The Chamber applauded House leaders and the administration for reaching a deal yesterday on a $150 billion economic stimulus package that would spur business investment and increase consumer spending. The Chamber is now urging Congress to quickly approve the measure.

The proposed package includes $50 billion in business-specific benefits, including a temporary change to the tax code that will allow American businesses that buy new equipment this year to deduct an additional 50% of the cost of their investment in 2008.  The agreement also increases the deduction limits for expenses for small businesses to $250,000.

"The Chamber believes these changes, in the short run, act as an insurance policy by encouraging immediate investment, and, in the long run, increase productivity and further the prospects for long-term economic growth," Chamber Executive Vice President Bruce Josten wrote in a January 25 letter to members of Congress.