Travel Promotion Act Will Reduce Deficit by $425 Million
Economists Say New Legislation to Welcome Foreign Visitors Will Bring in $4 Billion in New Economic
WASHINGTON, DC, June 10, 2009 - The Congressional Budget Office (CBO) reported yesterday that S. 1023, the "Travel Promotion Act," will reduce the U.S. federal budget deficit by $425 million over the next ten years.
"This bill will reduce the deficit and increase jobs," said Roger Dow, president and CEO of the U.S. Travel Association. "The Travel Promotion Act will generate $4 billion in new stimulus each year; 40,000 new U.S. jobs in the first year; and $425 million in deficit reduction over ten years - at no cost to U.S. taxpayers. This is the type of stimulus Americans are looking for."
The CBO report on S. 1023 states: "In total, CBO estimates that enacting S. 1023 would reduce budget deficits by $425 million over the 2010-2019 period." The "Travel Promotion Act of 2009" (S. 1023) was unanimously approved by the Senate Committee on Commerce, Science and Transportation on May 20, 2009 and is expected to be brought to the Senate floor in the coming days.
The bill would establish a public-private partnership to promote international travel to the United States and communicate U.S. security and entry policies. The program would be paid for by private sector contributions and a $10 fee on foreign travelers who do not pay $131 for a U.S. visa.
Nearly every developed nation in the world spends millions of dollars to attract visitors and strengthen their economy, whereas the United States spends nothing. Overseas visitors spend an average of $4,500 per person, per trip in the United States. Oxford Economics estimates that a well-executed promotion program would attract 1.6 million new international visitors, generate $4 billion in new economic stimulus and $321 million in new federal tax revenue each year. The U.S. Travel Association estimates that this program would create nearly 40,000 new American jobs in the first year.
For more information about the Travel Promotion Act, please visit www.poweroftravel.org or contact Kristy Chandler at [email protected].
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