FOR IMMEDIATE RELEASE                                                   

January 31, 2008

CONTACTS:

Afshin Mohamadi 202-224-4744

SEN. MENENDEZ: SENATE ECONOMIC STIMULUS PACKAGE MAKES NECESSARY IMPROVEMENTS TO A GOOD IDEA

NJ Senator supports plan, which will be voted upon next week

WASHINGTON – Next week the Senate will take up an economic stimulus package that builds upon the one passed by the House earlier this week. Senator Bob Menendez (D-NJ), a member of the Senate Budget and Banking Committees, today voiced his support for the Senate plan.

 “We have before us an economic stimulus package that the Senate and the country can get behind,” said Menendez. “It’s not perfect, but it will get money into the hands of the people who have basic needs to cover – people who will spend it immediately, which is the first goal of stimulus.

“This is a package that, with higher income limits, recognizes the high cost of living that New Jersey families grapple with. This is a package that is inclusive of millions of fixed-income seniors, who are among the Americans who could most use a rebate. This is a package that recognizes the struggles of Americans who are out of work and the stimulant effect of extending their unemployment insurance. And this is a package that helps veterans of our military who have sacrificed so much for this country.

“In addition to these necessary improvements, I would have liked to see the package include a temporary increase in Medicaid payments to states, which would provide critical fiscal relief and help stimulate state economies.

“I look forward to supporting this well-rounded plan in the Senate next week, and I urge the administration and the House to recognize its potential. From the beginning, we have all agreed that something timely, temporary and targeted to the people who need it most will be most effective, and this plan meets those criteria best.”

Highlights of the Senate economic stimulus package:

·         Provides a $500 rebate for individual taxpayers, $1,000 for jointly filing couples

·         Phases out rebates at $150,000 for single taxpayers, $300,000 for couples

·         Extends rebates to 20 million seniors whose only income is Social Security (not included in House version)

·         Makes rebates fully refundable for all eligible Americans – they will receive the full rebate even if their income tax liabilities do not equal or exceed the rebate amount

·         Extends unemployment insurance for an additional 13 weeks for jobless Americans (not included in House version)

·         Extends rebates to disabled veterans with $3,000 in non-taxable disability compensation (not included in House version)

###

Afshin Mohamadi

Press Secretary

Sen. Bob Menendez (D-NJ)

202-224-4744

For the latest news from Sen. Menendez, including video and audio updates, visit http://menendez.senate.gov/

---