You’ve heard me say it before—Congress must pass an economic stimulus package as soon as possible to help jumpstart the economy, get credit flowing again, and create jobs. The U.S. Chamber agrees with President Obama, members of Congress, and most economic experts that a timely, targeted, and temporary stimulus bill could help blunt the impact of the current recession and put us on a path toward growth. But, as always, the devil is in the details!

We support many things in the House and Senate versions of the stimulus legislation. Investments aimed at updating our aging electricity grid, modernizing our crumbling infrastructure, and speeding the adoption of health care information technology can help spur both short- and long-term growth and improve our global competitiveness.

We like several of the tax provisions, including extending the net operating loss carryback period, providing for bonus depreciation, increasing small business expensing, fully repealing the 3% tax withholding on all government payments, and a housing credit for first-time buyers. Tax relief will help people start spending again—don’t forget consumption is 70% of the economy.

But there is still significant room for improvement. The House bill, for example, doesn’t meet the “timely, targeted, temporary” test—the spending is unfocused, it comes on line too slowly, and it lasts well beyond what would commonly be labeled temporary. Even worse, some provisions would lead to job destruction instead of job creation. The expansion of COBRA eligibility and duration, for instance, would impose significant compliance burdens and economic costs on employers.

Both bills would benefit from the inclusion of additional tax relief. Congress should consider adding a temporary payroll tax holiday and a temporary allowance for U.S. companies to repatriate foreign subsidiary earnings at a reduced tax rate. These modifications would inject more cash into the private sector, stimulating investment and consumption.

Many people have asked me how the Chamber can support such a large stimulus bill given our long record of advocacy for fiscal responsibility and limited government. Under normal circumstances, we would oppose massive new spending initiatives, but these aren’t normal times. Besides, passing a stimulus bill now—and reigniting growth—will actually save us money in the long run. We would pay an even higher price in lost jobs, wages, and growth—and in supporting a massive number of unemployed—if we tried to ride things out and did nothing.

The ultimate measure of success will be how well the final package stimulates economic growth and job creation. We are all in this together, so let’s hope for the best.