I thank the gentleman for the time to speak in support of this bill. I thank you for your leadership and for this economic recovery bill, on the issues that are in it, but also on school construction. I thank Mr. Rangel, who's been a…
I thank the gentleman for the time to speak in support of this bill. I thank you for your leadership and for this economic recovery bill, on the issues that are in it, but also on school construction.
I thank Mr. Rangel, who's been a tireless advocate for investment in our future economy. He and I have been proud to be able to be partners in authorizing the America's Better Classroom Act, which we are finally going to enact into law in this piece of legislation.
For more than 12 years we have been working to improve our Nation's schools and opportunities for the future. The idea that we created, to put the Federal Government into partnership with our local school districts to create private sector jobs and improve schools, was a perfect fit for the needs of our troubled economy. And I am proud that it is included in this final piece of legislation.
I strongly support the conference report for H.R. 1, the American Recovery and Reinvestment Act of 2009, which takes needed steps to restore our economy. This bill provides urgently needed relief to struggling individuals and businesses, and will create or save 3.5 million jobs in this country.
Hundreds of thousands of these jobs will be created by the $25 billion in school construction bond tax credits in this piece of legislation. And they will be created quickly. Hundreds of school building projects have been stalled or delayed in this economic downturn. Chairman Rangel and I have introduced the ABC Act to help school districts get the funding that they need.
Everything I have achieved in life is due to my educational opportunities, the ones that I was given by my friends and neighbors. I want today's generation to have similar opportunities. High-quality schools, with strong teachers and modern facilities, are the key to the future.
Students can't prepare for the 21st century economy in schools from the 20th century that are crumbling, deteriorated, and overcrowded. In today's economic downturn, we have a chance to change this. I urge your vote on this.
In today's economic downturn, we must give our students every tool we can to compete in the global economy. The new school construction enabled by this bill is a good step in that direction. School construction creates jobs today, and provides the foundation for jobs for the future. I am proud that the tax credits in this bill will give local school districts support to improve their schools and the education they provide.
I urge my colleagues to join me in supporting this conference agreement.
Mr. Speaker, I rise in support of the Conference Report for H.R. 1, American Recovery and Reinvestment Act of 2009. This legislation will start to address the most critical needs of our flagging economy by providing relief to struggling individuals and small businesses, while creating and saving 3.5 million jobs across America.
These are challenging times for families in North Carolina and across the nation. Each month it seems that we get more bad news, or hit a new record on an economic indicator. On Friday, the U.S. Department of Labor announced the unemployment rate was at a 34-year high of 7.6 percent. The increase in the last quarter is the largest since the end of World War II. This increase in the jobless rate is hitting every region, and every state, but North Carolina is particularly hard-hit. We are one of the top five states in terms of month-over-month increases, and one of the top three in increases since last year. Here in North Carolina, unemployment is 8.7 percent. In addition to the unemployed, there are many more workers who are seeing their hours and wages cut.
I have heard from North Carolinians from across the Second District about the need for swift action. H.R. 1 addresses the need by making investments in our economy that will produce new jobs while providing tax relief for 95 percent of Americans. With 3.6 million jobs lost in the past year, the 3.5 million jobs created by this bill will put us on track to an economic recovery.
Some of these jobs will be created, and created quickly, by the $25 billion in school construction bond tax credits in this bill which I have worked on with Ways and Means Chairman Charlie Rangel for more than 12 years. The tax credits will create more than 11,000 jobs in North Carolina alone. This funding will allow work to start on stalled and delayed school building projects and address overcrowding and deteriorating schools. The jobs created by making these investments in our future will invigorate our economy today, and provide a strong foundation for the working families of the future. I am proud that the tax credits in this bill will give local school districts support to improve their schools and the education they provide.
As the former Superintendant of Schools in North Carolina, I have a special understanding of the needs of our students, and I am pleased that H.R. 1 includes significant investments in education. In addition to the ABCs Act tax credits, the bill includes $39.5 billion to help schools modernize their facilities and prevent layoffs or cutbacks to essential educational services. It provides $25 billion to support our most vulnerable students through Title I and IDEA, and $4 billion for early childhood education to ensure that kids have the right start on the path to learning. This package also invests in higher education with a new tax credit for individuals seeking a college education and a $500 increase to Pell Grants. We must give the next generation the tools to support learning throughout their lives, to enable them to compete in our 21st Century economy.
To jump start our economy and turn the tide on unemployment, the American Recovery and Reinvestment Act of 2009 makes investments to create or save 3.5 million jobs. At the same time, it provides a down payment on our most important national priorities. H.R. 1 will also get the stagnant economy moving again supporting targeted infrastructure investments to improve bridges and roads, modernize public buildings, and expand mass transit. H.R. 1 also strategically invests in America's ``green sector,'' supporting alternative and environmentally-friendly energy, like the biofuels we grow and produce in North Carolina, and new technology that creates energy from waste products. It also expands energy tax provisions like the Production Tax Credit and Clean Renewable Energy Bonds while providing the funds we need to transform our energy distribution system and weatherize and modernize our homes and public buildings to increase efficiency.
Millions of Americans will see their taxes reduced by H.R. 1, and others will receive support in making purchases that help our economy. More than 95 percent of the nation's taxpayers will see an increase in their take-home pay through the ``Making Work Pay'' tax credit, $400 for individuals and $800 for working families. H.R. 1 will prevent 26 million families from being subjected to the Alternative Minimum Tax. It also includes relief for Americans that will spur our economy by providing an $8,000 tax credit for first-time home-buyers.
In addition, the small businesses that form the backbone of our economy will get relief under the recovery package. H.R. 1 includes bonus depreciation to help them invest in new equipment, loss carry back to help them weather reduced sales, a delay of the 3% withholding tax on payments to businesses
that sell goods or services to governments, and a cut in the capital gains tax cut for investors in small businesses who hold stock for more than five years. It also provides incentives for businesses that create new jobs.
For those suffering in the economic downturn, this bill provides temporary support to help struggling families make ends meet and help workers train and find jobs. It extends and improves unemployment benefits, increases food stamps and food support, and provides aid to seniors, disabled veterans, and Social Security recipients. It extends Trade Adjustment Assistance for displaced workers, and extends and improves local job training, job placement, and vocational rehabilitation initiatives. This spending quickly makes its way into the economy, and will help those most in need.
Our country is facing difficult times, and though we have many challenges to meet, this package is a bold step in the right direction. I support H.R. 1, American Recovery and Reinvestment Act of 2009, and I urge my colleagues to join me in voting for its passage.