EXPENSING OF 
                   CERTAIN DEPRECIABLE BUSINESS ASSETS.

       (a) In General.--Subsection (b) of section 179 of the 
     Internal Revenue Code of 1986 (relating to limitations) is 
     amended by adding at the end the following new paragraph:
       ``(7) Increase in limitations for 2008.--In the case of any 
     taxable year beginning in 2008--
       ``(A) the dollar limitation under paragraph (1) shall be 
     $250,000,
       ``(B) the dollar limitation under paragraph (2) shall be 
     $800,000, and
       ``(C) the amounts described in subparagraphs (A) and (B) 
     shall not be adjusted under paragraph (5).''.
       (b) Effective Date.--The amendment made by this section 
     shall apply to taxable years beginning after December 31, 
     2007.

     SEC. 103. SPECIAL ALLOWANCE FOR CERTAIN PROPERTY ACQUIRED 
                   DURING 2008.

       (a) In General.--Subsection (k) of section 168 of the 
     Internal Revenue Code of 1986 (relating to special allowance 
     for certain property acquired after September 10, 2001, and 
     before January 1, 2005) is amended--
       (1) by striking ``September 10, 2001'' each place it 
     appears and inserting ``December 31, 2007'',
       (2) by striking ``September 11, 2001'' each place it 
     appears and inserting ``January 1, 2008'',
       (3) by striking ``January 1, 2005'' each place it appears 
     and inserting ``January 1, 2009'', and
       (4) by striking ``January 1, 2006'' each place it appears 
     and inserting ``January 1, 2010''.
       (b) 50 Percent Allowance.--Subparagraph (A) of section 
     168(k)(1) of such Code is amended by striking ``30 percent'' 
     and inserting ``50 percent''.
       (c) Conforming Amendments.--
       (1) Subclause (I) of section 168(k)(2)(B)(i) of such Code 
     is amended by striking ``and (iii)'' and inserting ``(iii), 
     and (iv)''.
       (2) Subclause (IV) of section 168(k)(2)(B)(i) of such Code 
     is amended by striking ``clauses (ii) and (iii)'' and 
     inserting ``clause (iii)''.
       (3) Clause (i) of section 168(k)(2)(C) of such Code is 
     amended by striking ``and (iii)'' and inserting ``, (iii), 
     and (iv)''.
       (4) Clause (i) of section 168(k)(2)(F) of such Code is 
     amended by striking ``$4,600'' and inserting ``$8,000''.
       (5)(A) Subsection (k) of section 168 of such Code is 
     amended by striking paragraph (4).
       (B) Clause (iii) of section 168(k)(2)(D) of such Code is 
     amended by striking the last sentence.
       (6) Paragraph (4) of section 168(l) of such Code is amended 
     by redesignating subparagraphs (A), (B), and (C) as 
     subparagraphs (B), (C), and (D) and inserting before 
     subparagraph (B) (as so redesignated) the following new 
     subparagraph:
       ``(A) Bonus depreciation property under subsection (k).--
     Such term shall not include any property to which section 
     168(k) applies.''.
       (7) Paragraph (5) of section 168(l) of such Code is 
     amended--
       (A) by striking ``September 10, 2001'' in subparagraph (A) 
     and inserting ``December 31, 2007'', and
       (B) by striking ``January 1, 2005'' in subparagraph (B) and 
     inserting ``January 1, 2009''.
       (8) Subparagraph (D) of section 1400L(b)(2) of such Code is 
     amended by striking ``January 1, 2005'' and inserting 
     ``January 1, 2010''.
       (9) Paragraph (3) of section 1400N(d) of such Code is 
     amended--
       (A) by striking ``September 10, 2001'' in subparagraph (A) 
     and inserting ``December 31, 2007'', and
       (B) by striking ``January 1, 2005'' in subparagraph (B) and 
     inserting ``January 1, 2009''.
       (10) Paragraph (6) of section 1400N(d) of such Code is 
     amended by adding at the end the following new subparagraph:
       ``(E) Exception for bonus depreciation property under 
     section 168(k).--The term `specified Gulf Opportunity Zone 
     extension property' shall not include any property to which 
     section 168(k) applies.''.
       (11) The heading for subsection (k) of section 168 of such 
     Code is amended--
       (A) by striking ``September 10, 2001'' and inserting 
     ``December 31, 2007'', and
       (B) by striking ``January 1, 2005'' and inserting ``January 
     1, 2009''.
       (12) The heading for clause (ii) of section 168(k)(2)(B) of 
     such Code is amended by striking ``pre-january 1, 2005'' and 
     inserting ``pre-january 1, 2009''.
       (d) Effective Date.--The amendments made by this section 
     shall apply to property placed in service after December 31, 
     2007, in taxable years ending after such date.

               TITLE II--HOUSING GSE AND FHA LOAN LIMITS

     SEC. 201. TEMPORARY CONFORMING LOAN LIMIT INCREASE FOR FANNIE 
                   MAE AND FREDDIE MAC.

       (a) Increase of High Cost Areas Limits for Housing GSEs.--
     For mortgages originated during the period beginning on July 
     1, 2007, and ending at the end of December 31, 2008:
       (1) Fannie mae.--With respect to the Federal National 
     Mortgage Association, notwithstanding section 302(b)(2) of 
     the Federal National Mortgage Association Charter Act (12 
     U.S.C. 1717(b)(2)), the limitation on the maximum original 
     principal obligation of a mortgage that may be purchased by 
     the Association shall be the higher of--
       (A) the limitation for 2008 determined under such section 
     302(b)(2) for a residence of the applicable size; or
       (B) 125 percent of the area median price for a residence of 
     the applicable size, but in no case to exceed 175 percent of 
     the limitation for 2008 determined under such section 
     302(b)(2) for a residence of the applicable size.
       (2) Freddie mac.--With respect to the Federal Home Loan 
     Mortgage Corporation, notwithstanding section 305(a)(2) of 
     the Federal Home Loan Mortgage Corporation Act (12 U.S.C. 
     1454(a)(2)), the limitation on the maximum original principal 
     obligation of a mortgage that may be purchased by the 
     Corporation shall be the higher of--
       (A) the limitation determined for 2008 under such section 
     305(a)(2) for a residence of the applicable size; or
       (B) 125 percent of the area median price for a residence of 
     the applicable size, but in no case to exceed 175 percent of 
     the limitation determined for 2008 under such section 
     305(a)(2) for a residence of the applicable size.
       (b) Determination of Limits.--The areas and area median 
     prices used for purposes of the determinations under 
     subsection (a) shall be the areas and area median prices used 
     by the Secretary of Housing and Urban Development in 
     determining the applicable limits under section 202 of this 
     title.
       (c) Rule of Construction.--A mortgage originated during the 
     period referred to in subsection (a) that is eligible for 
     purchase by the Federal National Mortgage Association or the 
     Federal Home Loan Mortgage Corporation pursuant to this 
     section shall be eligible for such purchase for the duration 
     of the term of the mortgage, notwithstanding that such 
     purchase occurs after the expiration of such period.
       (d) Effect on Housing Goals.--Notwithstanding any other 
     provision of law, mortgages

[[Page H786]]

     purchased in accordance with the increased maximum original 
     principal obligation limitations determined pursuant to this 
     section shall not be considered in determining performance 
     with respect to any of the housing goals established under 
     section 1332, 1333, or 1334 of the Housing and Community 
     Development Act of 1992 (12 U.S.C. 4562-4), and shall not be 
     considered in determining compliance with such goals pursuant 
     to section 1336 of such Act (12 U.S.C. 4566) and regulations, 
     orders, or guidelines issued thereunder.
       (e) Sense of Congress.--It is the sense of the Congress 
     that the securitization of mortgages by the Federal National 
     Mortgage Association and the Federal Home Loan Mortgage 
     Corporation plays an important role in providing liquidity to 
     the United States housing markets. Therefore, the Congress 
     encourages the Federal National Mortgage Association and the 
     Federal Home Loan Mortgage Corporation to securitize 
     mortgages acquired under the increased conforming loan limits 
     established in this section, to the extent that such 
     securitizations can be effected in a timely and efficient 
     manner that does not impose additional costs for mortgages 
     originated, purchased, or securitized under the existing 
     limits or interfere with the goal of adding liquidity to the 
     market.

     SEC. 202. TEMPORARY LOAN LIMIT INCREASE FOR FHA.

