U.S. Chamber Hails Passage of Economic Stimulus Bill

Puts Money in the Hands of Consumers and Businesses

WASHINGTON, D.C. – United States Chamber of Commerce President and CEO Thomas Donohue today hailed the passage of the economic stimulus package in the U.S. House of Representatives as a vital ingredient to support the flagging U.S. economy. The bill passed the House by a 216-214 vote.

"We're pleased Congress acted expeditiously to pass an economic stimulus bill to help jump start our economy," said Donohue. "This plan puts real money in the hands of people who are going to spend it and invest it in our economy."

Donohue – who this week returned from a trip to China, where he met with local business leaders and government officials about the global economy – expressed his support for the stimulus plan and said that more than ever, the entire world is watching the U.S. economy.

Provisions of the bill, H.R. 3090, include a reduction of taxes on businesses, such as the repeal of the corporate alternative minimum tax, the acceleration of depreciation and increased expensing. Finally, making the subpart F permanent places U.S. financial services firms on a more level playing field with foreign competitors.

"This package will reinvigorate both consumer demand as well as business investment, each being vital to the recovery of our nation's economy," Donohue said. "Its comprehensive approach balances the need to stimulate consumption in the short-run while encouraging increased business investment and productivity growth in the long run."

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.

# # #

01-176