Economic Recovery Program - Message to the Congress.
January 31, 1977
To the Congress of the United States:
I am proposing to you today a two, year $31.2 billion economic recovery package, whose budgetary costs will be divided almost equally between fiscal years 1977 and 1978 (Table 1). The main components of the program are
--an increase of $4 billion in authorizations for local public works;
--an expansion of public service employment by 415,000 jobs;
--an expansion of training and youth programs under the Comprehensive Employment and Training Act (CETA) by 346,000 positions;
--an increase in the countercyclical revenue sharing program designed to pay out an additional $1 billion a year at current rates of unemployment;
--a $4 billion program of tax reform and simplification for individuals, through an increase in the standard deduction;
--individual tax rebates, and payments to Social Security, Supplemental Security Income (SSI) and Railroad Retirement beneficiaries,' which will total $11.4 billion;
--an optional credit against income taxes equal to 4 percent of payroll taxes or an additional 2 percent investment tax credit for businesses.