Urges Stimulus Package Focus on Money for Consumers

WASHINGTON, D.C. – United States Chamber of Commerce President and CEO Thomas Donohue applauded President Bush's outline of an economic stimulus package as an important support for the flagging U.S. economy.

"We don't need to spend a lot of time arguing about the size of a stimulus package to bridge the next two or three quarters," said Donohue. "We need to move quickly to put real money in the hands of people that are going to spend it and invest it."

Donohue, who returned yesterday from a trip to New York's financial district – where he met with industry leaders and business executives – expressed his support for key elements of President Bush's economic stimulus plan: move up individual rate reductions already passed by Congress; accelerate depreciation and repeal the corporate alternative minimum tax; and additional relief for low and moderate income individuals.

"The right combination of spending and stimulus will benefit all industries and workers – and addresses both the supply and demand side of the economic equation," Donohue said. "The comprehensive approach outlined by the president will boost individuals' ability to spend while encouraging businesses to invest and create new jobs.

"This package balances the need to stimulate consumption in the short-run with the desire to increase business investment and productivity growth in the longer run. The plan should help jump-start the economy, while remaining consistent with the long-term goal of productivity growth," said Donohue.

The U.S. Chamber of Commerce is the world's largest business federation representing more than three million businesses and organizations of every size, sector and region.

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