Home / Knowledge / News / NRF calls on Congress to hold Lame Duck Session on economy
NRF calls on Congress to hold Lame Duck Session on economy
16
Oct '08
The National Retail Federation called on Congress to hold a lame duck session to address the nation's economy as soon as possible after the November elections, and to include tax relief for consumers in any economic stimulus package that is adopted.

“The United States is in the midst of a national crisis,” NRF President and CEO Tracy Mullin said. “Extraordinary measures are needed to address this profound economic emergency that has affected every American.”

“Consumer confidence has been badly eroded by the foundering economy and instability of the financial markets,” Mullin said. “Because consumer spending represents two-thirds of GDP and supports tens of millions of jobs, it is difficult if not impossible to foresee an improvement in overall economic growth until consumer confidence and spending improve.”

“There is hard evidence that the first round of economic stimulus checks were used for good purposes: to pay down debt, to help fund ordinary household expenses, and to purchase necessities. But we believe a second round of economic stimulus is needed and must include relief for the consumer. Increased consumer spending would create demand throughout all sectors of the nation's economy, from manufacturing to transportation to construction.”

Mullin's comments came in a letter sent today to House Speaker Nancy Pelosi, D-Calif.; House Minority Leader John Boehner, R-Ohio, Senate Majority Leader Harry Reid, D-Nev., and Senate Minority Leader Mitch McConnell, R-Ky.

Pelosi said this week that the House is considering a lame duck session after the November 4 elections to consider economic stimulus legislation. The Senate is already scheduled to return November 17, although the agenda for the Senate session has not been determined.

Talk of a lame duck session and economic stimulus legislation comes as retailers are facing the worst holiday season in six years. NRF's annual forecast predicts sales will rise 2.2 percent to $470.4 billion, but that would be the slowest growth since 2002, when holiday sales rose 1.3 percent, and half the 10-year average of 4.4 percent.

A survey conducted for NRF this summer found consumers had spent or planned to spend 46 percent of the $105.7 billion in rebate checks authorized under the economic stimulus bill President Bush signed into law in February. That would amount to about $48 billion put into circulation in the economy, with most of the rest used to pay down debt or put into savings to help stimulate future spending.

National Retail Federation

Must ReadView All

Courtesy: Li & Fung

Textiles | On 29th Mar 2017

Li & Fung introduces new 3-year plan 2017-2019

Li & Fung Limited has outlined its next Three-Year Plan (2017-2019)...

Courtesy: Carrington

Apparel/Garments | On 29th Mar 2017

Carrington Workwear signs JV with TMG Textiles

Carrington Workwear, one of the largest producers of workwear fabrics ...

Apparel/Garments | On 29th Mar 2017

Jabong launches Aeropostale on its platform

Jabong has added leading American high-street fashionwear brand,...

Interviews View All

Mukesh Agarwal & Rajesh Agarwal
Madhuram Fincap Pvt Ltd

Increasing prices and lack of demand main issues facing industry

Milind Khandwe
Hindoostan Innovation Centre

‘Modern technical textile is an indispensable tool for science and...

Janak Dhamanwala & Sunil Dhamanwala
Jansun

Moving towards sustainability is also a social change

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
March 2017

March 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search