Action Alert - Economic Stimulus

by Bill Miller

Despite initial optimism in the House’s quick response to the economy’s woes, the 2008 Economic Growth Package, H.R. 5140, has hit a roadblock in the Senate as legislators move to add-on extra rebates and additional spending.

On Monday, around 200 U.S. Chamber members participated in a conference call, showing a huge outpour in public interest surrounding the fate of the economic stimulus package and its impact on business. In addition to the call, featuring U.S. Chamber Executive Vice President Bruce Josten and Counselor to President Bush, Edward Gillespie, the U.S. Chamber has launched a series of action measures on the issue. These alerts are aimed at informing businesses and consumers on the importance of the bill in strengthening the economy through job creation and investment, rather than delaying the process with additional earmarks. 

A recent poll conducted by Fortune Magazine cited more than three in every four Americans believe the country is currently in recession. Those questioned overwhelmingly supported Congressional action to revive the economy. The House’s $161 billion economic stimulus package was passed with overwhelming support from both parties and was a rare and encouraging example of legislator’s ability to move quickly. However, additional proposals threaten to impede a bi-partisan agreement in the Senate and drastically reduce the bill’s impact on the economy. 

In testimony to the House Budget Committee, Ben Bernanke noted "fiscal stimulus that comes too late will not help support economic activity in the near term, and it could be actively destabilizing if it comes at a time when growth is already improving," underscoring the importance in immediate action. 

It’s apparent, not only to the Fed and White House officials, but to millions of concerned Americans that there isn’t any time to waste in addressing a receding economy and an increasing deficit. The time sensitivity of this bill requires us to take action now to encourage your senator to do the same. Visit VoteForBusiness to contact your senator and ensure the economic stimulus package doesn’t become yet another waste of good intentions.