       (a) Increase of High-Cost Area Limit.--For mortgages for 
     which the mortgagee has issued credit approval for the 
     borrower on or before December 31, 2008, subparagraph (A) of 
     section 203(b)(2) of the National Housing Act (12 U.S.C. 
     1709(b)(2)(A)) shall be considered (except for purposes of 
     section 255(g) of such Act (12 U.S.C. 1715z-20(g))) to 
     require that a mortgage shall involve a principal obligation 
     in an amount that does not exceed the lesser of--
       (1) in the case of a 1-family residence, 125 percent of the 
     median 1-family house price in the area, as determined by the 
     Secretary; and in the case of a 2-, 3-, or 4-family 
     residence, the percentage of such median price that bears the 
     same ratio to such median price as the dollar amount 
     limitation determined for 2008 under section 305(a)(2) of the 
     Federal Home Loan Mortgage Corporation Act (12 U.S.C. 
     1454(a)(2)) for a 2-, 3-, or 4-family residence, 
     respectively, bears to the dollar amount limitation 
     determined for 2008 under such section for a 1-family 
     residence; or
       (2) 175 percent of the dollar amount limitation determined 
     for 2008 under such section 305(a)(2) for a residence of the 
     applicable size (without regard to any authority to increase 
     such limitation with respect to properties located in Alaska, 
     Guam, Hawaii, or the Virgin Islands);

     except that the dollar amount limitation in effect under this 
     subsection for any size residence for any area shall not be 
     less than the greater of (A) the dollar amount limitation in 
     effect under such section 203(b)(2) for the area on October 
     21, 1998; or (B) 65 percent of the dollar amount limitation 
     determined for 2008 under such section 305(a)(2) for a 
     residence of the applicable size. Any reference in this 
     subsection to dollar amount limitations in effect under 
     section 305 (a)(2) of the Federal Home Loan Mortgage 
     Corporation Act means such limitations as in effect without 
     regard to any increase in such limitation pursuant to section 
     201 of this title.
       (b) Discretionary Authority.--If the Secretary of Housing 
     and Urban Development determines that market conditions 
     warrant such an increase, the Secretary may, for the period 
     that begins upon the date of the enactment of this Act and 
     ends at the end of the date specified in subsection (a), 
     increase the maximum dollar amount limitation determined 
     pursuant to subsection (a) with respect to any particular 
     size or sizes of residences, or with respect to residences 
     located in any particular area or areas, to an amount that 
     does not exceed the maximum dollar amount then otherwise in 
     effect pursuant to subsection (a) for such size residence, or 
     for such area (if applicable), by not more than $100,000.
       (c) Publication of Area Median Prices and Loan Limits.--The 
     Secretary of Housing and Urban Development shall publish the 
     median house prices and mortgage principal obligation limits, 
     as revised pursuant to this section, for all areas as soon as 
     practicable, but in no case more than 30 days after the date 
     of the enactment of this Act. With respect to existing areas 
     for which the Secretary has not established area median 
     prices before such date of enactment, the Secretary may rely 
     on existing commercial data in determining area median prices 
     and calculating such revised principal obligation limits.

                    TITLE III--EMERGENCY DESIGNATION

     SEC. 301. EMERGENCY DESIGNATION.

       For purposes of Senate enforcement, all provisions of this 
     Act are designated as emergency requirements and necessary to 
     meet emergency needs pursuant to section 204 of S. Con. Res. 
     21 (110th Congress), the concurrent resolution on the budget 
     for fiscal year 2008.


                      Motion Offered by Mr. Rangel

  Mr. RANGEL. Madam Speaker, I have a motion at the desk.
  The SPEAKER pro tempore. The Clerk will designate the motion.
  The text of the motion is as follows:

       Motion offered by Mr. Rangel:
       Mr. Rangel moves that the House concur in the Senate 
     amendment to H.R. 5140.

  The SPEAKER pro tempore. Pursuant to the order of the House of today, 
the gentleman from New York (Mr. Rangel) and the gentleman from 
Louisiana (Mr. McCrery) each will control 20 minutes.
  The Chair recognizes the gentleman from New York.
  Mr. RANGEL. Madam Speaker, I yield myself such time as I may utilize.
  Madam Speaker, I have asked the nonpartisan Joint Committee on 
Taxation to make available to the public a technical explanation of the 
tax divisions of H.R. 5140. The technical explanation expresses the 
committee's understanding and the legislative intent behind this 
important legislation. This explanation document, JCX-16-08, is 
currently available on the joint committee's Web site.
  Madam Speaker, first and foremost, I want to extend my deep 
appreciation for Speaker Pelosi, for her leadership and commitment to a 
bipartisan spirit, and to the minority leader, Mr. Boehner, for his 
hard work and the cooperation as we move toward this truly critical 
legislation.
  In addition, I want to thank my friend, Hank Paulson, for working to 
broker a compromise between the Congress and an administration that not 
before had indicated the depth of cooperation that the Secretary of the 
Treasury invoked.
  Finally, I would like to thank the Senate leadership for recognizing 
the urgency of this relief and finally getting to work to ensure its 
quick passage today, enabling the House to pass the Senate amendment 
and delivering it to the President's desk.
  I also would like to thank Mr. McCrery, who made it easy for us to 
work with our leadership in the House to cooperate with the 
administration to make certain that our mission to speedily pass the 
stimulus bill was done and sent over to the Senate.
  I also want to point out that they should give us all, in our 
country, and indeed in this House, an opportunity to see that we are 
not sending these hundreds of billions of dollars in rebate dollars to 
the people that need it out of compassion. We are not sending it to 
them because we think it's right that they should put a roof over their 
heads or clothing on their backs or provide food on the table. We are 
doing it because, once again, we want to stimulate the economy, and 
therefore, it means that we want goods and services to be purchased.
  We do this and we support this effort because the economists say it's 
the right thing to do and we do it because these are the people, 
middle-class people, lower income people, hardworking people, disabled 
veterans, we do it because it's the right thing to do. But, Madam 
Speaker, my colleagues in the House, I hope when this recession is 
over, and it will be over, that we'll take a good look at the people 
that we are talking about today, and we should be able to say that 
there is something wrong with this picture and there is something wrong 
when we can find millions of people unable to provide the basic goods 
and services they need and, at the same time, find that those who are 
most affluent are not even disturbed by the recession that we find 
ourselves in today.
  And so we should be pleased that the Congress is doing the right 
thing. But we also should also remember that it is not with a lot of 
dignity and pride that people receive this assistance. They receive it 
because, as the economists and elitists said, they're going to spend 
this money because they have to spend this money.
  Madam Speaker, I reserve the balance of my time.
  Mr. McCRERY. Madam Speaker, I yield myself so much time as I may 
consume.
  I will also begin my remarks by thanking the leadership on both sides 
of the aisle, Speaker Pelosi, Leader Boehner, for their efforts on a 
bipartisan basis to respond in a very efficient and quick manner to the 
needs of the country, the needs of our economy, by putting together and 
supporting a stimulus package that we hope, combined with the efforts 
of the Fed, will indeed avert a recession in this country and will 
contribute to a higher level of economic growth this year than we 
otherwise would have had.
  Their efforts surely should be taken note of by every Member in this 
House, indeed of the Congress, and by people across this country. It 
demonstrates that when we, in this body, want to work together and 
accomplish something for the country, we can do it. And we certainly 
have done it in this piece of legislation.
  It is a compromise, no question about it. There are things that we 
would have

