“The economy needs help now,” said Miller, chairman of the House Democratic Policy Committee. “This bill provides an urgently-needed first step to boost the economy and help save jobs. I’m proud that Democrats, Republicans and the Bush Administration were able to set aside our considerable differences to work together to craft a plan that will give the economy a shot in the arm and deliver relief to families in need right now. We know there is more we must do to help families and workers and their children, and we will fight to do more. But this first step is needed right now.

“The economy may be complicated, but the reasoning behind this bill is not. By putting money into the hands of low and middle-income families who will spend it quickly, we will inject demand back into the economy.”

The bill passed today provides a recovery rebate to 117 million families. Miller noted that 35 million of those families work but make too little to pay income taxes, and normally would not be included in a tax relief bill. In addition, 13 million senior citizens will benefit from this bill. The broad-based stimulus package will provide tax relief of up to $600 per individual and $1,200 per married couple, plus an additional $300 per child. All told, the bill is estimated to provide an average tax rebate of $887 to California families, save them a total of $11.8 billion across the state, and create new jobs.

The legislation also includes tax cuts for small businesses. The bipartisan plan doubles the amount small businesses can immediately write off their taxes for capital investments, and encourages investments in new equipment. Additionally, the plan offers immediate tax relief for all businesses to invest in new plants and equipment by speeding up depreciation provisions, so that firms can write off an additional 50 percent for investments purchased in 2008.

“Small businesses power our economy in California,” added Miller. “Our bipartisan bill gives these businesses incentive to expand their operations, hire new workers and help our economy get back on track.”

Importantly, the bipartisan plan also includes provisions to help families avoid losing their homes to foreclosure. The bill expands affordable mortgage loan opportunities for families at risk of foreclosure through the Federal Housing Administration. To enhance credit availability in the mortgage market, the measure also includes a one-year increase in the loan limits for single family homes from Fannie Mae and Freddie Mac.

The bill now heads to the Senate where it is expected to undergo some changes.

“While we can’t know for sure what the future holds for our economy, we know that we can make a difference with this bill. I hope that the Senate is able to add unemployment insurance to the bill, the inclusion of which was opposed by Bush Administration negotiators in the House bill, and I hope that the President signs the final stimulus package into law quickly,” said Miller.

Read Miller's Statement on the Economic Stimulus Bill