Over a
month ago, I called on Congress and the President to begin considering
temporary, fast-acting and progressive measures to jumpstart our economy. Last
week, I laid out my blueprint for stimulus of up to $110 billion, including $70
billion in immediate measures and $40 billion in contingent tax rebates.
After
seeing additional signs of economic weakness and hearing the stories of
countless voters in Nevada, California and across the country, I am convinced
that we need my full $110 billion package immediately to effectively stimulate
the economy. In just the past week we have learned that retails sales declined
in December; consumer expectations have fallen to a 16-year low; major Wall
Street banks have taken multi-billion dollar write downs in mortgage related
investments with more write downs expected; and housing starts have fallen to
their lowest level since 1991.
We need
aggressive action, and we need it now. I am calling on the President to consider
my full $110 billion stimulus package, and will work with the Congressional
leadership to help bring together a bipartisan agreement on stimulus.
My $110
billion package includes $40 billion in tax rebates for working and middle-class
families. These rebates should meet the principles that I have outlined: they
should be temporary and fiscally responsible; they should be fast-acting; and
they should be targeted to working and middle-class families who need help the
most. In particular, the rebates should not be partially or completely denied to
tens of millions of lower income taxpayers, as was the case with President
Bush’s plan during the last economic contraction.
My
package also includes a $30 billion Emergency Housing Crisis Fund to assist
states and cities mitigate the effects of mounting foreclosures; a comprehensive
plan to end the housing crisis with a 90-day moratorium on foreclosures and a 5
year freeze on interest rates on subprime mortgages; $25 billion in immediate
energy assistance to tens of millions of families; $5 billion in accelerated
energy efficiency and alternative energy investments to jumpstart green collar
job growth; and $10 billion in extending and broadening unemployment insurance
for those who are struggling to find work.
More info from
last week’s column
Our Urgent Economic Imperative
