Teague Announces Economic Two-Bill Package; Heinrich & Luján Cosponsor One of Them

New Mexico's three Congressmen have been busy indeed since being sworn in only a week ago. Today Rep. Harry Teague (NM-02) unveiled a package of two bills designed to facilitate the economic recovery of Southern New Mexico. H.R. 451 would extend the renewable energy production tax credit for two years and H.R. 452 would make the Child Tax Credit refundable for the next five years.

Congressmen Martin Heinrich (NM-01) and Ben Ray Luján (NM-03) joined together with Teague to announce H.R. 452 and signed on as original cosponsors of the bill. H.R. 452 would make the Child Tax Credit refundable for the next five years, allowing working class families to benefit from the Child Tax Credit.

“This legislation will continue to provide much needed economic relief to those hit the hardest by the downturn in the economy – our working families,” said Rep. Martin Heinrich. “I will continue to work so that any stimulus package puts New Mexico’s working families first.”

“My constituents in Southern New Mexico sat by and watched as Wall Street banks benefited from a massive public bailout, and watched again as Congress acted to save Detroit automakers. By making the Child Tax Credit refundable we will give a helping hand to working Americans in Southern New Mexico and across the country,” said Rep. Harry Teague. “The working families that are eligible for this credit are the backbone of America. By making the Child Tax Credit refundable we can help them through these hard times and ensure the economy receives a full stimulus benefit when they begin to cycle those dollars back into the economy.”

“As families struggle during this difficult economic time, it is important for Congress and the Administration to focus on hardworking families throughout New Mexico and the country who are having trouble making ends meet,” said Rep. Ben Ray Luján. “By making the Child Tax Credit refundable for five years, we will help these families by putting money in the hands of those who need it the most. The Credit will stimulate the economy as the families spend the money they receive at local retailers and businesses that will be able to create jobs in our communities. I am proud to join the New Mexico delegation in supporting this important legislation that will help get our economy back on track.”

Teague wrote a letter urging Speaker of House Nancy Pelosi and Majority Leader Steny Hoyer to include both bills as they assemble the stimulus package.

“This package of bills would bolster the economy of, not only Southern New Mexico, but the nation as a whole. Investing in a new generation energy economy and providing stimulus to hard working Americans is a good first step to putting these tough times behind us” said Representative Harry Teague.

It is estimated that in 2007 there were 10.6 million children from working class families that did not have enough income to qualify for the Child Tax Credit, and an additional 11 million low-income children received less than the full credit amount. “The working families that are eligible for this credit are the backbone of America. By making the Child Tax Credit refundable we can help them through these hard times and ensure the economy receives a full stimulus benefit when they begin to cycle those dollars back into the local economy.”

The additional bill in the package, H.R. 451, would give businesses more support to invest in renewable energy projects. Southern New Mexico is home to many renewable energy opportunities including solar and wind projects. “As a businessman who employed hundreds of New Mexicans in the oil and gas industry, I know from personal experience how promoting energy development can create good jobs. Extending this credit will allow the renewable energy industries to further develop across the country and provide good jobs for Americans.”

Congressman Teague a letter to Speaker Pelosi and Majority Leader Hoyer today about the bill package. Congressional Leadership and the incoming Obama Administration are in the process of negotiating the details of an economic stimulus bill. It is expected that the House will take up a stimulus bill soon after the new President is sworn in.

The text of Congressman Harry Teague’s Letter to Speaker Pelosi and Majority Leader Hoyer is below:

January 12th, 2009

Dear Speaker Pelosi and Majority Leader Hoyer:

As you know, America is experiencing its bleakest economic period since the Great Depression. According to reports, the jobless rate is expected to soon increase to 7 percent with double digit unemployment a possibility in the months ahead. An estimated 3.2 million Americans were unemployed this past November who were employed just a year earlier.

As much as anytime in our history, Americans are looking to their government for positive economic leadership and action to create and preserve jobs. My constituents in Southern New Mexico sat by and watched as Wall Street banks benefited from a massive public bailout, and watched again as Congress acted to save Detroit automakers. Now it is time for Congress to extend a helping hand to working Americans across the country and begin to fix this troubled economy. As a new Member of the House of Representatives, I look forward to working with you to pass economic stimulus legislation.

Last week, in one of my first actions as a Member of Congress, I introduced a package of legislation designed specifically to facilitate the economic recovery of Southern New Mexico. The package consists of two bills. H.R. 451 would extend the renewable energy production tax credit, which is critical to New Mexico’s growing wind energy industry, for an additional two years, providing business with the confidence to invest in new projects and create new jobs. As a businessman who employed hundreds of New Mexicans in the oil and gas industry, I know from personal experience how promoting energy development can create good jobs.

My second bill, H.R. 452, would stimulate the economy by getting money into the hands of people who need it most and would be sure to spend it. Specifically, it would make the child tax credit refundable for five years, meaning working class families would get the full benefit of the credit in this tough economy. In 2007, for example, 10.6 million children in working class families did not have enough income to qualify for the credit, and an additional 11 million low-income children received less than the full credit amount. By making their tax breaks refundable, we can help a vulnerable segment of the population through hard times and ensure the economy receives full stimulus benefit from our investment. Such a provision would be especially helpful to my district, whose median family income is only $37,187.

H.R. 451 and H.R. 452 would bolster the economy of, not only Southern New Mexico, but the nation as a whole. Investing in a new generation energy economy and providing stimulus to targeted populations is a good first step to putting these tough times behind us.

As you continue to assemble a stimulus package for Congress’ approval and President Obama’s signature, I strongly urge you to include the renewable energy and child tax credit provisions outlined in my bills. I thank you for your consideration and look forward to working with you to bring health to the American economy.

Sincerely,
Harry Teague
Member of Congress