Economic Stimulus Act of 2008

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Congress Passes Stimulus Tax Relief for Lower- and Middle-Income Families

Final bill provides relief to more than 20 million seniors, 250,000 disabled veterans

WASHINGTON – The U.S. House of Representatives voted in strong bipartisan support for the Senate Amendment to H.R. 5140, the Economic Stimulus Act of 2008.

H.R. 5140 will now go to the President’s desk where he is expected to sign the bill into law.

Provisions included in H.R. 5140 will:

  • Put hundreds of dollars into the hands of more than 130 million American families including seniors and disabled veterans – who will spend it immediately to reinvigorate the economy;
  • Build on the child tax credit by offering a one-time rebate of $300 per child;
  • Expand financing opportunities for Americans in danger of losing their homes because of the mortgage crisis;
  • Promote small business investment in plants and equipment; and
  • Help create 500,000 jobs by the end of the year.


Ways and Means Committee Chairman Charles B. Rangel (D-NY) issued the following remarks during consideration of the bill on the House Floor:

“I want to thank Speaker Pelosi, the Republican Leadership and Secretary Paulson for their willingness to work toward a bipartisan agreement on this critical bill. I also want to thank the Senate leadership for recognizing the urgency of this relief, and for finally getting to work to ensure its quick passage today, enabling the House to pass the Senate amendment and deliver the bill to the President for signature.

“This stimulus package will send critical relief to millions of lower- and middle-income families who have no choice but to spend that money back into the economy. I want to point out that we are not sending these tax rebates to lower-income families out of compassion or because they cannot afford to put a roof over their heads or food on their tables. No – this stimulus package is targeted to lower-income folks because their economic situation dictates that they have no choice but to spend the rebate check and purchase goods and services to spur our economy.

“While I appreciate the efforts of those involved to bring this package forward, this cannot be the end of our efforts to strengthen our economy and provide greater opportunity for working families. When this economic downturn ends – and it will end – we must take a good look at the people targeted today and the circumstances that created this downturn. There is something wrong with the picture of our nation when there are millions of people who work hard every day, yet struggle to provide their families with the most basic needs of food, house and good health.

“While millions of Americans receiving this rebate will be pleased that Congress put aside partisanship and did the right thing to stem the downturn, they expect us to follow through on our actions to address the underlying problems with our economy. I look forward to working with my colleagues to build on today’s success so that we may provide a brighter tomorrow for millions of Americans who have been left behind.”

House Committee on Ways and Means

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