The White House, President George W. Bush Click to print this document

For Immediate Release
Office of the Press Secretary
October 3, 2008

Fact Sheet: Safeguarding the Financial Future of American Workers and Families
Emergency Economic Stabilization Act Is Vital To Help America Get Back On The Path To Growth And Job Creation

     Fact sheet In Focus: Economy

Today, the Bureau of Labor Statistics released new jobs figures for September. Nonfarm payroll employment decreased by 159,000 jobs in September and the unemployment rate remained at 6.1 percent.

Bipartisan Legislation Will Protect Taxpayers And Ensure Credit Flows To American Businesses And Families

The Senate version of this legislation added important provisions. This new version, in addition to addressing the financial crisis, protects millions of taxpayers from the Alternative Minimum Tax (AMT), extends tax incentives for businesses and tax relief for families and individuals, extends renewable energy tax credits, and increases federally insured deposits.

The President commends the Senate for its strong bipartisan vote in favor of the financial rescue plan. This bill is essential to the financial security of every American. It is aimed at helping American families, small businesses, and State and local governments. The original proposal was revised to include strong oversight that strengthened the legislation:

It is projected that much, if not all, of the tax dollars invested by the Federal government into these troubled financial institutions will be paid back over time. Under the purchase program, the government would sell or hold the acquired assets, with the proceeds going back to the Treasury, to offset much, if not all, of the initial cost. Under the program to guarantee troubled assets, the Treasury Department would charge risk-based premiums to cover any anticipated claims.

Our Economy Is Depending On Decisive Action By The Government

In recent weeks, the Federal government has taken a series of measures to help promote stability in the overall economy. We have boosted confidence in money market mutual funds and acted to prevent major investors from intentionally driving down stocks for their own personal gain. But more action is needed. We must address the root cause behind much of the instability in our markets – the mortgage assets that have lost value during the housing decline.

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