[[Page H787]]

liked to have had in this bill that are not in there. There are things 
that the majority would have liked to have in here that are not in 
here. But the fact that we were able to come together and get this done 
and in this very short amount of time is clearly a victory for the 
American people and I believe a victory for this Congress.
  I also want to thank my colleague, the chairman of the Ways and Means 
Committee, Mr. Rangel. He has really reached out to the minority 
throughout his tenure as chairman, and in this instance, his staff 
worked very closely with the minority staff and with leadership staff 
to put this product together. So I want to thank him for his continued 
gentlemanly conduct of the committee and cooperation with the minority 
when it's possible.
  Madam Speaker, this bill before us today does have a few changes from 
the House bill that passed just a few days ago.
  The changes basically allow Social Security benefits and disabled 
veterans benefits to count as earned income for purposes of satisfying 
the $3,000 requirement for earned income to get the prebates: $300 per 
person, $600 per couple, and even the $300 child credit, if applicable.
  So I think certainly that is an improvement to the bill in the sense 
that we will get more money into the hands of people who will more than 
likely spend that money very quickly and get that money working in the 
economy.
  The Senate also made some changes with respect to making sure that 
illegal immigrants are not able to take advantage of this prebate, 
these checks that are being sent out, and certainly that is a positive 
development.
  Madam Speaker, all in all, I think the product before us this evening 
is an excellent work of the two bodies on a bipartisan basis and, of 
course, with the support of the Bush administration. And I hope that 
all Members in this body will tonight enthusiastically support this 
product and get this to the President for his signature, to the IRS for 
their administration, and get the checks in the hands of people and 
allow businesses to begin to get a bonus depreciation for investment. 
We think that will help speed investment into this year and create 
jobs. And that is the best way to fight an economic downturn is to 
create jobs and get money circulating in the economy with paychecks.
  Madam Speaker, I reserve the balance of my time.
  Mr. RANGEL. Madam Speaker, I yield 3 minutes to my good friend from 
Pennsylvania (Mr. Kanjorski).
  Mr. KANJORSKI. Madam Speaker, I rise today to express my appreciation 
to the House Democratic and the Republican leadership and to our 
colleagues in the Senate for the bipartisan effort that has produced 
timely, targeted, and temporary legislation to stimulate our Nation's 
slowing economy. I am also pleased that the legislation we are about to 
consider ensures that our Nation's senior citizens and disabled 
veterans are not left out of this worthwhile package.
  Because of my concerns that the bill we considered last week did not 
include the low-income seniors and the disabled, I led the effort in 
the House to ensure that those who depend entirely on their Social 
Security checks were included in the final version of this legislation. 
I am very pleased that the Senate agreed and expanded the economic 
stimulus package to provide these Americans with much-needed relief. I 
urge my colleagues in the House to do the same.
  Our Nation's seniors and disabled veterans are facing difficult 
economic times. For years, these men and women have been forced to 
survive on less and less as their costs continue to increase and their 
incomes remain the same. These Americans need cash rebates just as much 
as the individuals originally included in the stimulus package.
  I am also pleased to see that the legislation we are about to vote on 
includes language that would ensure that illegal immigrants do not 
receive cash benefits that should only go to those who rightfully 
deserve it. This language mirrors legislation that I introduced in the 
House today.
  Finally, the bill before us today contains an important provision 
that I helped to craft as the chairman of the Subcommittee of Capital 
Markets, Insurance and Government-Sponsored Enterprises. This reform 
will temporarily increase the conforming loan limits of Fannie Mae and 
Freddie Mac to enhance the liquidity of our mortgage markets. I support 
this short-term change.
  Madam Speaker, once again, I wish to applaud the efforts of both the 
Members of the House and the Members of the Senate in crafting 
legislation that will spur our economy, provide rebates to those that 
need them most, and ensure that those ineligible for Federal benefits 
do not receive them.
  Further, Madam Speaker, I have great pride today that the Congress of 
the United States could bring this most important legislation in this 
very short time in a very bipartisan way, and we should all have that 
pride as we vote on this package today.
  Mr. McCRERY. Madam Speaker, at this time I yield 3 minutes to the 
distinguished ranking member of the Financial Services Committee, the 
gentleman from Alabama (Mr. Bachus).
  Mr. BACHUS. I thank the ranking member.
  First of all, I'd like to commend Chairman Rangel, Chairman Frank, 
the leadership of both the Democratic and Republican leadership, and 
Ranking Member McCrery. I think that what we have here is good 
legislation. I supported it for three reasons when it passed the House.
  Most importantly, and I repeat the words of Ranking Member McCrery, 
we're getting money back in the hands of American citizens. We're 
letting them make the decision on how to spend the money and not this 
Congress. It's a tax cut. It's a tax cut for many low- and middle-
income Americans. I particularly like the tax cuts we've given to 
seniors, to veterans, and the disabled, as the gentleman from 
Pennsylvania pointed out.
  Secondly, the Financial Services Committee tried to address the much 
publicized and very important problems with our housing market by 
increasing liquidity in our housing market for mortgages. There are 
people that are ready to buy houses, there are institutions that are 
ready to loan, but there is a lack of confidence in some of those 
mortgages and in that financing. And I believe the new limits we've 
given the GSEs and FHAs will help that market. We've done it short 
term. We'll revisit it if it needs to be for a longer period of time.
  Third, I believe what is lacking most of all in our economy and our 
country today is a lack of confidence, a lack of optimism.

                              {time}  1845

  There has been a lot of expression of the importance of hope, the 
importance of optimism and confidence. And I believe, at least short 
term, this package will at least say to the American people, we have 
confidence in you. There is need for optimism. And, hopefully, in some 
small way, it will promote optimism and confidence.
  I will say this as I close: until and unless we balance the budget, 
until government begins to spend what it brings in, we're going to have 
problems. Until we address entitlement reform, we're going to have 
problems. This government cannot continue to run deficits. If it does, 
the economy will not, over the long term, recover.
  We have a spending problem in this Congress. We need to recognize 
that. We've recognized in this bill that we spend too much money, that 
instead the people ought to do it. We ought to continue that.
  Madam Speaker, I rise in support of this economic stimulus package.
  The version of the stimulus plan we vote on tonight is very similar 
to the version passed by the House last month. It includes a number of 
changes--including tax relief for seniors, veterans, and the disabled--
that will extend the package's benefits to millions more Americans.
  Madam Speaker, I support this package for three reasons.
  First, it recognizes the basic economic reality that getting money 
back in the hands of people who earned it is the best way to help our 
economy. The tax element of this package has been called a rebate, but 
in essence, it's a tax cut for millions of low- and middle-income 
Americans who need it the most.
  Second, it will help struggling homeowners. It includes several 
provisions designed to address the lack of liquidity in certain 
segments of the mortgage market. It temporarily increases the loan 
limits that apply to mortgages that can be purchased by the housing 
GSEs,

[[Page H788]]

