To foster more credit, the package would create the small business lending fund I proposed in my State of the Union address to help underwrite loans through community banks.
Arguments that the federal stimulus package should get the credit also fly in the face of the facts.
In particular, a financial aid package for Poland should avoid transferring credit risk from private commercial banks to Western governments and taxpayers as a way of covering and thereby encouraging loans from private credit markets.
Credit Suisse and Citigroup are reportedly selling a big loan package for Kohlberg Kravis Roberts' takeover of First Data at 96 cents on the dollar.
House Speaker John Boehner, goaded on by Senate Republicans led by Tom Coburn, flirted with eliminating some special breaks such as the ethanol tax credit as a way to add revenue to a debt reduction package.
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You may not support our overall jobs package, but if you look at the tax credit that we're proposing for small businesses right now, it is consistent with a lot of what you guys have said in the past.
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So pensions credit has been a very very important part of the Pension Reform package that we put in place.
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The actions we've taken to stabilize our financial system, to repair our credit markets, restructure our auto industry, and pass a recovery package have all been steps of necessity, not choice.
The package moves to spur growth by also extending the Earned Income Tax Credit (EITC), the Child Tax Credit (CTC), and the American Opportunity Tax Credit.
"If the Congress proceeds with a fiscal package, it should consider including measures to help improve access to credit by consumers, homebuyers, businesses and other borrowers, " Bernanke said.
But as the British Chancellor George Osborne said, they haven't got long to come up with a compelling rescue package, to prevent the eurozone's financial strife causing a credit crunch and serious recession.
The tax relief package honors marriage and family by reducing the unfair marriage penalty and doubling the credit for children.
He was even more scathing of the argument that overdraft charges were fees paid for receiving a whole package of services, in which banking services were free for those who stay in credit.
Pollsters, political consultants and advertising firms all helped to test ideas and promote the resulting package: a three-year debt moratorium for farmers, a million-baht credit scheme for every village in the country, and universal health care with a low 30-baht charge per hospital visit.
So the package is more like taking out a mortgage to rebuild your house than running up your credit-card bill.
The May package also failed to extend 20 tax breaks that expired last Dec. 31, including the research credit (a top priority for tech companies) and deductions for state sales taxes and college tuition.
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