March 26, 2003

Smith Votes to Provide Economic Stimulus, Assistance to Working Families

WASHINGTON, DC – Today, Senator Gordon Smith (R-OR) voted to approve the Congressional budget resolution for fiscal year 2004. The budget includes a substantial tax cut designed to stimulate economic expansion and job growth, as well as increased funding for Americans left without health insurance.

"I would have preferred more fiscal relief for Oregon. However this budget keeps more money in Oregonian's pockets, stimulates job growth, and provides assistance to those suffering the consequences of our struggling economy," said Smith. "I am most pleased that we've committed to providing greater health care coverage during a time when a growing number of American's need it most."

The approved budget provides the tax relief included in President Bush's jobs and growth plan. The plan will reduce American's tax burden by $350 billion over the next 10 years including an additional $27.5 billion for an expanded, refundable child care tax credit. The budget also emphasizes international humanitarian aid, providing $450 million for a new Global AIDS Initiative, and an additional $200 million to address international famine.

"With the distinction as the wealthiest and most powerful nation on the planet comes the responsibility to address the problems that burden our global community," Smith said. "The budget we approved today will grow our economy, without neglecting our important responsibility of global stewardship."

The Fiscal Year 2004 budget also includes:

  • Full funding of the president's request for homeland security. Funding for the new Department of Homeland Security will increase from $21.3 billion to $27.1 billion.
  • $50 billion to help provide health coverage for the uninsured, and an additional $7.3 billion to expand Medicaid coverage for children with special needs
  • A resolution sponsored by Smith stating that any economic stimulus package should include at least $30 billion for state fiscal relief, at least half of which should be designated to Medicaid
  • Provisions gradually allowing certain disabled veterans to receive retirement and disability compensation concurrently
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