and increases the size of mortgages which the Federal Housing 
Administration can insure.
  Third, quick enactment of this plan will encourage optimism among 
Americans concerned about the economy. Madam Speaker, hope has been 
mentioned very often in this Presidential campaign. Tonight we should 
send a message to the American people that our economy is strong. There 
are businesses that are ready to hire, ready to invest, ready to buy 
new technology. There is a legitimate reason for optimism today, and we 
should promote that optimism. This package, I believe, will contribute 
to that optimism and that hope.
  Madam Speaker, let me conclude by commending President Bush, Chairman 
Frank, Chairman Rangel, Ranking Member McCrery, and the Republican and 
Democratic leadership of this House for coming together so quickly to 
assemble this stimulus package. I urge all my colleagues to support it.
  Mr. RANGEL. Madam Speaker, I would like to recognize the chairman of 
the Finance Committee who, under the leadership of our Speaker, 
provided the guidance to all of us in the committee to be ready for 
this occasion if, in fact, we had to. We do have to, we were ready, and 
I'm proud to be his colleague, Mr. Frank, for 3 minutes.
  Mr. FRANK of Massachusetts. I begin, appropriate to this bill, on a 
note of bipartisanship. My counterpart on the Financial Services 
Committee said we must reduce spending, and I agree. And we will have a 
chance this year to reduce the most wasteful drain on our economy 
imaginable, the war in Iraq, $100 billion a year, far more than the 
excess in any other program. So I hope the American people this year 
will heed his view and we will put in place a policy that will save us 
$1 trillion over the next 10 years if the wishes of some to stay in 
Iraq are maintained.
  Secondly, let me reinforce what the chairman said. It was in late 
November of last year that Speaker Pelosi urged us to begin thinking 
about the economy and called together a group of economists, labor 
leaders, and business leaders. And she took the lead and more than 
anyone else is responsible for the fact that we are confounding the 
cynics by acting so quickly and responsibly today.
  Lastly, on the housing piece. What we have is a private housing 
market that has gotten itself into a terrible jam. And part of this 
bill is to use public and quasi-public entities, entities created by 
the Federal Government, to go to the aid of the private market. The 
private market has stopped making loans for houses above a certain 
level because of, as my friend from Alabama said, a lack of confidence. 
What we do today is to empower the Federal agency, the FHA, to help 
untangle that with a higher loan limit. And those two creations of the 
Congress, quasi-public/private Fannie Mae and Freddie Mac, we here 
today send the public sector to the rescue of a mortgage market at the 
upper end that can't function on its own.
  But let me say this: there has been an argument that we should not 
have done that without further structural reform in those two entities. 
I have agreed to those limits and, in fact, pushed for them being 
raised now because we're in an economic crisis and we need a short-term 
response.
  But I am committed, and I know my friend from Alabama joins me in 
this, we will not agree to any further extension of those loan limits 
after the expiration date of December of this year unless we are able 
to accompany them with structural reform. And let me say, I see my 
friend nodding, that's our commitment.
  So we are committed. And the chairman of the Senate Banking Committee 
and I and Members are now talking about the FHA bill. We will not, and 
let me give this commitment, we will not bring out of our committee an 
increase in the time at which the jumbo loans can be paid for until we 
have comprehensive reform.
  Given that, we have here a reasonable package. We get money out, 
thanks to the Speaker's insistence on this bipartisan framework, to 
precisely the people who will spend it, which is what we need now. And 
we send the FHA and Fannie and Freddie in a responsible way to the aid 
of the private market because private sector-public sector cooperation 
is the foundation of our economy.
  Mr. McCRERY. Madam Speaker, I yield 2 minutes to the distinguished 
ranking member of the Tax Subcommittee of the Ways and Means Committee, 
the gentleman from Pennsylvania (Mr. English).
  Mr. ENGLISH of Pennsylvania. Madam Speaker, tonight the House has an 
opportunity to give American working families and employers the shot in 
the arm they need to weather this growing economic storm.
  The heart of this bipartisan plan focuses on putting more demand into 
a flagging economy, more money back into the hands of America's 
hardworking middle-class families. Through tax rebates and a bump in 
the child tax credit, this agreement will quickly inject a cash 
infusion into the economy to assist families with skyrocketing food, 
services, and energy costs.
  Importantly, this legislation will go a step further than the 
original compact and ensure that veterans and seniors receive 
additional financial support to boost their buying power. All of that 
is positive. And as we've already heard, the housing provisions to 
increase limits on loans backed on by the FHA and GSEs will, without a 
doubt, give relief to families facing financial pressure from the 
subprime mortgage crisis.
  Finally, and importantly, by rewarding businesses for making critical 
capital investments here onshore, we will expand investment, create new 
jobs, improve the competitiveness of the American economy, and put an 
immediate infusion of liquidity into the economy.
  Madam Speaker, in my view, this is precisely the right tonic at the 
right time. This should be a start, not the last word. We should be 
moving forward with regulatory reform and, above all, let me note to 
the people on the other side of the aisle, a budget this year without a 
large tax increase looming in the future.
  But short of that, this is a good starting place. And I urge my 
colleagues to vote for working families, vote for jobs, and vote, above 
all, for a growing economy.
  Mr. RANGEL. Madam Speaker, I am certain that all of us feel the same 
sense of pride in that Speaker Pelosi has responded to a national need, 
and not only did it by reaching out to the minority leader, but created 
an atmosphere in this House of Representatives so that we all could 
respect our dignity and the differences that we have with the other 
body.
  Our staffs, our committee has worked together in such a way that at 
the end of the day we knew that we would be able to say that it was the 
House of Representatives that sent the bill over there.
  And so I would like to yield 1 minute to our distinguished Speaker, 
Nancy Pelosi.
  Ms. PELOSI. I thank the gentleman for his kind words and his 
extraordinary leadership, which made it possible for us to come to the 
floor with this bipartisan historic legislation tonight. Thank you, Mr. 
Rangel, for your leadership. And thank you, Mr. McCrery, for yours. 
It's quite an evening when we can come together in a bipartisan way for 
legislation that helps the middle class, helps those aspire to the 
middle class, gives incentives to businesses to create jobs to 
stimulate our economy. I thank you for that.
  I acknowledge the leadership of Chairman Barney Frank, chairman of 
the Financial Services Committee, for his leadership, along with 
Ranking Member Bachus for his, because those who are concerned about, 
and that is all of us, the subprime crisis can see some relief in this 
legislation because of their leadership.
  I want to acknowledge another member of the Financial Services 
Committee, Mr. Kanjorski, and salute him for his leadership dropping 
the bill even before we took this up this evening for seniors and 
disabled veterans to be getting the recovery rebates as well, as well 
as clarification of language regarding undocumented persons in our 
country getting that benefit. Thank you, Mr. Kanjorski, for your 
leadership.
  Before I go on too long, I must salute Leader Boehner. It was a 
privilege to work with him on this. And Mr. Hoyer and I shared a view 
of our caucus. We came with consensus to the table. None of us got 
everything we wanted in the legislation, but we did get a great deal 
for the American people. We did so in a manner that was timely. We were 
acting in record time, targeted on the

[[Page H789]]

middle class and those who aspire to it, targeted to businesses, tax 
incentives to businesses to create jobs, and temporary. So these 
resources and these tax incentives will be used and spent in a way that 
will have an impact in the economy.
  I also want to salute Secretary Paulson for his persistence and his 
leadership and his receptivity, shall we say, and responsiveness to 
some of the values that the Democrats were putting on the table 
regarding those who have not participated in receiving a recovery 
rebate before, but do so in this bill.
  This was across the aisle, but it is also across the Capitol. We 
worked it out in record time, again, with Leader Reid and the 
Republican leader, Mitch McConnell, on the Senate side, so that tonight 
we could bring this bill to the floor.
  It was only about 2\1/2\ weeks ago that leadership was on the 
telephone with the President of the United States. He had just returned 
from his trip to the Middle East. And we talked about what every 
homemaker in America has known for a long time, that our economy is 
going into a downturn. We wanted to prevent it from being more of a 
downturn, and a stimulus was needed.
  We had heard from Chairman Bernanke about the state of the economy 
and that a stimulus was needed and that it should have certain features 
of being timely, targeted, and temporary. And the President, on that 
phone call, agreed that we should go forward with a stimulus package in 
record time. The House put it together and sent it over to the Senate. 
And I'm very, very proud of that.
  If I boast of it, it's because it's highly unusual that we can 
respond in such record time. But we did so because it was urgent for 
the American people. So often they listen in on the debate on the floor 
of the House which seems irrelevant to their lives. This is very 
relevant to their lives because there are many firsts in here.
  For the first time, those who don't make over a certain income are 
able to participate in the recovery rebates and the child tax credit. 
In fact, more than 40 million Americans, 40 million families will be 
receiving those rebates and tax credits who had never received a rebate 
or a tax refundable child tax credit before. That's just astounding.
  It was different from the bill the President originally proposed 
because his proposal did not have a cap, so some of the wealthiest 
people in America could get this rebate. Instead, we said, God bless 
them for their success. We need to put this money in the pockets of 
those who are living paycheck to paycheck, who are finding it hard or 
struggling to make ends meet with the price of gasoline, the price of 
groceries, the price of health care, the price of education, anything 
that you can name, that costs were going up and the purchasing power of 
their income was not.
  And so we believe that the stimulus, the way it is targeted, will put 
money in the hands of those who will spend it immediately, injecting 
demand into the economy and therefore creating jobs, the impact that we 
want the stimulus to have. Same thing with the small business 
incentives.
  One of the reasons we were able to move so quickly is because we were 
ready. We were ready. The reason we were ready with the child tax 
credit is because Congresswoman DeLauro has worked on this issue for 
her lifetime in Congress. And of course as chairman of the committee, 
Mr. Rangel has had this as a high priority. So it wasn't something that 
we had to go create. It's something that we had in our minds and in our 
hearts to do for a long time.
  The tax credits, the incentives for small businesses have been a part 
of the bipartisan support we have in the House for an innovation agenda 
so that small businesses and medium-size businesses can take advantage 
in a short period of time of this incentive that they have to invest 
and to purchase equipment and the rest. Again, for job creation, good-
paying jobs here in America.
  We were ready because the Financial Services Committee, under the 
leadership of Mr. Barney Frank and Ranking Member Bachus, had already 
passed these bills on the floor of the House. Not everything in the 
bill is included in this stimulus, but these bills have passed the 
House and had been sent over to the Senate. Certain features are 
contained in this bill so that there is some relief for the subprime 
crisis.
  The list goes on and on. But we had our priorities; they have been 
our priorities for a while. They are particularly essential now in the 
time of a need of stimulus. So when the time came and the President 
said he would sign such a bill, we were ready with our priorities.
  We fought it out. It wasn't an easy fight, but we knew we had to do 
it in the shortest period of time. And it wasn't easy. And there were 
some things that I said to the President on the phone when he 
congratulated us for going forward that I would have liked to have seen 
in the bill, like unemployment insurance and LIHEAP and food stamps and 
the rest. But we will take care of those issues in due course. Every 
bill cannot accomplish every goal that we have.
  I want to identify myself with the comments that Mr. Bachus made. 
This is a fiscally sound bill. There were those who wanted to make it 
larger with elements that were not necessarily stimulus that we 
resisted, excellent ideas. They should be revisited in another piece of 
legislation for another day.

