But, earlier today, the National Retail Federation (NRF) said the bill doesn’t do enough to bring shoppers back into stores.
The NRF contends that the best way to get people shopping again is to have a series of national sales tax holidays.
“The increased sales resulting from these holidays would provide a direct infusion of liquidity,” says Steve Pfister of the NRF.
In a letter sent today to Senate Majority Leader Harry Reid, Pfister wrote that tax holidays would put $20 billion back into the economy.
“With consumer spending representing two thirds of gross national product,” Pfister wrote to Reid, “and consumer confidence at the lowest level since records have been kept, it is difficult, if not impossible, to foresee an improvement to overall economic growth until consumers regain confidence and resume spending.”
From all indications, it looks as if the president may well have a bill on his desk by President’s Day, so we may soon see how much it helps.