Washington, DC – Congressman Al Green (TX-09) released the following statement today on the passage of a $146 billion bi-partisan economic stimulus package in the House of Representatives:

"Today Congress voted to pass a bipartisan economic stimulus bill that will quickly send hundreds of dollars to millions of poor and middle-class working families while offering businesses one-time incentives to invest in new equipment. Although there is much more to do if we are to meet the needs of American families, including extending unemployment benefits and food stamps, I believe that this stimulus is an important first step in our effort to help hardworking Americans."

"This broad-based stimulus package will provide tax relief of up to $600 per individual and $1,200 per married couple, plus an additional $300 per child. Recovery rebate checks could be sent as early as mid-May, getting money to Americans who will spend it immediately to reinvigorate the economy. In Texas alone, approximately 8.6 million families will receive rebates averaging over $900. Nationwide, over 111 million families would receive these rebate checks, including 35 million with earnings too low to pay income taxes."

"The economic stimulus bill also helps address the crisis we are facing in our home mortgage market by permitting more borrowers facing defaults to refinance through the Federal Housing Administration (FHA). For 2008, the bill increases the FHA loan limits up to $729,750 from $362,790 to expand affordable mortgage loan opportunities for families at risk of foreclosure. In addition, the bill also enhances credit availability in the mortgage market by including a one-year increase in the conforming loan limits for single family homes from Fannie Mae and Freddie Mac from $417,000 up to $729,750 for 2008.  These increases in loan limits will apply to areas where housing costs are higher than the national average."

"We estimate that 1.4 million foreclosures will be filed in 2008.  The costs of healthcare, gasoline, home heating oil, and college tuition continue to rise creating an even more challenging scenario for working families.  While more needs to be done, I am confident that this bipartisan economic stimulus package will help many American families in the weeks and months ahead."

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