The National Retail Federation praised the tax cut bill signed into law Thursday by President Bush, saying the measure will boost the economy and create jobs.

“This tax-cut plan establishes a sound, three-pronged approach that will increase consumer spending, encourage individual and business investment and create much-needed jobs,” NRF President and CEO Tracy Mullin said. “It will provide a robust and vital shot in the arm for our nation’s sluggish economy.”

“Dollars put into consumers pockets – rather than poured into the black hole of the Washington bureaucracy – are dollars that can work their way into the economy, creating jobs and prosperity for everything they touch,” Mullin said. “Consumer spending represents two-thirds of GDP, and tax policy that boosts spending has always been the quickest way to pump money into the economy. When consumers spend money in a retail store, it doesnt just sit in the cash register – it ripples throughout the economy and supports the jobs of countless hard-working Americans.”

 “President Bush and key members of Congress had honest differences of opinion on the size and shape of this package and the best way to boost our economy,” Mullin said. “In the end, they saw that results were more important than politics and procedure, and passed legislation that will benefit everyone.”