Politics

State of the Union: Spending and the Budget

On Monday evening, the President delivered his State of the Union address, which included several key initiatives to grow our economy and create jobs. The President asked Congress to quickly pass the $150 billion economic growth package, or stimulus, agreed upon by the Administration and leadership in the House to provide a ?jolt? to our suffering economy. Congress responded and passed this economic stimulus package on Tuesday, with Congressman Conaway?s support. The Senate Finance Committee will today mark-up their stimulus package. Both chambers will then work together to settle the differences between these two packages.
The President further encouraged Congress to extend the tax breaks currently in place, such as the 10% individual income tax bracket, reductions in the marriage penalty, the expansion of the child tax credit, and reduced rates on regular income, capital gains, and dividends. Such tax relief is set to expire in less than three years.

Full post as published by Mike Conaway's Blog on January 30, 2008 (boomark / email).