Senate to Add Incentive to Proposed “Stimulus Plan”

January 29, 2008

(Long Island, N.Y.) The Senate Finance Committee Chairman Max Baucus released an arrangement made by the Senate to further improve the incentives that were originally proposed by House Leaders and the White House. Included in the new proposal is in extending rebate to Senior Citizens raising the benefits for those unemployed.

In a statement yesterday, Baucus D-Mont says “My proposal will give America’s seniors the same rebate as any wage earner; The White House says we mustn’t slow the economic stimulus agreement down, or blow it up. I agree. We’re going to improve it and get it passed right away.”

In show of support fellow Senator Majority Leader Harry Reid a Democrat from Nevada said “I strongly support Chairman Baucus’ efforts to garner bipartisan support to improve the House agreement, and I intend to take legislation to the floor as quickly as possible to strengthen the economy,”

In his state of the Union Address on Monday, President George W. Bush encouraged the Senate and lawmakers to speed up the process and for them not to over-do it by loading too much into the bill. “That would delay it or derail it, and neither option is acceptable” the president said. “This is a good agreement that will keep our economy growing and our people working.”

According to the terms of the new package proposed by the Senate, States that has less than a 6% unemployment rate will have a 13 week extension of payments for those whose benefits have run-out while for States that have over 6% of its population currently unemployed a higher 26 week extension is given. Also set to receive a bonus are Senior Citizens both who currently pay and those who do pay taxes. “This is a package in sync with the House bill but stronger and broader,” said Sen. Charles E. Schumer, D-N.Y. “We hope and expect it will get bipartisan support.”

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