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“ Democratic priorities are clear: we will fight to get the economy back on track, we will create jobs, and we will help unemployed workers. ” |
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Pelosi Statement on President Bush's Economic Stimulus Plan
Washington, D.C. -- House Democratic Leader Nancy Pelosi released the following statement this afternoon about President Bush's economic stimulus plan, which he announced at a speech in Chicago:
"Unfortunately, rather than a job-creating plan to immediately address the economic troubles faced by ordinary Americans, the President today proposed a continuation of the Administration’s failed economic policies: more tax cuts for the wealthy.
"The centerpiece of the plan -- the complete elimination of all taxes on stock dividends -- will not put money in the hands of those who need it most: hard-working Americans who will pump it back into the economy. Instead, a majority of the benefits will go to the wealthiest Americans. Under the President's plan, for example, Americans who earn more than $1 million a year will receive a tax break of more than $88,000, more than 100 times the tax break for those earning $75,000 a year or less.
"Instead of passing this plan, which will blow a hole in the deficit and threaten economic growth, Congress should pass the House Democratic economic stimulus plan. Our plan includes proposals that will pump $136 billion into the economy over the next year in a way that creates jobs now, instead of tax breaks years from now.
"The Democratic plan will jumpstart the economy by creating more than 1 million new jobs this year, will provide relief to laid-off workers, ease the financial burden on states, and will put money into the hands of working families and small business owners. It is also fiscally responsible, costing just $100 billion over 10 years, allowing the federal budget to recover as the economy improves.
"I urge the House to pass this fair, fast-acting, and fiscally responsible plan."
“ Democrats are united in presenting a New Direction for America, one that will make our nation as strong as its people, one that brings opportunity, security, and prosperity to all Americans. ”
Democratic Leader Nancy Pelosi
