For several years, the American people were told our economy was roaring. This was not, in fact, true. And it now is abundantly clear that millions of hardworking American families are struggling to make ends meet, and that the American economy needs a strong shot in the arm.

The median household income is about $1,000 lower than in 2001. The number of Americans living in poverty and the number of uninsured are up by 5 million and 7 million, respectively, since President Bush took office. Job growth has been unimpressive. Foreclosures have hit record levels. And, Americans all across this country are struggling with exploding gasoline prices, higher grocery bills, and increasing college and healthcare costs.

Thus, I am very pleased that members on both sides of the aisle — and the White House — have come together, in the spirit of bipartisanship and good faith, to produce an important economic stimulus package. In particular, Speaker Nancy Pelosi (D-Calif.), Minority Leader John Boehner (R-Ohio) and Treasury Secretary Henry Paulson deserve great credit for their efforts.

In short, this stimulus will put money in the hands of hardworking Americans to give them the help they need, and, at the same time, stimulate the economy. We do not know if this stimulus will keep our economy out of recession. But economists do tell us that a recession is more likely without a stimulus, and thus we must act.

I am pleased that this stimulus package adhered to the principles that Democrats have stressed for weeks — that an economic stimulus be timely, targeted and temporary. It is critical that we not enact a stimulus plan that further erodes our nation’s long-term fiscal condition. The undeniable fact is, the president’s economic policies turned a projected 10-year budget surplus of $5.6 trillion into more than $3 trillion in additional debt.

Democrats are particularly pleased that, under this package, 35 million working families who would not otherwise have been helped will receive tax relief, and that 117 million families in all will receive a stimulus check.

This economic package also will expand financing opportunities for Americans in danger of losing their homes because of the mortgage crisis, and promote small business investment in equipment, which will spur job creation here at home.

While this package is not a panacea to our nation’s economic woes, we do believe that it will provide a much-needed shot in the arm to our sluggish economy and alleviate the pressure on millions of Americans who have been squeezed by worsening economic conditions.

We also believe the investment will have the desired economic impact without exacerbating our structural deficit or undermining our commitment to fiscal discipline or pay-as-you-go budget rules. Indeed, Federal Reserve Chairman Ben Bernanke believes it “would be counterproductive to increase taxes as part of this program.”

I agree. It is counterintuitive to, on one hand, pump money into the economy with a stimulus, while taking money out by raising revenues on the other. Furthermore, pay-go allows for an economic stimulus that is not immediately offset since it applies over a five-year period.

In addition to the stimulus plan, we are hopeful that legislation already passed by the 110th Congress last year will work to ensure the long-term viability of the U.S. economy. In 2008, we will look to build upon these measures, with policies that will work to stabilize and grow the economy, create good-paying jobs, and increase opportunities for all Americans.

Moving forward, it is my hope and expectation that the House and Senate can come to quick agreement on a final stimulus package to send to the president’s desk. It is imperative that this streamlined and focused package not be loaded down with extraneous provisions that slow passage and delay relief for millions of Americans.

It is also my hope that the bipartisan cooperation and agreement that produced the economic stimulus will serve as a model for addressing other challenges that may arise from a weakened economy. With so much at stake, it is vital to set aside partisan differences and work to find common ground that yields the greatest results for the American people.

Hoyer is the House majority leader.