Senate Passes Economic Stimulus Package

Press Release

Senate Passes Economic Stimulus Package

U.S. Senator Lindsey Graham (R-South Carolina) today voted in favor of an economic stimulus package that will provide financial relief to millions of Americans. The bill passed 81-16.

The legislation provides $600 payments for individuals -- $1,200 for couples -- plus $300 for each child under 17. It would begin to phase out eligibility at $75,000 in adjusted gross income for individuals and $150,000 for couples. Workers who can show $3,000 in earned income last year--not enough to pay taxes--would be eligible for payments of $300. The bill passed by the Senate also provides for $300 payments to senior citizens and disabled veterans.

Additionally, businesses would also be given incentives to invest in new plants and equipment.

Graham made the following statement:

"Individuals and families in South Carolina and throughout the nation are going through tough times right now. This package will provide some temporary relief to working people and a jumpstart to our economy.

"I am pleased that we were able to hold strong and pass a bill that returns some hard earned money to the pockets of Americans without filling the bill with legislative giveaways that would unnecessarily run up our country's credit card bill.

"However, this is a short term fix to a long term problem. We must make the Bush tax cuts permanent. We must gain control over government spending and be responsible stewards of taxpayer dollars. And, we must reform a broken entitlement system that continues to make promises we can't keep."

Before payments can be mailed, the bill must be passed by the House of Representatives and signed into law by the President.

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