                              {time}  1900

  But we had been cautioned over and over, and we have cautioned each 
other. And whatever we did in stimulus, even though it would not have 
to conform with PAYGO, strictly speaking, that it would not be so 
overloaded that it would be a deterrent to recovery because we would be 
taking our country more deeply in debt than was justified by our 
stimulus package for recovery.
  So, because of all of this cooperation, hopefully, it will serve as a 
model. I again want to commend Secretary Paulson for his perseverance 
and his leadership. And we look forward to soon, in a few days, 
perhaps, the President of the United States signing this bill. But the 
Secretary has assured us that with the passage of this bill tonight, 
even before the Presidential signature, the word will go to the IRS to 
begin the process of getting these checks out to the families.
  So I think every Member of this body should take great pride in the 
bipartisanship of it, in the focus of it, the discipline of it, and 
what it means: that it is relevant to the lives of the American people. 
A typical middle-income family, a family of four with two children, 
will get $1,800. Eighteen hundred dollars. I think that that is 
impressive. And families making less than that, other families, 
depending on the number of their children, will get a sizable check in 
the mail.
  This says to them we respect your contribution to our country, to our 
economy, to our society, and, even if you don't make a lot of money and 
pay income tax, that your contribution to our economy is recognized and 
acknowledging the FICA tax that you pay. And that's why once more I 
will reiterate that 40 million American families will participate in 
the recovery rebates to the tune of about $28 billion infused into our 
economy through their hands.
  This is a new direction. I urge my colleagues to support it and am 
proud to be associated with it. And I thank all for their leadership in 
making it possible this evening.
  Mr. McCRERY. Madam Speaker, I yield 2 minutes to the distinguished 
gentleman from California (Mr. Campbell).
  Mr. CAMPBELL of California. I thank my friend from Louisiana for 
yielding.
  Madam Speaker, I hope that my colleagues on both sides of the aisle 
will vote against this bill tonight. I hope you will vote against it 
because it's too late. The most important quarters are this quarter and 
next quarter, and the vast majority of this won't even take effect 
until after or at the end of the next quarter. I hope you will vote 
against it, because it may be political stimulus, but it is the wrong 
economic stimulus. We are in this problem because of a credit crunch 
leading to a capital crunch because, arguably, Americans bought, 
borrowed, and spent too much, and we are going to ask them to spend 
more.
  I hope you will oppose it because it is wealth redistribution. People 
who pay

[[Page H790]]

over 50 percent of the taxes in this country will get nothing, and 
roughly 30 percent of the benefit of this will go to people who pay no 
taxes at all.
  I hope you will vote against this and oppose it because illegal 
aliens will get this in spite of the new language put in the bill. You 
see, we have lots of laws that say it is illegal for people to be here 
and do what they do anyway. The problem is we don't enforce those, and 
we can't enforce what is in here either. It will be another 
unenforceable law.
  I hope you will oppose it because of the potential for fraud. When 
you give money for nothing, there is an ability for fraud. The GAO 
estimates that roughly one-third of all the earned income tax credits 
paid out are fraudulent. It will be the same here.
  I hope you will oppose it because it encourages spending when what we 
need as a society is more saving and investment.
  But if none of that mattered, if none of that mattered to you at all, 
I hope you will oppose it because it nearly doubles the deficit for 
this year. After 3 years of declining deficits, we're going to begin 
the other way. We are going to nearly double that deficit.
  Buy a flat screen TV and save America. It's not a good policy. I urge 
you to vote ``no.''
  Mr. RANGEL. Madam Speaker, I would like to yield 2 minutes to the 
distinguished gentlewoman from Texas (Ms. Jackson-Lee).
  (Ms. JACKSON-LEE of Texas asked and was given permission to revise 
and extend her remarks.)
  Ms. JACKSON-LEE of Texas. Madam Speaker, I thank the distinguished 
chairman, Mr. Rangel; and to Mr. Kanjorski; the whole team; and our 
most forthright and determined Speaker and this bipartisan leadership 
that has responded to the pain and the hurt of so many Americans.
  Some would ask the question why are we moving so fast and why are we 
investing in people who are those who would receive dollars who happen 
to be low income. Because people are hurting. So I'm glad that we have 
these values that have created this vehicle to help America and that we 
are including help and rebates for the elderly. We are including moneys 
for 35 million families who work but yet make too little to pay income 
tax in the way that you think of them paying, but they do pay taxes. 
They will get a rebate. Disabled veterans will get a rebate.
  But I look forward to the time when we can extend the unemployment, 
we can expand food stamps and Medicaid only because people are hurting. 
Why are they hurting? Because we are spending $120 billion in Iraq. For 
the gentleman who just spoke, if we stop doing that, we will be able to 
provide for the engine of the economy.
  Why do we need it? Because in this budget right here that the 
President has offered, $39 million will be taken away in social 
services block grants from Texans and millions of dollars for the rest 
of Americans. Why are we hurting? Because $47 million will be taken 
away from Texans as it relates to community block grants. And 200 
communities will be impacted. More people hurting.
  This is the right direction. This economic stimulus package is quick. 
It gives back to families. It gives back to hardworking families. It 
gives back to moderate- and low-income families. And it says that 
Warren Buffet is right. Give money to hardworking Americans so that 
they can make a difference. Give money to invest in communities so we 
can build up the economic economy.
  And, lastly, let me say thank you so very much for the increase in 
the FHA loans of $729,000.
  People are hurting, and we need to be able to provide for those 
people who are hurting. A moratorium on foreclosures is necessary. 
Support the economic stimulus.
  Madam Speaker, I rise today in support of the Senate Amendments to 
the Recovery Rebates and Economic Stimulus for the American People Act. 
I would like to thank Speaker Pelosi for her leadership on this issue, 
as well as my colleagues on both sides of the aisle who have worked 
together to overcome partisan divisions to work together to stimulate 
our national economy. This legislation will inject over $106 billion 
into the economy in 2008, over 2/3 of which will come in the form of 
tax rebate checks, given directly to individuals and families. I also 
want to thank the Senate for their amendments which extend the stimulus 
rebate checks to 250,000 disabled veterans and at least 20 million 
additional American seniors living on Social Security.
  However, while I support this legislation, I would like to express my 
concern about some of this bill's omissions. requested and had hoped 
that this legislation would include language declaring that it is the 
sense of Congress that a moratorium of up to 90 days should be declared 
on all home foreclosures, and that it is the sense of Congress that the 
financial industry should allow for the reconstruction and 
reconfiguration of the mortgage loan market.
  Madam Speaker, I would have liked to see the following language 
included in the final legislation, agreed on by both Houses and signed 
into law by the President:
  (i) It is the sense of Congress that a moratorium of up to 90 days 
should be declared on all home foreclosures.
  (ii) It is the sense of Congress that the financial industry should 
allow for the reconstruction and reconfiguration of the mortgage loan 
market.
  It was my sincere hope, shared by many economists, that a temporary 
economic adjustment period including a cap on adjustable mortgage rates 
would provide relief for millions of Americans, and that this added 
time would give them time to look for other resources. By delaying 
foreclosure, Congress would have declared that millions of Americans 
deserve to make their payments, or to get their loans restructured 
before they lose their homes. Those who can keep paying would continue 
putting money back into our economy. Madam Speaker, we must act now to 
prevent what could be a disaster for millions of Americans.
  There are a number of additional proposals that I would have liked to 
see included in the final Economic Stimulus package. I believe it 
should have included a summer job program, aimed at helping our 
nation's youth gain the crucial work experience and job skills that 
will allow them to be competitive in today's increasingly difficult 
employment market. By working to Provide Americans with the skills they 
need to successfully secure and keep employment, we can not only help 
both adults and youth to develop their careers and to support 
themselves and their families, but we can bolster the whole economy by 
combating poverty and unemployment.

