Hon. Tim Bishop
One Minute Statement
Floor of the U.S. House of Representatives
January 21, 2008


Madame Speaker, it’s all-too rare when we in the Majority and the President arrive at consensus. So it’s welcome news that we agree on relief Americans need in today’s economy should come in the form of a stimulus bill: Targeted tax breaks and short-term measures to help the middle class can salvage our economy from plummeting home values, savings, and market conditions.

We should insist upon included expanded unemployment benefits and food stamps, in addition tax rebates. These benefits will spent immediately by those who most need our help in this economy. That, in turn, will boost our economy more than renewing tax cuts on their own.

In fact, for every dollar spent by the government on food stamps, there is a $1.60 return to the economy. For every dollar spent on unemployment benefits, the return is $1.90.

The tax rebates should be targeted to the middle class, and include those low-income workers who don’t earn enough to pay income taxes, but still pay into Medicare and Social Security through payroll taxes withheld from their paychecks.

This is the prescription middle class America needs to cure the ills of today’s economy. Madame Speaker, I strongly encourage my colleagues to do their part to help us toward that end.