Mark Udall: “I will vote for this bill because we must act to reduce the risk of a potentially deep recession, provide a measure of…”

“I will vote for this bill because we must act to reduce the risk of a potentially deep recession, provide a measure of assistance to people most at risk from the economy's troubles, and encourage job-creating investments by the private sector. But we must recognize that the bill's scope is limited and it isn't a full response to the economy's problems. Ironically, the bill's limited scope reflects its best feature--the fact that it was developed through a bipartisan process producing a broadly-supported compromise among the leadership on both sides of the aisle and the Administration. Like most compromises, it has shortcomings. For example, I think Congress should recognize growing unemployment by providing extended unemployment-insurance coverage--and doing so now would reduce the chance that action later will be too late to be fully effective. Still, as it comes before the House, this is a good bill that is undeniably timely, appropriately targeted, and--because it is temporary--will not add excessively to the budget deficit. It provides for payments--technically treated as refundable tax credits--of up to $600 for an individual and up to $1,200 for a married couple, plus $300 per child. It is estimated that some 117 million families will receive these payments, including 35 million working families--including more than 19 million with children--that would not have qualified under the original Administration proposal.”