  I would also like to see the extension and expansion of several 
existent programs which are already doing important work toward helping 
Americans such as unemployment benefits. Under the strain of current 
financial circumstances, I believe that we must bolster these important 
programs, especially for hard working Americans who have lost their 
jobs. Madam Speaker, I call for the expansion of food stamps and 
Medicaid programs, and for the extension of unemployment benefits.
  Given the current economic climate, I believe that is our 
responsibility, as the leaders of our nation, to do all in our power to 
ensure that the most vulnerable populations are protected. That is why 
I am particularly pleased to support the Senate amendments extending 
benefits to disabled veterans who risked their lives to protect the 
freedoms we cherish and seniors who spent decades of their lives 
contributing to our economy.
  Madam Speaker, now is the time for innovative leadership and 
concerted action. Recent data shows economic growth is slowing, and 
many economic analysts predict a 50% chance of recession. According to 
the Bureau of Labor Statistics, unemployment rose from 4.7% to 5.0% in 
November 2007 alone. This data, coupled with a struggling housing 
market and overall slowing economic growth, has caused a ``credit 
crunch'' that has reduced available funding and has caused rising 
prices for housing and food.
  Over the past year, we have seen a crisis in subprime mortgage 
lending, which has threatened the stability of the housing market and 
the livelihoods of large numbers of Americans. During the third quarter 
of 2007, the nation's home foreclosures doubled from the previous year. 
This Democratic Congress is committed to strengthening the housing 
market and stabilizing the economy, and we have passed important 
legislation to address this crisis.
  Because of the lack of regulation by the federal government, many 
housing loans were accompanied by fraud, predatory lending, inadequate 
information and other failures of responsible marketing. With 
exceptionally high (and rising) foreclosure rates across the country, 
homeowners all over America are losing their homes. Homeowners are 
surprised to find out that their monthly payments are spiking and they 
are struggling to make these increasingly high payments.
  The sub-prime mortgage crisis has impacted families and communities 
across the country. Home foreclosure filings rose to 1.2 million in 
2006--a 42 percent jump--due to rising mortgage bills and a slowing 
housing market. Nationally, as many as 2.4 million sub-prime borrowers 
have either lost their homes or could lose them in the next few years.

[[Page H791]]

  In my home state of Texas, citizens are feeling the impact of the 
looming financial crisis. In November 2007 alone, there were 11,599 
foreclosure filings in Texas. According to the Center for Responsible 
Lending, in Harris County alone 11,944 homes were lost from 2005-2006 
through foreclosure on sub prime loans. During the same time period, 
the average home decreased $1,355 in total value.

  Madam Speaker, I firmly believe that this agreement should include a 
moratorium on foreclosures of at least 90 days on owner-occupied homes 
with subprime mortgages. Any agreement should also include a rate 
freeze on adjustable mortgages of at least five years or until the loan 
is converted into a fixed-rate mortgage. The freeze on foreclosures 
would give the housing market time to stabilize and homeowners time to 
build equity. It is critical that we address this crisis. The Bush 
administration and the mortgage industry must reach an agreement that 
matches the scale of the problem. The U.S. Treasury Department has been 
pushing the mortgage industry to agree to temporarily freeze interest 
rates for some borrowers who took out loans with low teaser rates that 
will soon be resetting much higher.
  Madam Speaker, it is imperative that we address the serious 
underlying housing issues faced by our nation. 17 million households, 
or one in seven, spend more than 50% of their income on housing. On any 
given night, approximately 750,000 men, women, and children are 
homeless. Constructing more affordable housing is necessary to help 
families who have lost their homes in the subprime mortgage crisis or 
due to a family financial crisis, such as illness or job loss. In my 
home district in Houston, homelessness remains a significant problem. 
Houston's homeless population increased to approximately 14,000 in 
2005, before Hurricanes Katrina and Rita, and hurricane evacuees 
remaining in the Houston area could result in the homeless population 
increasing by some 23,000. Approximately 28% of homeless Americans are 
veterans.
  In August, I, in coordination with the Texas Department of Housing 
and Community Affairs, hosted a workshop on the introductory concepts 
and considerations in applying for Housing Tax Credits in Texas. This 
workshop was designed to create new incentives for developers to expand 
business opportunities in housing development, as well as to generate a 
significant increase in the availability of low-income and affordable 
housing for the residents of Houston and Harris County. I believe that 
an increase in affordable housing and job opportunities will help 
reduce the high rates of homelessness among Houston residents.
  Madam Speaker, today's economic stimulus legislation will make 
important strides towards helping hardworking Americans who are 
struggling with the high costs of gas, health care, and groceries. By 
putting several hundred dollars directly into the hands of over 130 
million American families, this legislation will make important strides 
toward invigorating our economy, giving money to those who will quickly 
spend it, reinvesting this money in the American economy.
  This bill provides broad-based relief for individuals and families, 
valued at approximately $115 billion over 10 years. The packages 
include tax cuts for 130 million families, providing up to $600 per 
individual, $1,200 per married couple, and an additional $300 per 
child. On top of these recovery rebate checks, which could be sent as 
early as mid-May, this legislation will provide unprecedented tax 
relief for working families, with $32 billion in tax relief for 35 
million families who work but make too little to pay income taxes, who 
would therefore otherwise not be included in this recovery effort. It 
is targeted to reach those who need the relief the most: of these 35 
million working families, over 19 million are families with children. I 
support provisions in this legislation providing tax relief to middle-
income Americans, as well as those aspiring to the middle class, 
leaving out the wealthiest taxpayers. Nearly $50 billion of the rebate 
will go to those making less than $50,000.
  Madam Speaker, family incomes and home prices are down, even as the 
costs of health care, energy, food, and education are on the rise. 
Combined with the jump in mortgage foreclosures, the American economy 
is struggling, with American families falling behind on their bills and 
consumer confidence hitting a five year low.
  This bill also contains some provisions to help families avoid 
foreclosure. It increases affordable refinancing opportunities and 
liquidity in the housing market, increasing the Federal Housing 
Administration loan limits to $729,750 for 2008. This will expand 
affordable mortgage loan opportunities for families at risk of 
foreclosure. Further, it includes a one-year increase in loan limits 
for single family homes from Fannie Mae and Freddie Mac, enhancing 
credit availability in the mortgage market.
  While this legislation includes provisions intended to provide a 
short-term ``fix'' to many of the economic difficulties our economy is 
currently facing, I do not believe that it addresses the long-term 
needs of our Nation. While short-term response is critical, we must not 
neglect infrastructure, energy independence, and innovation needs, 
without which we will not be able to establish a vibrant U.S. economy. 
I look forward to working with House leadership, and with my fellow 
Members on both sides of the aisle, to look to the future, and to build 
innovative and long-term solutions to the underlying problems our 
economy faces.
  Madam Speaker, this legislation is not perfect, but I believe it is 
an important step. I continue to advocate for a 90-day moratorium on 
home foreclosures to give financially troubled borrowers time to work 
with lenders and avoid losing their homes. I also believe we, together, 
must address the underlying infrastructure problems plaguing our 
economy. However, I do believe today's legislation will provide 
important benefits to millions of Americans, to the entire economy, and 
to our Nation as a whole. I urge my colleagues to join me in support of 
this legislation.
  Mr. McCRERY. Madam Speaker, I yield 2 minutes to the distinguished 
ranking member of the Trade Subcommittee of the Ways and Means 
Committee, the gentleman from California (Mr. Herger).
  Mr. HERGER. Madam Speaker, I wish I could share the enthusiasm of my 
colleagues about tonight's bill. I truly do. But right now Americans 
need to know their jobs will be around tomorrow. Regrettably, this 
evening's bill doesn't have much in the way of tax relief to spur job 
creation and should have gone much further.
  What concerns me more is the expanded redistribution of money through 
tax rebates that will, I believe, have next to zero positive effect on 
our economy in the short or long term. And, unfortunately, at more than 
$100 billion, it can hardly be called ``free money.'' In Congress's 
hurry to act in reaction to negative economic news, we have truly 
missed a golden opportunity to enact lasting, pro-growth tax relief. 
Such relief would benefit all Americans, create new jobs, and drive 
economic prosperity.
  I support tonight's legislation, but I believe we can and must do 
more as a Congress to foster economic growth.
  Mr. RANGEL. Madam Speaker, I would like to yield to the gentleman 
from Indiana (Mr. Donnelly) for 2 minutes, who last week introduced 
H.R. 5172 to assure that 127 million Americans, senior Americans, 
receive this relief.
  Mr. DONNELLY. I thank the chairman for yielding.
  Madam Speaker, I rise tonight to commend the House and the Senate for 
working together to put together this economic stimulus package and to 
do it so quickly. This bipartisan package will spark our economy by 
providing millions of working families, including seniors and disabled 
veterans, with targeted tax relief.
  I am especially proud that this broad-based package also includes 
language from my bill, H.R. 5172, the Immediate Financial Assistance 
for America's Seniors Act. This provision ensures that nearly 20 
million low-income seniors, many who rely heavily on Social Security, 
will receive much-needed tax relief. These retired seniors have worked 
hard all of their lives. They have paid taxes and they deserve this 
support.
  Again, I commend the House and Senate for all this work.
  Mr. McCRERY. Madam Speaker, I yield 2 minutes to the distinguished 
gentlewoman from Illinois (Mrs. Biggert).
  Mrs. BIGGERT. I thank the gentleman for yielding.
  Madam Speaker, I rise in support of this bill, which will boost 
economic activity and help strengthen the American housing market. I am 
pleased that the House and Senate leaders from both sides of the aisle 
have been able to reach agreement on a well-balanced compromise. I also 
applaud our colleagues in the Senate for resisting pressure from those 
who would delay this package with inappropriate changes and unnecessary 
spending.
  Hardworking Americans are finding it more and more difficult to 
provide for their families, and this bill will help to relieve some of 
the financial strain. And because it is a clean and targeted package, 
this bill will provide the greater economy with a much-needed jolt of 
consumer activity.
  As a member of the Financial Services Committee, I especially 
appreciate that the Senate preserved the House-passed provisions to 
increase conforming loan limits for the FHA- and

