Emergency Employment Countercyclical Assistance Act

[AI summary unavailable — showing source text] Declares it to be the policy of the United States and the purposes of this Act to make State and local government budget-related actions more consistent with Federal government efforts to stimulate national economic recovery; to enhance the stimulative effect of a Federal government income tax reduction; and to enhance the job-creation impact of Federal govenment public service employment programs. Directs the Secretary of the Treasury to make emergency support grants to States and to local governments to coordinate budget-related actions by such governments with Federal government efforts to stimulate economic recovery. Authorizes to be appropriated for the purpose of making such grants $500,000,000, plus such additional sums as are warranted according to the formula set forth in this Act for the twelve calendar quarters following any calender quarter during which the seasonally adjusted national unemployment exceeds six percent. States that no appropriations are authorized for grants for any calender quarter if the national unemployment rate did not exceed six percent during the most recent calendar quarter which ended three months before the beginning of such calendar quarter. P…