Whether you are a homeowner, consumer, investor, business owner or all of the above, in recent weeks it has become unequivocally clear that from Main Street to Wall Street the economy is experiencing a significant slowdown.
Over the last couple of weeks, Congressional leaders have worked on a bipartisan basis with the White House to come to agreement on an economic stimulus package that will give a much-needed boost to our struggling economy and provide real assistance to lower- and middle-income families and seniors.
The centerpiece of the stimulus package is a tax rebate that will be delivered directly into the pocketbooks of 117 million working families. Single tax-filers who make $75,000 or less will receive a rebate of as much as $600 ($1,200 for joint filers with up to $150,000 income), plus $300 per child. Rebate checks could be sent as early as May.
The economic stimulus also includes incentives for small businesses to create jobs, invest in new plants and equipment, and spur economic growth. And it contains significant mortgage lending reforms and changes to immediately help families facing foreclosure refinance their loans and get the housing counseling they may need.
It is my hope and expectation that the House of Representatives will consider this stimulus package quickly, with Senate approval following thereafter.
As always, thank you for allowing me to share this update with you. If you have any questions about the stimulus plan or any other matter, please do not hesitate to contact my office or email me at hoyer.house.gov.
Steny H. Hoyer
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