For Immediate Release: May 23, 2003
discusses the impact of the
federal economic stimulus package on Oklahoma.
Monson Says Federal Economic Recovery Plan Will Soften Oklahoma’s
Federal economic stimulus package just approved by Congress is now awaiting
President Bush’s signature. The proposal includes $20 billion
for state governments across the nation.
The package is critical to Oklahoma and other states facing huge budget
shortfalls, said Senator Angela
Monson, President of the National Conference of State Legislatures.
The $20 billion state aid plan earmarks $10 billion for Medicaid and
$10 billion for states to use at their discretion. Oklahoma’s
total share of that package is estimated to be approximately $216 million.
“The National Conference of State Legislatures has always said
that any successful economic recovery plan must recognize the importance
of states in economic recovery. That’s what this agreement does,”
explained Monson, D-OKC.
Senator Monson said Oklahoma’s budget shortfall, which is nearly
$700 million, is only part of a bigger economic picture.
“Nationwide, states are facing a collective $53.5 billion budget
gap for fiscal year 2004. This is due to a national economic downturn
that was dramatically worsened as a direct result of the terrorist attacks
of September 11th,” explained Monson. “The situation was
worsened by corporate failures such as Enron.”
The shortfalls have forced many state legislatures to consider cost-cutting
measures such as layoffs, across-the-board cuts and other measures that
would ultimately hamper economic recovery efforts.
“Like the federal government, states are dedicated to getting
the nation’s economy back on track. We stand ready to work with
Congress, the Bush administration and the private sector to do our share
to achieve this goal,” said Monson.
“In the meantime, these funds can help keep many, many Americans,
including citizens right here in Oklahoma, from losing vital services
such as medical care and hopefully help soften the impact of other cuts
that could prove devastating to the public.”
more information, contact:
Division - (405) 521-5774