(Washington, D.C.) – The Emergency Economic Stabilization Act, which the U.S. House of Representatives passed today with the support of Rep. Rush Holt, includes a one-year extension of Holt’s property tax relief initiative. The Holt property tax deduction, which President Bush signed into law in August, currently applies to 2008 and will benefit homeowners who do not itemize on their Federal tax returns. Under the law, single-filing property taxpayers will be able to take an additional standard deduction of $500 and joint filers will be able to deduct $1,000 for state and local property taxes paid or accrued.

(Washington, D.C.) – Rep. Rush Holt (NJ-12) today joined a majority of the U.S. House of Representatives to send to President Bush legislation that would provide for equity in the coverage of mental health and substance use disorders compared to medical and surgical disorders. The mental health parity initiative – which is a part of the broader economic rescue bill -- would affect the 187 million Americans who currently have insurance coverage under non-self-insured plans. The bill would help prevent the lack of treatment by bringing down the two primary reasons Americans did not seek mental health services. According to a 2004 survey by the American Psychological Association, Americans say that lack of insurance and cost are the leading factors for not seeking mental health services.

(Washington, D.C.) – Rep. Holt today released the following statement on his vote in favor of the economic rescue plan. The legislation passed by a vote of 263-171 and has since been signed into law by President Bush.

Washington, D.C. --- U.S. Rep. Frank Pallone, Jr. (D-NJ) issued the following statement today after supporting the financial rescue package.

(Washington, D.C.) – U.S. Representative Rush Holt (NJ-12) today wrote to Speaker Nancy Pelosi and Majority Leader Steny Hoyer, urging the House of Representatives to consider a lame duck session to take up a mortgage repair initiative, as one is not included in the Emergency Stabilization Act. Holt wrote that bad mortgages are at “the root of the problem” and that Congress needs to help Americans saddled with these bad mortgages. He suggested a program similar to the Home Owner’s Loan Corporation (HOLC), which the Federal Government created in 1933 in that mortgage crisis. The program, which lasted 20 years, shored up a collapsing market by purchasing delinquent mortgages at a discount and working with homeowners to restructure the mortgages into more manageable terms. Congress and President Roosevelt authorized HOLC for $4.75 billion – or $76 billion in today’s dollars. With this investment, in its first two years, HOLC helped more than 1 million homeowners. When the HOLC finally ended, it showed a net $14 million surplus for taxpayers.