Stimulus Agreement Nears

By February 11, 2009Economy, Taxation

So report multiple sources, including The New York Times, “Congress Appears Close to Agreement on Stimulus“:

WASHINGTON — After a lightning round of negotiations with the Obama administration, Congressional leaders closed in on a $789 billion economic stimulus package Wednesday afternoon that would pare back Democrats’ proposed spending on education and health programs in favor of tax cuts needed to win crucial Republican votes in the Senate.

Mike Campbell, chairman of the NAM’s board of directors, participated in a news conference this morning with Democratic Senators Jack Reed of Rhode Island and Sherrod Brown of Ohio and other supporters of the stimulus package, H.R. 1. As he said:

“Manufacturers recognize that immediate action is needed to address the unprecedented challenges faced by all sectors of the economy,” Campbell said. “Consequently, we strongly support efforts to advance legislation that combines timely, targeted tax incentives and increased investment in areas critical to U.S. competitiveness. A balanced tax and investment package designed to help job providers and the people who depend on them will help get our nation’s economy back on track and ensure job creation and sustainable economic growth.”

We’ve put the entire news release from the Senate Democrats in the extended entry.

For Immediate Release

Date: Wednesday, February 11, 2009

CONTACT: Jim Manley / Rodell Mollineau, Reid, (202) 224-2939

Chip Unruh, Reed, (202) 224-4642

Meghan Dubyak, Brown, (202) 224-3978

DEMOCRATIC SENATORS AND BUSINESS LEADERS DISCUSS ECONOMIC RECOVERY PLAN

Washington, DC—Democratic Senators and Banking Committee members Jack Reed and Sherrod Brown joined Mike Campbell, Chairman of the National Association of Manufacturers and CEO of Arch Chemical in Connecticut; and Vicki Cox-Golder, President-elect of the National Association of Realtors, at a press conference this morning to discuss an economic recovery plan that will create jobs, provide tax relief for the middle class and invest in our future.

“We urgently need to get the American Recovery and Reinvestment Act signed into law so we can speed sorely needed aid to families, businesses, and communities across the country,” Reed said. “This legislation will save jobs, create jobs, and restore a sense of confidence and hope in our economy and in our shared future. This is not a cyclical downturn that will right itself. The U.S. economy is stuck in a downward spiral and we need to get this legislation to President Obama as soon as possible to pull us out of it.”

Said Brown: “This bill will go a long way to putting Americans back to work and our economy back on track. It includes critical infrastructure funds that provide immediate job creation while driving long-term economic development. It also creates a new generation of green jobs that will revive our nation’s manufacturing base while reducing our dependence on foreign oil.”

“Manufacturers recognize that immediate action is needed to address the unprecedented challenges faced by all sectors of the economy,” Campbell said. “Consequently, we strongly support efforts to advance legislation that combines timely, targeted tax incentives and increased investment in areas critical to U.S. competitiveness. A balanced tax and investment package designed to help job providers and the people who depend on them will help get our nation’s economy back on track and ensure job creation and sustainable economic growth.”

Said Cox-Golder: “NAR commends the Senate for passing the stimulus bill that includes a homebuyers tax credit, an important housing component, that will help shrink housing inventory, bring stability to home values and move the country closer to an economic recovery. We are eager to see a comprehensive bill delivered to the President as quickly as possible.”

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