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9 . A -- THE LEAGUE'S 2003 FEDERAL PRIORITIES The League Board of Directors is considering adoption of 2003 Federal Priorities calling for a federal economic stimulus package for states and local governments. Related to this goal, and at the request of the California Democratic Congressional Delegation, we are providing for your information this letter from Congressman Sam Farr. January 28, 2003 Dear California League of Cities Member: Today, at the recommendation of Rep. Anna Eshoo, we are sending you a summary of the economic stimulus plan which was recently unveiled in the U. S. House of Representatives. This plan will provide what states, counties, cities, and towns need to get our economy moving again. It's an economic stimulus plan that is fast acting, fair, and fiscally responsible. America needs jobs, more investment, and first- responder funding ... and no one understands this better than local governments. The need for this economic plan is urgent. Economic growth in our country is the weakest it's been in 50 years. Consumer confidence is down, over 2 million private sector jobs have been eliminated over the last 2 years, and long -term joblessness has more than doubled in that time, totaling more than three million. States are facing huge deficits and are being forced to cut deeply into critical education and health care programs. To stimulate our national economy now and assist states, counties, cities and towns, this plan provides: Direct Assistance to States: provides $32 billion in immediate and direct investment to states for transportation projects, homeland security requirements and Medicaid needs. Some of this funding, already collected from American taxpayers, is being held in non - Social Security trust funds that should be released immediately. Tax Rebate for Individuals: puts money in the hands of consumers who drive our economy by giving a $300 tax rebate to every working American ($600 for couples), representing a payroll tax holiday without affecting the Social Security Trust Fund. Tax Provisions for Businesses: generates investment and jobs by accelerating equipment deprecia- tion benefits, giving large and small American businesses incentives to invest in new plant and equipment purchases now when our economy needs it most. Unemployment Assistance: extends unemployment benefits for workers whose insurance has run out and who are still unable to find jobs. This plan combines a responsible short-term stimulus with long -term balance, allowing the budget to recover as our economy strengthens. Projections indicate that this plan creates more than one million jobs in 2003 — the best way to spur the economy and employ our people. This is a fair plan for all Americans and we hope you will work with us for its enactment. Also, we are all looking forward to your trip to Washington, D. C. in March. Sincerely, SAM FARR, Chairman California Democratic Congressional De legation PAGE 6 /PRIORITY FOCUS Visit the League's Official Web Site -- www.cacities.org