Release Date: Jan 28, 2009Contact: 888-249-NEWS
U.S. Chamber Concerned by House Stimulus Package
More Must be Done to Boost Economy Now
WASHINGTON, D.C.— Bruce Josten, the U.S. Chamber of Commerce's executive vice president for Government Affairs, expressed concern regarding the House version of the economic stimulus package. Though the Chamber broadly supports a stimulus that is timely, targeted, and temporary, Josten said today's bill lacks important measures to increase the flow of credit and spur economic activity now.
"President Obama and Congress are right to take swift and bold action on the stimulus, but it is just as important to get it done right as it is to get it done quickly," said Josten. "To move the economy forward immediately, the stimulus should focus on spurring investments to drive economic growth and removing roadblocks that will make American companies more competitive in the global market."
Josten said many provisions that would provide maximum impact had been left out, such as certain incentives for businesses to retain or create new jobs and tax relief for companies who reduce their debt.
"The good news is we expect a number of changes in the Senate version," Josten added. "What the Finance Committee has outlined this week is a good first step. We're encouraged to see they recognize the value of cancellation of indebtedness and have included that provision in the bill."
On Monday, the Chamber sent a letter to the Chairman and Ranking Member of the Finance Committee outlining the key priorities for the stimulus plan.
The Chamber's letter is available at: /issues/letters/2009/090126_taxact.htm
The U.S. Chamber is the world's largest business federation representing more than 3 million businesses and organizations of every size, sector, and region.
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