FOR IMMEDIATE RELEASE: February 7, 2008
CONTACT: Matt Mackowiak
Sen. Hutchison: Bipartisan Agreement Reached on Economic Stimulus Package
House Vows Quick Approval of Senate Measure; President Bush Poised to Sign
WASHINGTON -- U.S. Senator Kay Bailey Hutchison (R-TX), Texas’ senior senator, today announced Senate passage of a $154.6 billion economic stimulus package, designed to provide immediate relief to taxpayers and to spur investment among individuals and businesses.
“Today the Senate came together in a bipartisan way and passed economic stimulus legislation that is critically important to the American economy,” said Sen. Hutchison. “The Senate passed a package with tax relief for businesses and rebates for taxpayers, as well as for seniors and disabled veterans. The measure isn’t perfect, but our hope is it will help increase the capital expenditures by businesses and spur spending to keep the economy stable.”
The Senate passed (81-16) H.R. 5140, the economic stimulus package that House leaders negotiated with President Bush, but added several provisions. The package approved by the Senate was modified from the House version to include tax rebates for the 20 million senior adults who rely on social security and for 250,000 disabled veterans whose sole source of income is disability benefits. It was also amended to exclude undocumented workers from receiving rebate checks by requiring a valid Social Security number to claim the base rebate and the per child bonus.
Earlier Thursday Sen. Hutchison unveiled a Senate Republican Policy Committee paper that details a number of pro-growth stimulus ideas that Congress should consider. In the policy proposal, which was unveiled at a press conference today, Sen. Hutchison advocated allowing companies to deduct net operating losses, decreasing the taxes on capital gains and dividends, lowering the corporate tax rate, including the capital gains rate for corporations, to provide incentives in the housing market through tax credits for homebuyers, increasing expensing for businesses, and a repealing or reform of the Death Tax.
“We must also adopt a long-term solution to ensure economic solvency and to stimulate growth. Permanent tax relief should be a key component to a forward-looking economic strategy, allowing Americans to keep more of their earnings,” Sen. Hutchison said.
The House has indicated that it will swiftly approve the Senate package, and a final bill will then go to President Bush to be signed into law.
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