Madam Speaker, by direction of the Committee on Rules, I call up House Resolution 1137 and ask for its immediate consideration. For the purpose of debate only, I yield the customary 30 minutes to the…
Madam Speaker, by direction of the Committee on Rules, I call up House Resolution 1137 and ask for its immediate consideration.
For the purpose of debate only, I yield the customary 30 minutes to the gentleman from Texas (Mr. Sessions). All time yielded during consideration of the rule is for debate only. I yield myself such time as I may consume.
General Leave
I also ask unanimous consent that all Members be given 5 legislative days in which to revise and extend their remarks on House Resolution 1137.
Madam Speaker, House Resolution 1137 provides for consideration of the Senate amendment to H.R. 2847, the Hiring Incentives to Restore Employment Act. The rule makes in order a motion offered by the Chair of the Committee on Ways and Means, or his designee, that the House concur in the Senate amendment to the House amendment to the Senate amendment with the amendment printed in the report of the Committee on Rules accompanying this resolution.
The rule waives all points of order against consideration of the motion, except those arising under clause 10 of rule XXI. The rule provides the Senate amendment and the motion shall be considered as read. The rule provides 1 hour of debate on the motion equally divided and controlled by the Chair and ranking minority member of the Committee on Ways and Means.
Madam Speaker, in today's economy, many families are struggling to make ends meet. As we know, the economic recession began in 2008 as a direct result of reckless and irresponsible financial decisions. We are still dealing with the wreckage today. Over the last few years, I have heard countless stories of people struggling to put food on the table, pay their mortgages, and provide for their children, and millions of America's seniors are making decisions every day to skip meals or cut their pills in half just to survive.
California and, in particular, my constituents in Sacramento, have been greatly impacted by this economic crisis. Many of my constituents were and continue to be victims of predatory home loan lending, unfair credit card practices, payday loans, and other forms of unscrupulous business practices. They turned to Congress for help, and we responded with the CARD Act. And the ink was hardly dry on that legislation before credit card companies tried to find loopholes to arbitrarily raise credit card interest rates and fees on consumers.
This Congress also passed the Wall Street Reform and Consumer Protection Act, which will bring much-needed oversight and accountability to Wall Street. This bill also creates a new consumer financial protection agency to protect consumers from unfair and deceptive financial practices. Meanwhile, small businesses are seeking assistance to help make payroll, retain their employees, and pay for the skyrocketing costs of health insurance. These are the reasons why it is time to once again put the American people first and provide them with the support they need from their Representatives in Congress.
We need to pass the jobs bill before us today as a significant step towards helping hardworking Americans get back to work. The American people are hurting, and the top priority of this administration and this Congress must be
jobs, jobs, jobs. In December, the House passed a jobs package, the Jobs for Main Street Act that would make $156 billion in targeted investments in our economy. The projects supported by this bill will improve our highways and transit infrastructure, renovate schools, and help small businesses rebuild, support job training initiatives, and affordable housing programs.
While the jobs package we are considering today is not as broad as the version passed by this House, it is an important step in the right direction and one we cannot afford not to enact. Today's bill is one that I hope will be the first of a series of job creation proposals that we will consider in the coming weeks and months because the reality is that the unemployment rate in this country is at an unacceptable level of 9.7 percent, and this bill will help incentivize employers to start hiring immediately. Already the Recovery Act, put forth by congressional Democrats, has saved or created more than 2 million jobs. That is according to CBO. The Recovery Act has clearly helped us rebound from this recession and saved us from the brink of another Great Depression.
The Recovery Act has greatly benefited my district and the entire Sacramento region, providing almost $700 million for dozens of projects. Such projects include $21 million for improving and enhancing Sacramento's levees from flood protection, public transportation facilities, developing clean energy technology, and hiring 30 new officers at the Sacramento Police Department. It is also helping struggling homeowners avoid foreclosure, investing in new community health facilities, and the list does go on and on and on. My constituents can see where and how every dollar is being spent in our district by visiting my Web site.
One of the most important results of the Recovery Act is that it helps school districts minimize budget cuts. However, as the economy declines, school districts are now considering shorter school years, larger class sizes, and looking to lay off teachers. We cannot let this happen. So our path towards economic recovery must continue to invest in our Nation's workforce to spur additional job creation, innovation and long-term economic growth. And by supporting the rule and the underlying bill, we will do just that.
I have heard from small business owners who are eager to be connected to business counseling and resources, to learn more about financing opportunities, SBA loan products, and government contracting opportunities. There is a great demand for immediate and real assistance for our small businesses to get back on their feet and for workers to get back into the labor market. Over the last few months, I have held two small business workshops to help existing small business owners understand the recovery legislation, obtain financing, and find new opportunities for government programs. And I have seen firsthand how eager people are to start working again or get retrained in new fields and to take an active part in our country's economic recovery.
The proposal before us today offers a key strategic tax incentive for employers to hire new workers. The proposal would exempt employers from paying Social Security taxes through the end of this year for hiring new workers who have been out of work for at least 60 days. If the newly hired workers remain on the payroll for at least a year, the bill provides an additional $1,000 income tax credit to employers. This new hiring tax credit could spur as many as 250,000 jobs, according to leading economists. To help small businesses, the proposal offers an immediate writeoff, up to $250,000 for equipment purchased this year. To invest in additional transportation infrastructure, the proposal extends the Highway Trust Fund, otherwise known as SAFETEA-LU, for 15 months to pay for transportation projects ready to break ground.
