$30 less for a barrel of oil?

NEWS RELEASE

CONGRESSMAN BART STUPAK

1ST CONGRESSIONAL DISTRICT OF MICHIGAN

************************* Stupak calls for further economic stimulus

Relief for seniors, energy costs, unemployment and trade adjustment assistance (TAA) should be addressed

WASHINGTON - (January 25) - U.S. Congressman Bart Stupak (D-Menominee) commended Democratic and Republican leaders for reaching a tentative agreement on an immediate economic stimulus package that includes tax rebates for most Americans.

He also outlined priorities that should be addressed in a possible second - more comprehensive - stimulus package.

The tentative bipartisan agreement announced Thursday afternoon includes tax rebates for this spring of up to $600 for individuals and up to $1,200 for married couples, plus $300 per child.

A total of 117 million families would receive a check.

It doubles the amount small businesses can write off on their taxes for new investments and provides immediate tax relief for all businesses to invest in new plants and equipment.

The package also includes mortgage lending reforms.

"It appears Democratic and Republican leaders in the House of Representatives have reached a tentative agreement on tax rebates," Stupak said. "This is a good first step. It will provide relief to many of the families who need it most."

"But we need to take another look at some of the underlying issues that created the economic situation we find ourselves in," said Stupak. "Otherwise we are just providing a short-term fix to a long-term problem."

Stupak noted that one of the largest issues not addressed in the package is relief for seniors.

Under the proposal outlined Thursday, seniors who rely on social security as their only source of income or make less than $3,000 in other income would receive no relief.

"It's unconscionable that this package doesn't address the needs of seniors," Stupak said. "They are facing the same increasing costs as everyone else for everything from energy and health care to food and housing."

"Seniors are a vibrant part of Northern Michigan's economy and I intend to look out for their interests," he said.

Stupak continues to push for legislation to lower energy costs for all consumers and businesses.

Stupak has introduced legislation, the Prevent Unfair Manipulation of Prices (PUMP) Act, to regulate all energy trades, preventing the speculation by hedge fund managers and investors that is artificially inflating energy prices.

Economists estimate Stupak's bill could lower the cost of a barrel of oil by as much as $30.

"As oil prices continue to climb, families in Northern Michigan and across the country are being hit hard by rising energy costs," Stupak said. "This is something that would benefit everyone and have ripple effects through the economy, lowering the cost of not just energy, but also food, transportation and manufactured goods." Stupak is also working to counteract unemployment.

He joined with six of his colleagues in the Michigan delegation Thursday night in sending a letter to House and Senate leadership outlining Michigan-specific priorities to be considered for a second stimulus package.

Those priorities included extension of unemployment benefits and expansion of trade adjustment assistance for displaced workers.

"We need to make American workers a priority," Stupak said. "Extending unemployment benefits and providing adequate funding to meet Michigan's needs under the TAA program would help more American workers recover from layoffs and continue to support their families."

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