[[Page H792]]

GSE-backed home mortgages. This is a critical change that will help 
invigorate the housing market and enable prospective homeowners in 
higher priced markets like Chicago to take advantage of these prime 
mortgage products.
  I think this bill is a testimony of what can be accomplished in 
Washington when Congress and the administration set aside the partisan 
rhetoric and work together.
  And I want to urge my colleagues to turn next to comprehensive FHA 
reform. I think it's great that Chairman Frank has committed to Ranking 
Member Bachus that we will be working on the FHA reform. So we took the 
first steps today by increasing the conforming loan limits, but to 
truly restore the housing sector, we need to give more consumers an 
alternative to subprime and predatory products. The FHA can provide 
that alternative but not until the House and Senate conference their 
respective FHA reform bills. So by sending this legislation to the 
President, we can help hundreds of thousands of families facing 
foreclosure qualify for prime rate refinancing so they can keep their 
homes.
  Again, I applaud the bill before us as a truly good step toward 
restoring vigorous economic growth, and I look forward to working with 
my colleagues on legislation to address our long-term economic 
challenges.
  Mr. RANGEL. Madam Speaker, I would like to yield 1 minute to the 
gentleman from Minnesota (Mr. Walz).
  Mr. WALZ of Minnesota. Thank you, Mr. Chairman and ranking member. I 
thank you for your pragmatism. I thank you for your vision and your 
willingness to get this done, understanding that the situation in our 
economy is one, as I heard Speaker Pelosi say, where most Americans 
knew far before we did that this was trouble.
  Madam Speaker, I keep hearing people say that the economy was fine. 
Saying it doesn't make it so. We know that in the last 7 years, the 
policies we have seen have created the lowest job growth since the 
Great Depression. We have seen real wages drop by $2,500.
  The American people needed something, and this is a good bipartisan 
piece of legislation, bringing them together to try to address those 
facts that they understood long before we did. And I think it sets the 
stage and shows the American public we can get along, we can move 
things, and we can make a positive difference. And this is a great 
first step.
  With that, I urge my colleagues to support this good, timely piece of 
legislation.
  Mr. McCRERY. Madam Speaker, I reserve the balance of my time.
  Mr. RANGEL. Madam Speaker, I yield to the distinguished gentleman 
from Georgia (Mr. Scott) for 1 minute.
  Mr. SCOTT of Georgia. Madam Speaker, it is indeed a pleasure to stand 
before the House and to thank the distinguished chairman of our Ways 
and Means Committee for doing a yeoman's job on a very difficult issue, 
in bringing both parties together, in bringing both Chambers together, 
and responding in a timely way to help the American people who are 
struggling to make ends meet.
  There are some who say we're not in a recession, but I can tell you 
this from my constituency and others all across this country, a 
recession is upon us. And in some areas with high unemployment, it 
borders on a depression.
  So this is much needed. It comes in a timely manner. We are putting 
money into the hands of those who will spend it the quickest, and that 
means the moderate and lower income individuals. And at the same time, 
I am proud as a member of the Financial Services Committee to have 
played a small role in helping this move forward, especially in 
expanding the limits of Fannie Mae and Freddie Mac and our FHA loan 
extensions.

                              {time}  1915

  Madam Speaker, I thank again the gentleman from New York.
  Mr. McCRERY. Madam Speaker, it is a pleasure to recognize for closing 
on our side the distinguished minority leader, the gentleman from Ohio 
(Mr. Boehner), who clearly was instrumental in getting this product 
developed through the floor and through the process. He has been lauded 
by a number of our colleagues here tonight, and rightfully so. So I am 
very pleased at this time to yield the balance of my time to Mr. 
Boehner.
  Mr. BOEHNER. Madam Speaker, let me thank my colleague for his very 
nice words and thank my colleagues on both sides of the aisle who have 
worked diligently to get this bill passed.
  This economic growth package is an important victory for middle-class 
American families and small businesses. With the rising costs of 
energy, health care, college, housing and taxes, we put a real strain 
on the family budget. But the American people want us to work together 
to provide solutions to these problems. And I think this bill begins to 
move us in the right direction.
  The bipartisan measure will help our economy get moving in the 
quickest and most effective way possible. It puts money back in the 
hands of middle-class American families. It will give businesses 
incentives to create new jobs and help grow our economy. And I think 
the package we have before us also clearly is a genuine compromise. 
Republicans gave a little, Democrats gave a little, the House gave a 
little, and the Senate gave a little. But perhaps most importantly, it 
is simple and it is straightforward. And it does not increase taxes or 
increase unrelated spending. In other words, it will empower 
individuals, not the Federal Government, to help grow our economy.
  With this short-term growth package behind us, I think it is now 
critical that we focus on the longer term economic future of our 
country. I think that raising taxes in this environment would be the 
worst thing that we could do. I think that we need to begin to focus on 
how we make the tax cuts that we put in place earlier this year, 
earlier this decade, how we make them permanent. What do we do about 
the corporate tax rate that is driving American businesses out of the 
U.S.? We need to have a corporate tax rate that helps keep American 
businesses here. There is one thing that we really can do to help 
ourselves, and that is really to put our arms around spending, 
especially wasteful spending, and put a stop to it. We have got to get 
our fiscal house in order.
  Many Americans, I think correctly, believe that Washington is broken. 
And I am here tonight to say that Washington does have its share of 
problems. And I am hopeful that this agreement we have been able to 
come to will help us on a path that shows the American people that we 
understand the problems that we have here in Washington and that we 
can, in fact, work together to solve the problems the American people 
sent us here to solve.
  I couldn't finish this without also saying something very nice about 
our Speaker. Over the course of last year, the Speaker and I didn't 
have a policy conversation. I can tell you that we have had about 25 
over the last several weeks. And for the health of our institution, I 
think it is good to come together and find common ground where we can. 
And I am glad that we were able to find common ground on this economic 
growth package, and I am hopeful that we will continue to try to find 
places where we can work together to solve problems that the American 
people expect us to solve.
  Mr. RANGEL. Madam Speaker, I cannot think of any higher way of 
expressing the hopeful bipartisanship in the House of Representatives 
than expressed by my friend, Minority Leader Boehner.


                             General Leave

  Mr. RANGEL. Madam Speaker, I ask unanimous consent that all Members 
may have 5 legislative days in which to revise and extend their remarks 
and include extraneous material on H.R. 5140.
  The SPEAKER pro tempore. Is there objection to the request of the 
gentleman from New York?
  There was no objection.
  Mr. RANGEL. Madam Speaker, I ask for an ``aye'' vote on this piece of 
legislation before the House, and I yield back the balance of my time.
  The SPEAKER pro tempore. All time for debate has expired.
  Pursuant to the order of the House of today, the previous question is 
ordered.
  The question is on the motion offered by the gentleman from New York 
(Mr. Rangel).
  The question was taken; and the Speaker pro tempore announced that 
the ayes appeared to have it.
  Mr. RANGEL. Madam Speaker, on that I demand the yeas and nays.

