The tax element of this package has been called a rebate but, in essence, it’s a tax cut for millions of low and moderate income Americans. This will mean immediate tax relief for hard-working taxpayers, and the improvement to our economy that always results from allowing 2 / 24 BACHUS FLOOR STATEMENT ON THE HOUSE ECONOMIC STIMULUS PACKAGE taxpayers to decide how their own hard earned money is spent. Hopefully, this will stimulate not only the economy, but also it will serve to prompt my colleagues to enact additional tax cuts in the future and make the Bush tax cuts that have worked so well, permanent. 3 / 24 BACHUS FLOOR STATEMENT ON THE HOUSE ECONOMIC STIMULUS PACKAGE It is widely recognized that the troubled housing market is a significant contributor to the current slowdown in our economy. This stimulus package 4 / 24 BACHUS FLOOR STATEMENT ON THE HOUSE ECONOMIC STIMULUS PACKAGE includes several provisions designed to address the lack of liquidity in certain segments of the mortgage market.
Ms. Morgan further deserves our commendation for the leadership she demonstrated in managing the closure of the Interstate Commerce Commission (ICC) and the establishment of the STB. That was no small feat. We owe thanks to both Chairman Morgan and her very dedicated and capable staff. Since its creation, the STB has made tremendous strides.