WASHINGTON – U.S. Senator Jeff Bingaman today voted to approve a stimulus package that would take steps to immediately bolster the economy in New Mexico and across the country. The measure passed the Senate Finance Committee and can now be considered by the full Senate. 

The bill would do the following: 

• Give a $500 rebate to Americans with $3,000 of qualifying income to report on his/her 2007 tax return, including millions of seniors living on Social Security. Rebates would be doubled for married couples filing jointly. (The rebate would be phased out at a rate of five percent of adjusted gross income for single filers making more than $150,000 annually, and for married couples making more than $300,000 annually.) And it would give families an additional $300 for each child under age 17. 

• Provide an additional 13 weeks of unemployment benefits to all states; states with highest rates of unemployment would get a total of 26 weeks of unemployment benefits. 

There are also provisions to assist businesses that are losing money in this economic downturn. And there are provisions that extend tax credits for renewable energy production and energy efficient construction. Bingaman, chairman of the Senate Energy and Natural Resources Committee, helped write these provisions last year; they were narrowly defeated. 

“I believe that this bill has the elements of an effective stimulus package. It would get money into the hands of Americans who need it and who will spend it right away,” Bingaman said.

Bingaman today participated in a Capitol Hill news conference in support of an amendment that will be made to the stimulus package that would provide billions of additional dollars to the Low Income Home Energy Assistance Program – an initiative that helps Americans defray the cost of the heating and cooling bills. 

Bingaman helped write the 2005 Energy Policy Act, which authorized $5.1 billion for LIHEAP each year. Unfortunately, Congress only set aside $2.57 billion for the program this year. 

“LIHEAP makes it possible for New Mexico families to pay their heating bills. I look forward to supporting this proposal to adequately fund LIHEAP this year,” Bingaman said.