Debt Relief Tax Bill Extension | Tax Amnesty

ANSWER:
It was in our local paper here and the congressmen of my state are some of the people pushing the most for it. Here is what was in our local paper a week ago.

AUGUSTA, Maine - Gov. John Baldacci says Congress should approve a second stimulus package as soon as possible, given the state of the economy both in Maine and nationally.

"I think this is one of those things that you have to stay ahead of," he said in an interview. "I think frankly we are in the middle of it. If it is not a recession, it is pretty close to one."

Baldacci said the stimulus checks approved by Congress earlier this year may help, but he noted a survey of Mainers that indicates less than one in five plans to spend their checks. Most indicate they will pay bills or save the money for future energy bills.

"From what I have been hearing from people, they are lucky if what they are getting [for a stimulus check] will pay for half a tank of oil," he said. "This heating season, as much as I want it to end like yesterday, is still hanging on. People are struggling and trying to keep their heads above water."

The stimulus checks can be as much as 0 for an individual and ,200 for a married couple filing their income tax return jointly.

Baldacci said two things that would help are an extension of unemployment benefits and aid to those with mortgage problems. He said the state and the nation are still facing uncertain economic times and cautioned that recent reports of a state surplus may quickly become outdated if high energy prices continue to batter the budgets of individual Mainers.

"Even though we have had good financial reports up to this point, I think in a lot of cases it is defying gravity and it is just a matter of time before it all falls down," Baldacci said.

A report prepared for legislative leaders who are meeting today indicates that state General Fund revenue were above projections by .2 million in April, bringing revenues to .3 million above the revised projections for the budget year that ends June 30.

State Finance Commissioner Rebecca Wyke is scheduled to report on state revenues to the Legislature s Appropriations Committee on Thursday.

"I hope the Congress can do whatever they can to further stimulate the economy," Baldacci said. "I think it is needed."

Members of Maine s Congressional delegation all support a second stimulus package, but all have concerns about what is or is not included in the legislation.

Republican Sen. Olympia Snowe said the farm bill that has passed Congress by wide margins and is expected to be vetoed by President Bush has elements that will help stimulate the economy.

"The expansion of the food stamp program is clearly one of those items that will help the economy. That and an extension of unemployment benefits are two items the economists say do help bolster the economy and have done so in the past," she said.

Fellow Republican Sen. Susan Collins said she would support a second stimulus package, but only one that provides targeted help. She said some proposals will not have her support.

"I would support some relief for people that through no fault of their own are affected by the subprime mortgage mess," she said. "I am not interested at all in bailing out speculators."

Democratic Rep. Tom Allen said he has no doubt there needs to be further efforts by the federal government to stimulate the economy. He said at an absolute minimum unemployment benefits should be extended.

"In terms of what people in Maine are going through, they are in a recession, I can tell you that," he said. "The cost of everything, of food, of heating oil and gasoline, they are under tremendous financial pressure."

Democratic Rep. Mike Michaud said the first stimulus package should have included extended unemployment benefits and the food stamp increases that are included in the farm bill. He also said lawmakers should consider funding various public works projects as part of the package.

"There is a lot of support, at least in the Democratic caucus, to put more money into infrastructure needs as part of a stimulus package," Michaud said. "The sooner we get these projects done, the more cost-effective they will be."

Congress is going on break for the week that includes Memorial Day, so lawmakers are not expected to consider any stimulus legislation until they return in June.

Source: http://sumgait.net/uncategorized/debt-relief-tax-bill-extension/

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