Barney Frank: “Mr. Speaker, from negative economic data on wages and consumer prices, to a falling stock market, there is almost no…”

“Mr. Speaker, from negative economic data on wages and consumer prices, to a falling stock market, there is almost no margin for error in today's tight economy. We face an urgency and a moral obligation to get it right and ensure no American is forced to live in those margins. This legislation represents a strong bipartisan agreement on an economic stimulus package that will begin to provide financial relief and income security to middle-class Americans most at risk in a prospective recession. Building on our work to extend the child tax credit, and my belief that all hardworking low- and middle-income families should receive at least a partial credit, this package will ensure that any family that pays taxes and earned at least $3,000 last year will get a $300 rebate per child. It is long past time that we finally recognize that the child tax credit should be available to all families, including those who serve in our military. With the economy in so much difficulty, this is the right approach: immediate, focused on those who need resources, and who will spend it. Unlike previous efforts to stimulate the economy, this package is focused on the middle class, and provides real, not token, relief.”