For Release: Thursday, June 26, 2003
Contact: David Gillies: 202-225-5661

COSTELLO INTRODUCES $50 BILLION ECONOMIC STIMULUS BILL, WOULD CREATE 2.3 MILLION JOBS

Washington - U.S. Congressman Jerry Costello (D-IL) today introduced legislation that would create 2.3 million jobs and $310 billion in economic activity over the next two years. The $50 billion economic stimulus bill is paid for and would make long-term investments in comprehensive national transportation improvements, including highways, aviation, rail, transit and other projects.

"This bill is about creating jobs and improving our infrastructure, pure and simple," said Costello. "The country needs real, immediate economic stimulus. There are currently 715,000 unemployed construction workers in the U.S. - 80% more than three years ago. We want to put these people back to work which will lead the way for other sectors of our economy."

The legislation gives priority to projects that can award bids within 90 days of enactment to inject money into the economy quickly. The bill is paid for by cracking down on corporate abuse of tax shelters, stopping companies from reincorporating outside of the United States for the primary purpose of avoiding U.S. taxes and extending customs users fees that are currently in effect. These provisions have wide support in both houses of Congress.

"The beauty of this approach is that while we are putting people back to work, we are dramatically upgrading our nation's infrastructure," stated Costello. "This will pay huge dividends by improving national security and it will save money long term by creating greater transportation efficiency through reduced congestion. It is a win-win plan for the country."

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