Dave Camp: “Mr. Speaker, even before September 11, our economy was hurting. The stock market was weak, investments were declining…”

“Mr. Speaker, even before September 11, our economy was hurting. The stock market was weak, investments were declining and exports had begun to fall. And, very importantly, there had been a decrease in consumer spending. Since then, we have seen a significant impact on our economy. Both job creators and individuals are facing difficult times. In addition, in the third quarter of this year, U.S. employers announced almost 600,000 job cuts, about 50 percent more than the previous two quarters. This includes almost 200,000 job reductions since September 11. Already this year, companies have announced more job cuts than they did during the entire 1990-1991 recession. We must take action to create jobs and improve the economy. This package not only helps to stimulate individual spending but also assists job creators. H.R. 3090 addresses the human impact of the economy and the September 11 attacks. It accelerates the reduction of income taxes passed last spring; it sends supplemental rebate checks to those who did not receive a full rebate under our last tax cuts; it gives relief to individuals from the onerous AMT; and in a provision requested by Democrat and Republican governors, allows the States, like Michigan, to have the flexibility to supplement unemployment and health benefits, thereby tailoring relief in the way it is most needed.”