Political Quotes

“But when I try to sort this all out, the basic conclusion is this bill is going to stimulate, and that is what we want. In other words, we want to put money into the hands of individuals and of job creators, to invest and to save and to spend. Right now, as we try to catch our balance as a country, one of the features of the bill is a thing called a temporary extension of net operating loss carry-back. That is quite a mouthful, but let me try to tell you what it means and how it works. It means that a company, when it makes money in the past and loses money now, can claim a cash credit for the money lost, really deducting it from the previous profits. In other words, it can still get a refund soon for the money it lost, and the present law says you can go back 2 years; but many times that pool is not large enough, so this law suggests that it goes back 5 years. This means a lot. There was a story of a company this morning that lost $8.8 billion in the first quarter. It has made money in the past. It has fallen off the cliff. This will be a tremendous help in order to keep some of the people employed.”