Using the rule of thumb in highway contracting where every $1 billion in transportation spending creates about 35,000 jobs, this $77 billion investment means that more than 2 million jobs will be retained or created, including high-quality jobs in the construction and building trades.
Finally, the bill expands the Build America Bonds Program to allow investors to claim Federal subsidies up to 45 percent of the borrowing cost for bonds issued for public works projects.
There is no doubt that this package will incentivize and spur much- needed job creation and economic growth in our neighborhoods and communities. And to my colleagues, concerned, as I am, that this bill does not go far enough to create jobs, I want to be clear that this is the first in a series of steps we will be taking to continue to get the economy back on track.
Together with the continued economic assistance of the Recovery Act, we are laying the groundwork for continued job creation and future economic growth to lead us to our prosperity.
It is my hope that this Congress continues to find new ways to get Americans back to work, stabilize our economy, and help rebuild our middle class. This is not the end of our work, but it is a critical step forward for the American people. I, therefore, urge my colleagues to support this rule and the underlying legislation.
I reserve the balance of my time.
I would like to say this job creation package has been discussed in the headlines and the Halls of Congress for weeks now. In addition, the pay-fors that are proposed here have been debated numerous times in the House previously. There are no surprises here.
Madam Speaker, I just want to say that I just received this amendment as well this morning. It is fairly short, 15 pages, double-spaced. I read it, and it took less than 10 minutes for me to see that the amendment was fully paid for.
Madam Speaker, I yield such time as he may consume to the gentleman from Minnesota (Mr. Oberstar).
Reclaiming my time, Madam Speaker, I want to say that the motion to concur with the amendment that is made in order under this rule is a very simple one that will bring the bill into compliance with statutory pay-as-you-go rules. It changes very little, as Mr. Oberstar says, with the underlying bill which was intended to create jobs and spur hiring by America's small businesses. Delaying this package of job-creation measures today would delay our ability to get Americans back to work. Time is not on our side, which is why we have to act quickly here today.
I reserve the balance of my time.
Madam Speaker, before I yield to my next speaker, I just want to point out my colleagues on the other side of the aisle are quite concerned that we are using same-day authority before the end of a session. In the 109th Congress, when the Republicans were in the majority, the Rules Committee reported two same-day rules in March and early April. These were hardly end-of-the-session times, Madam Speaker, and they had nothing to do with reviving our economy. These particular same-day rules were about the Federal Government interfering in a case of Terri Schiavo. Now, without reopening that divisive debate, I just want to say that the issues we are dealing with today under this same- day rule are important to the lives of millions of Americans.
With that, I would like to yield 3 minutes to the gentleman from Texas (Mr. Doggett).
Madam Speaker, I just want to say, while this bill distributes some highway funds in a way that disproportionately benefits a handful of States, it's important to remind my colleagues that these concerns will be addressed in subsequent legislation.
With that, I would like to yield 3 minutes to the gentlewoman from Texas (Ms. Jackson Lee).
(Ms. JACKSON LEE asked and was given permission to revise and extend her remarks.)
Madam Speaker, I want to say this again, that I believe it's important to note that the chairman of the authorizing committee has reached an agreement with the House and Senate leadership on the contentious highway funding issue that was included in the other Chamber's jobs package.
I yield 4 minutes to the gentleman from Oregon (Mr. Blumenauer).
I yield the gentleman an additional minute.
Madam Speaker, I would like to inquire of the gentleman from Texas if he has any remaining speakers.
I reserve my time.
Madam Speaker, I yield myself the balance of my time.
Madam Speaker, calling up and passing rules using same-day authority is a legitimate legislative tool, with precedent. In the 109th Congress, when the Republicans had the majority, when they passed the fiscal year 2006 budget resolution, same-day authority was used to bring it before the House. During debate on that rule, the then chairman of the Rules Committee called it ``a very fair rule.'' That was followed by Mr. Dreier's assertion that ``Members have had a great deal of time over the past several weeks and months to focus on this issue. Let us continue what we have done throughout this great 109th Congress--get the work of the American people done.''
Madam Speaker, getting the work of the American people done is exactly what we aim to do today by passing the jobs bill under an expedited procedure. Creating jobs must be our top priority, until we get our economy completely back on track and put more Americans back to work.
The legislation we are considering today had bipartisan support in the Senate, with 13 Senate Republicans voting for this much-needed jobs package. That bill was not even paid for. Well, the House version is and has full PAYGO language included.
The jobs package includes key provisions to spur job creation and investment in our workforce. It includes a new jobs payroll extension, offering employers exemption from paying Social Security payroll taxes for hiring new workers who were previously unemployed. This specific provision is estimated to create an additional 250,000 jobs alone. The bill also provides relief to small businesses by allowing them to write off more of the costs of their 2010 expenditures.
The package extends the Highway Trust Fund for 15 months for existing highway programs to allow for billions to be invested in infrastructure projects and make a real difference in communities across our country.
The bill also expands the Build America bonds to allow States and local governments to borrow at lower costs to finance infrastructure projects and put more Americans to work.
Together with the ongoing investment by the Recovery Act, this jobs package will further incentivize and spur job creation and economic growth in this country. This Congress must continue to invest wisely in proposals that will train our workers, create new, good-paying jobs, grow our economy, and rebuild the middle class.
Madam Speaker, we must lead by example and demonstrate our continued commitment to help our middle class families, our seniors, and the economy move forward. With that in mind, I urge a ``yes'' vote on the previous question and on the rule.
I yield back the balance of my time, and I move the previous question on the resolution.