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For Immediate Release
October 3, 2008
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WASHINGTON, D.C.—Today, President Bush signed the financial "bailout" which passed in the Senate and House late this week. Included in the bill is a one year expansion in the Child Tax Credit that will now benefit families with earnings between $8,500 and $12,050. According to the Tax Policy Center, the Child Tax Credit provision is expected to benefit 13 million children. The bill also included a Mental Health Parity Act which ends discrimination in the treatment of children and adults with mental health and substance abuse disorders by requiring parity in the coverage of mental and physical ailments.
Children's Defense Fund President and Founder, Marian Wright Edelman released the following statement:
"I applaud Congress for stepping forward for children by including both the Child Tax Credit provision and then mental health parity act in the financial rescue package. The financial crisis risks the economic security of millions of families, and I am thankful that Congress looked to the future and took some important steps to ensure that more children are not left behind and that families have the resources to provide for their children."
"More than 13 million children live in poverty, which costs our nation half a trillion dollars in lost productivity, poorer health and increased crime every year. Tax credits such as the Child Tax Credit and the Earned Income Tax Credit are some of the most effective and powerful anti-poverty policies."
"As many as one in five children in the United States has a mental health disorder, yet only 20 percent of children and adolescents with mental disorders are identified and receive mental health services in any given year. The Mental Health Parity Act will give countless youth better opportunities to be treated and become active and engaged members in their schools and communities."
"Far too often our children—our nation's most vulnerable citizens—are left out of major legislation. I am grateful that Congress took action to improve the lives of millions of our children that will help improve the lives of every one of us."
For more information about the Children's Defense Fund, visit www.childrensdefense.org.