HVAC Breaking News

Mar. 11, 2002: Economic Stimulus Bill Is Passed And Signed Into Law

March 11, 2002
/ Print / Reprints /
/ Text Size+
WASHINGTON, DC — The U.S. House of Representatives and the Senate finally passed an economic stimulus bill last week and President George W. Bush signed it into law on Saturday. The new legislation provides extended unemployment benefits as well as business tax cuts.

Ending several months of debate, the bill offers considerably less than what the president originally wanted. Plus, it comes after a number of signs that economic recovery is already underway. But Bush hailed the legislation in a signing ceremony, saying “We're seeing some encouraging signs in the economy, but we can't stand by and simply hope for continued recovery. We must work for it. We must make sure our recovery continues and gains momentum.”

Called the Job Creation and Worker Assistance Act of 2002, it provides a 13-week extension to the normal 26 weeks of unemployment benefits. “This bill will also stimulate economic growth by extending net operating loss rules and by granting some alternative minimum tax relief,” said the president. In addition, he noted, it “provides over $5 billion in tax relief to aid in the recovery of lower Manhattan by helping businesses to get back on their feet so they can start hiring again.”

This bill was passed by the House last Thursday, passed by the Senate on Friday, and then became law on Saturday. The House had earlier passed three other economic stimulus packages that had all stalled in the Senate.

Publication date: 03/11/2002

Did you enjoy this article? Click here to subscribe to The NEWS Magazine

Recent Articles by Greg Mazurkiewicz

You must login or register in order to post a comment.



Image Galleries

2014 Energy Efficiency Forum

Highlights from the 25th annual Energy Efficiency Forum in Washington, D.C.


NEWSMakers: Rajan Rajendran

Rajan Rajendran, newly appointed director of the Emerson Innovation Center, talks about the new $35 million facility and how it will function on the University of Dayton campus. Posted on Aug. 29.

More Podcasts


NEWS 08-25-14 cover

2014 August 25

Check out the weekly edition of The NEWS today!

Table Of Contents Subscribe

Prohibiting HFCs

EPA is proposing a rule that would prohibit some HFCs in select refrigeration applications. Do you agree with this move?
View Results Poll Archive


2014 National Plumbing & HVAC Estimator

Every plumbing and HVAC estimator can use the cost estimates in this practical manual!

More Products

Clear Seas Research


Clear Seas ResearchWith access to over one million professionals and more than 60 industry-specific publications, Clear Seas Research offers relevant insights from those who know your industry best. Let us customize a market research solution that exceeds your marketing goals.


Magazine image
Register today for complete access to ACHRNews.com. Get full access to the latest features, Extra Edition, and more.


facebook icontwitter iconyoutube iconLinkedIn i con