[Congressional Record Volume 154, Number 24 (Wednesday, February 13, 2008)]
[Extensions of Remarks]
[Pages E182-E183]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




 RECOVERY REBATES AND ECONOMIC STIMULUS FOR THE AMERICAN PEOPLE ACT OF 
                                  2008

                                 ______
                                 

                               speech of

                          HON. ROSA L. DeLAURO

                             of connecticut

                    in the house of representatives

                       Tuesday, January 29, 2008

  Ms. DeLAURO. Madam Speaker, from negative economic data on wages and 
consumer prices to a falling stock market, there is almost no margin 
for error in today's tight economy. We face an urgency and a mutual 
obligation to get it right and ensure no American is forced to live in 
those margins.
  Today's economy weighs very heavily on America's families--and 
lately, things have gone from bad to worse. In December, the 
unemployment rate shot up to a 2-year high of 5 percent. December's 
sales and consumer confidence were at a 5-year low. Oil prices topped 
$100 a barrel, and home foreclosures are at an alltime high. And growth 
last quarter slowed to a glacial .6 percent.
  This legislation represents a strong bipartisan agreement on an 
economic stimulus package that will begin to provide financial relief 
and income security to the middle class working Americans most at risk 
in a prospective recession. The Senate voted 18-16 in favor of the 
package to jumpstart our slowing economy and create jobs here at home, 
and I am proud of our quick action in both houses to get this done.
  Last week, the House approved strong stimulus legislation, and this 
version continues in that spirit with two additions expanding recovery 
rebates to an additional 20 million seniors and 250,000 disabled 
veterans. Our men and women in uniform fought for our Nation, and they 
deserve all the respect, care and support we can provide.
  Building on our work to extend the Child Tax Credit--and my belief 
that all hard-working low- and middle-income families should receive at 
least a partial credit--this package will ensure that any family that 
pays taxes and earned at least $3000 last year, will get a $300 rebate 
per child.
  The bill provides refundable child tax credit rebates to 
approximately 34.2 million children. Families with children will 
receive a total of $21.8 billion in refundable rebates, including $9.8 
billion specifically in refundable child tax credits.
  It is long past time we finally recognize that the child tax credit 
should be available to all families, including those who serve in the 
military.
  With the economy in so much difficulty, this is the right approach--
immediate, focused on those who need resources and who will spend it. 
Unlike previous efforts to stimulate the economy, this package is 
focused on the

[[Page E183]]

middle class and provides real, not token relief. That includes $28 
billion in tax relief for 35 million families who work but make too 
little to pay income taxes--families who otherwise would not have been 
included in this recovery effort, more than 19 million of them with 
children.
  To meet our obligation, to boost our struggling economy, and provide 
real assistance for working and middle-class Americans, I urge a 
``yes'' vote.

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