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Posted at 2:27 p.m., Thursday, January 31, 2008

Inouye, Akaka back Senate economic stimulus plan

By DENNIS CAMIRE
Advertiser Washington Bureau

WASHINGTON -- Hawai'i Democratic U.S. Sens. Daniel K. Inouye and Dan Akaka said they support a Senate $193 billion economic stimulus plan as the best possible in the current situation.

Inouye said he was certain every group involved in the discussions wanted more stimulus proposals included such as increasing food stamp benefits, "but I and many of my colleagues felt that at some point a line had to be drawn."

Inouye said the plan, coming up for votes on the Senate floor next week, built on a $161 billion House bill that was approved "after the House leadership and White House had countless hours of anguished debate."

"The Senate measure serves the best interests of our nation by stimulating our businesses and economy," Inouye said. "It represents the best that we can jointly agree upon. Taken as a whole, I believe this bill is a good one."

The Senate plan, approved by the Finance Committee on Wednesday, adds $32 billion to the House-approved plan. The Senate plan would send rebates of $500 to $1,000 to individuals with incomes of up to $150,000 and couples with incomes up to $300,000. It also would make eligible 20 million seniors on Social Security and disabled veterans and extend unemployment benefits for 13 weeks.

Both the House and Senate plans have about $50 billion in tax incentives for businesses to invest in new equipment and plants and the Senate plan includes $5.5 billion in renewable energy tax incentives.

Akaka said the Senate additions to the House plan "is the least that we in Congress should do."

"This stimulus must be structured to help the hardworking men and women in Hawai'i who find it increasingly difficult to make ends meet," Akaka said. "When the Senate considers this important legislation next week, I will continue to advocate for measures that benefit the unemployed, senior citizens, and disabled veterans."