U.S. Chamber Hails House Passage of Stimulus Bill, Urges Senate to Follow Suit

WASHINGTON, D.C. — United States Chamber of Commerce President and CEO Thomas Donohue today hailed the U.S. House passage of an economic stimulus package as instrumental to boosting the U.S. economy. The bill passed the full House by an overwhelming 417-3 vote.

"We are grateful that the House continues to push for tax relief measures for large and small businesses," said Donohue. "The Senate needs to follow suit to bolster economic recovery."

The House plan, the Job Creation and Worker Assistance Act of 2002, provides for a reduction of taxes on businesses, such as the acceleration of depreciation, and increased expensing. The bill also extends vital programs that include Welfare-to-Work, the Work Opportunity Tax Credit, and the Archer Medical Savings Accounts for two years and extends exceptions for active financing income under subpart F for five years.

"We need to make sure that the U.S. economy gains momentum up a growth curve," Donohue said. "The House 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.

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