Glenn English: “the bill before us is perhaps the most important bill for our economy that we are going to be voting on this year, and I…”

“the bill before us is perhaps the most important bill for our economy that we are going to be voting on this year, and I strongly support it because it is a measure that provides a powerful tonic for economic growth and job creation. We estimate that over a million jobs will be created as a result of this bill, and what I want to underscore here is that this bill is strongly and powerfully pro-manufacturing. It will stimulate manufacturing jobs in a sector which has been battered by the economic slowdown. Two provisions, the increase on the business expensing allowance and a 5-year carryback of net operating losses, will go directly toward preserving and creating high-paying manufacturing jobs in our economy. A strong expensing allowance is the right medicine for the ailing manufacturing sector. It significantly reduces the cost of capital so that manufacturers can invest in new equipment and machinery and in the process dramatically increase workers' productivity. Allowing businesses to deduct more quickly the cost of capital investments makes those investments more affordable. This is seed corn for the economy. We need it now, and I urge passage of this legislation.”