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STATEMENT OF SENATOR LAUTENBERG ON THE SENATE'S PASSAGE OF ECONOMIC STABILIZATION LEGISLATION
By Michael PaganSTATEMENT OF SENATOR LAUTENBERG ON THE SENATE'S PASSAGE OF ECONOMIC STABILIZATION LEGISLATION
Washington, D.C. – Senator Frank R. Lautenberg (D-NJ) issued the following statement on the Senate’s overwhelming passage of the economic stabilization legislation tonight:
“It is outrageous that years of neglect by the Bush Administration, Washington Republicans and special interests have put our economy in peril while CEOs pocket millions at the expense of working families. Now we have to clean up their mess and, as economic news worsens each and every day, it is clear we need to act quickly and responsibly.
We fought hard to make sure this economic recovery package was far stronger than the three-page blank check the Administration proposed, and as a result, today’s bill puts real limits on CEO compensation and golden parachutes while establishing stronger oversight and more protections for homeowners and taxpayers. Importantly, this bill also helps New Jersey families with college tuition and property tax deductions, alternative energy tax credits and prevents more than a million taxpayers in our state from being hit by the Alternative Minimum Tax (AMT).
The consumer protections and tax relief for New Jersey’s working families and small businesses in this bill are important steps to help our economy begin to recover from this crisis. This does not mean our work is done -- we need more reform, more direct help for struggling families and more assurances to prevent this from happening again. This bill isn't perfect, but it is real action when we need it.”
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