CONGRESSMAN HENRY CUELLAR VOTES FOR NEW AND IMPROVED BROAD-BASED ECONOMIC RECOVERY ACT

WASHINGTON, D.C. – U.S. Representative Henry Cuellar issued the following statement today in reference to his vote in favor of the new and improved Broad-based Economic Recovery Plan. H.R. 1424 passed the U.S. House of Representatives by a vote of 263 to 171.

“Today I voted in favor of the new and improved, broad-based economic recovery plan because it provides better taxpayer protection, ensures strong reform to clean up the reckless practices of Wall Street, and will help make the U.S. economy stronger.

“This new and improved broad-based economic recovery plan will help working families, those nearing retirement, and small businesses. The improved bill protects Americans’ retirement accounts and alleviates the credit crunch that affects the ability of consumers to buy homes and cars, small businesses to meet pay roll, and students to obtain loans for college.

“By voting no earlier this week, I helped stop the rush on the original bill. We now have a new and improved bill that does not give the administration a blank check for $700 billion. We now have better taxpayer protection and limits on executive compensation packages, and there are strong provisions in place requiring companies to pay back every penny. This new package does not provide $700 billion. It is an initial $250 billion package with strong restrictions, and the remainder of the funding requires the approval of the President and Congress, if the need arises.” 

“This new and improved broad-based economic recovery plan will also help the working middle class and small business by:

§       Increasing the FDIC ceiling on insured deposits from $100,000 to $250,000 so Americans’ savings are safe

§       Providing a deduction for sales taxes from federal income taxes

§       Protecting 22 million middle class tax payers from paying the alternative minimum tax (AMT)

§       Providing a $4,000 tax credit to families who have children in college

§       Providing incentives for energy conservation in commercial buildings, residential homes, and energy efficient appliances

§       Strengthening home foreclosure mitigation efforts

“This was a very difficult vote. I am concerned with protection for taxpayers and financial market reform to ensure this does not happen again. After hearing the concerns of constituents and financial and business leaders in my district and taking into consideration the best interest of our country, I feel that this was the right action to take. We will weather this economic storm, and with our American can-do spirit, we will recover and grow stronger.”