[[Page H793]]

  The yeas and nays were ordered.
  The vote was taken by electronic device, and there were--yeas 380, 
nays 34, not voting 16, as follows:

                             [Roll No. 42]

                               YEAS--380

     Abercrombie
     Ackerman
     Aderholt
     Akin
     Alexander
     Allen
     Altmire
     Andrews
     Arcuri
     Baca
     Bachmann
     Bachus
     Baldwin
     Barrett (SC)
     Barrow
     Bartlett (MD)
     Barton (TX)
     Bean
     Becerra
     Berkley
     Berman
     Biggert
     Bilbray
     Bilirakis
     Bishop (GA)
     Bishop (NY)
     Bishop (UT)
     Blackburn
     Blumenauer
     Blunt
     Boehner
     Bonner
     Bono Mack
     Boozman
     Boren
     Boswell
     Boustany
     Boyda (KS)
     Brady (PA)
     Brady (TX)
     Braley (IA)
     Brown (SC)
     Brown, Corrine
     Brown-Waite, Ginny
     Buchanan
     Burton (IN)
     Butterfield
     Buyer
     Calvert
     Camp (MI)
     Cannon
     Cantor
     Capito
     Capps
     Capuano
     Cardoza
     Carnahan
     Carney
     Carter
     Castle
     Castor
     Chabot
     Chandler
     Clarke
     Clay
     Cleaver
     Clyburn
     Cohen
     Cole (OK)
     Conaway
     Conyers
     Costa
     Costello
     Courtney
     Crenshaw
     Crowley
     Cuellar
     Culberson
     Cummings
     Davis (AL)
     Davis (CA)
     Davis (IL)
     Davis (KY)
     Davis, David
     Davis, Lincoln
     DeFazio
     DeGette
     Delahunt
     DeLauro
     Dent
     Diaz-Balart, L.
     Diaz-Balart, M.
     Dicks
     Dingell
     Doggett
     Donnelly
     Doolittle
     Doyle
     Drake
     Dreier
     Edwards
     Ehlers
     Ellison
     Ellsworth
     Emanuel
     Emerson
     Engel
     English (PA)
     Eshoo
     Etheridge
     Fallin
     Fattah
     Feeney
     Ferguson
     Filner
     Fossella
     Foxx
     Frank (MA)
     Franks (AZ)
     Frelinghuysen
     Gallegly
     Gerlach
     Giffords
     Gilchrest
     Gillibrand
     Gonzalez
     Goodlatte
     Gordon
     Granger
     Graves
     Green, Al
     Green, Gene
     Grijalva
     Gutierrez
     Hall (NY)
     Hall (TX)
     Hare
     Harman
     Hastings (FL)
     Hastings (WA)
     Hayes
     Heller
     Hensarling
     Herger
     Herseth Sandlin
     Higgins
     Hill
     Hinchey
     Hinojosa
     Hirono
     Hobson
     Hodes
     Hoekstra
     Holden
     Holt
     Honda
     Hooley
     Hoyer
     Hulshof
     Inglis (SC)
     Israel
     Issa
     Jackson (IL)
     Jackson-Lee (TX)
     Jefferson
     Johnson (GA)
     Johnson (IL)
     Johnson, E. B.
     Johnson, Sam
     Jones (NC)
     Jones (OH)
     Jordan
     Kagen
     Kanjorski
     Kaptur
     Keller
     Kennedy
     Kildee
     Kilpatrick
     Kind
     King (IA)
     King (NY)
     Kirk
     Klein (FL)
     Kline (MN)
     Knollenberg
     Kucinich
     Kuhl (NY)
     LaHood
     Lamborn
     Lampson
     Langevin
     Larsen (WA)
     Larson (CT)
     Latham
     LaTourette
     Latta
     Lee
     Levin
     Lewis (CA)
     Lewis (GA)
     Lewis (KY)
     Lipinski
     LoBiondo
     Loebsack
     Lofgren, Zoe
     Lucas
     Lynch
     Mack
     Mahoney (FL)
     Maloney (NY)
     Manzullo
     Marchant
     Markey
     Marshall
     Matheson
     Matsui
     McCarthy (CA)
     McCarthy (NY)
     McCaul (TX)
     McCollum (MN)
     McCotter
     McCrery
     McDermott
     McGovern
     McHenry
     McHugh
     McIntyre
     McKeon
     McMorris Rodgers
     McNerney
     McNulty
     Meek (FL)
     Meeks (NY)
     Melancon
     Mica
     Michaud
     Miller (FL)
     Miller (MI)
     Miller (NC)
     Miller, Gary
     Miller, George
     Mitchell
     Mollohan
     Moore (KS)
     Moore (WI)
     Moran (VA)
     Murphy (CT)
     Murphy, Patrick
     Murphy, Tim
     Murtha
     Musgrave
     Myrick
     Nadler
     Napolitano
     Neal (MA)
     Neugebauer
     Nunes
     Oberstar
     Obey
     Olver
     Ortiz
     Pallone
     Pascrell
     Pastor
     Payne
     Pearce
     Pelosi
     Pence
     Perlmutter
     Peterson (PA)
     Petri
     Pickering
     Platts
     Pomeroy
     Price (NC)
     Pryce (OH)
     Putnam
     Radanovich
     Rahall
     Ramstad
     Rangel
     Regula
     Rehberg
     Reichert
     Renzi
     Reyes
     Reynolds
     Richardson
     Rodriguez
     Rogers (AL)
     Rogers (KY)
     Rogers (MI)
     Ros-Lehtinen
     Roskam
     Ross
     Rothman
     Roybal-Allard
     Rush
     Ryan (OH)
     Ryan (WI)
     Salazar
     Sali
     Sanchez, Linda T.
     Sarbanes
     Saxton
     Schakowsky
     Schiff
     Schmidt
     Schwartz
     Scott (GA)
     Scott (VA)
     Serrano
     Sessions
     Sestak
     Shays
     Shea-Porter
     Sherman
     Shimkus
     Shuler
     Shuster
     Sires
     Skelton
     Slaughter
     Smith (NE)
     Smith (NJ)
     Smith (TX)
     Snyder
     Solis
     Souder
     Space
     Spratt
     Stark
     Stearns
     Stupak
     Sullivan
     Sutton
     Tauscher
     Terry
     Thompson (CA)
     Thompson (MS)
     Thornberry
     Tiahrt
     Tiberi
     Tierney
     Towns
     Tsongas
     Turner
     Udall (CO)
     Udall (NM)
     Upton
     Van Hollen
     Velazquez
     Visclosky
     Walberg
     Walden (OR)
     Walsh (NY)
     Walz (MN)
     Wamp
     Wasserman Schultz
     Waters
     Watson
     Watt
     Waxman
     Weiner
     Welch (VT)
     Weldon (FL)
     Weller
     Wexler
     Whitfield (KY)
     Wilson (NM)
     Wilson (OH)
     Wilson (SC)
     Wittman (VA)
     Wolf
     Wu
     Wynn
     Yarmuth
     Young (AK)
     Young (FL)

                                NAYS--34

     Baird
     Berry
     Boyd (FL)
     Broun (GA)
     Burgess
     Campbell (CA)
     Coble
     Cooper
     Cubin
     Deal (GA)
     Duncan
     Flake
     Forbes
     Garrett (NJ)
     Gingrey
     Gohmert
     Goode
     Hunter
     Kingston
     Linder
     Lungren, Daniel E.
     Moran (KS)
     Paul
     Peterson (MN)
     Poe
     Price (GA)
     Rohrabacher
     Royce
     Sensenbrenner
     Shadegg
     Simpson
     Tancredo
     Taylor
     Westmoreland

                             NOT VOTING--16

     Boucher
     Cramer
     Davis, Tom
     Everett
     Farr
     Fortenberry
     Inslee
     Lantos
     Lowey
     Pitts
     Porter
     Ruppersberger
     Sanchez, Loretta
     Smith (WA)
     Tanner
     Woolsey


                Announcement by the Speaker Pro Tempore

  The SPEAKER pro tempore (during the vote). Members have 2 minutes 
remaining in this vote.

                              {time}  1944

  Mr. HUNTER changed his vote from ``yea'' to ``nay.''
  So the motion was agreed to.
  The result of the vote was announced as above recorded.
  A motion to reconsider was laid on the table.

                          ____________________