On the heels of a 300-point slide of the Dow Jones Industrial Average, brought about primarily by the mortgage lending crisis, the House of Representatives passed historic legislation to provide a much-needed boost to the economy.  The "Recovery Rebates and Economic Stimulus of the American People Act of 2008" is designed to spur an increase in consumer spending by providing tax rebates to middle- and low-income Americans and tax breaks to small businesses.  I am proud to have joined 385 of my colleagues in the House in voting for this bipartisan measure to deliver relief for America's neediest.
 
Under the provisions of the bill, almost everyone earning a paycheck would receive at least $300 in rebates from the Internal Revenue Service.  Couples would receive $1,200 with an additional $300 per child.  The rebates would be limited to either single taxpayers earning up to $75,000 or couples earning up to $150,000.  Moreover, the stimulus plan would also cover workers that do not earn enough to pay federal income taxes.  In total, over 110 million of America's neediest families would be eligible for the rebate, including 35 million senior citizens.
 
New York State alone stands to be the recipient of $6.3 billion in tax rebates, with 7.3 million households receiving an average of $835.  Pending swift Senate approval, the IRS estimates that the rebates would be made available as early as May of this year.
 
As this bill targets middle- and low-income households, the stimulus package offers much-needed assistance for small businesses.  The bill allows for immediate tax reductions for investments in plants and equipment, as well as tax write-offs for capital investments.  Moreover, the package allows companies to speed-up depreciation provisions to write off an additional 50 percent for investments purchased in 2008.  With these important economic incentives, small businesses in Brooklyn will enjoy the opportunity to invest, expand, and higher more employees.
 
The residents and businesses of New York's 10th Congressional District have witnessed the economic malaise brought on by the mortgage lending crisis.  The problem will only continue to deepen, however, unless Congress acts quickly to address the downturn with a bold economic stimulus package.  The House has done its part: I now urge the Senate and the President to move quickly and provide much-needed relief for America's middle- and low-income households, senior citizens, veterans, and small businesses.  The economy will only recoup when the aforementioned groups, the backbone of the American economy, are properly considered.

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