Herb Kohl: “Today our country is facing difficult economic times. Economic growth is slowing, consumers have maxed out their credit…”

“Today our country is facing difficult economic times. Economic growth is slowing, consumers have maxed out their credit cards and are cutting back on spending, and the value of the dollar continues falling while prices for gas and food rise. Daily we hear news about growing problems in the mortgage industry, forcing our neighbors into foreclosure. In my State of Wisconsin, foreclosures are up 27 percent from this time last year, and it will get worse as more subprime mortgages adjust to unaffordable higher interest rates. Working families around the country are facing stagnant wages while prices rise, and their most important investment--their home--is losing value. In response to this bleak picture, the House and Senate have been able to move quickly in a bipartisan way to try to head off a growing economic storm. It is a rare moment these days when Senators set aside their individual priorities and agree on legislation for the greater good. But that is what has happened with the economic stimulus package that we are currently considering. This package strikes a balance between rebates, business needs, and immediate relief, and I am proud to support the bill before us today. The centerpiece of this legislation is a rebate of $500 per individual and $1,000 per couple, with an additional $300 rebate per child. This will provide effective and efficient relief for families while jump-starting our economy.”