| Washington, DC -- This
afternoon, Congressman Earl Pomeroy strongly supported the economic
stimulus package passed by the House today that will help give a
boost to the economy and bring relief to the unemployed. The Job
Creation and Worker Assistance Act of 2002, H.R. 3090, passed by a
vote of 417 to 3.
"We needed to take action for the thousands of workers at the end
of the road with their unemployment benefits and an economy that
needs nurturing. This bill provides assistance to unemployed workers
and a tax cut that helps stimulate investment in our economy,
without further harming our long-term budget outlook," Pomeroy said.
"In short, this bill gets the job done. I'm glad both parties could
come together to move this bill to the President."
The bill accomplishes the following:
It helps unemployed workers by extending the limit on
unemployment insurance from 26 to 39 weeks. Importantly, the bill
also expands Unemployment Insurance benefits by providing funds to
assist part-time workers who have lost their jobs. At a time when
80,000 workers per week are exhausting their UI benefits, the
13-week extension in this bill is sorely needed.
It encourages new investment to help lift our struggling
economy. It provides businesses with a 30 percent bonus depreciation
for plant and equipment placed in service after the terrorist attack
of September 11. This will give businesses a powerful incentive to
expand their operations and grow the economy.
It extends expiring tax credits. Importantly for North Dakota,
the bill extends the taxable income limit for oil production from
marginal wells and the tax credit for wind energy production. North
Dakota is not only a major producer of oil, it is number one in the
nation in the potential for energy generation from wind.
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