Mr. Speaker, the speed at which both chambers and both parties have come together on this recovery package shows how committed Congress and the Administration are to shoring up our troubled economy. The landmark legislation that we will…
Mr. Speaker, the speed at which both chambers and both parties have come together on this recovery package shows how committed Congress and the Administration are to shoring up our troubled economy.
The landmark legislation that we will pass today will create millions of jobs, provide cut taxes for hard working families, provide basic necessities to families in need and make investments necessary to transform our economy for the 21st Century.
Economists, business leaders, and labor unions across the political spectrum know that decisive action is the only way to jolt our economy out of its intensifying tailspin.
Everyone in the process has compromised, except for House Republicans. It's time for the House Republicans to stop saying ``no'' to everything and start saying ``yes'' to bipartisanship and ``yes'' to recovery.
The current economic crisis requires bold solutions that address the magnitude of our economic woes, and the American Recovery and Reinvestment plan will do just that.
We will blunt the effects of the recession for families by increasing food stamps benefits, expanding unemployment benefits, and preserving health care benefits.
The recovery plan also invests in America's school, roads, bridges, water systems that are in disrepair and creating a drag on our economy.
We have an historic opportunity to make the investments necessary to modernize our public infrastructure, transition to a clean energy economy, and make us more competitive in the future.
Our plan also supports working families by providing a tax cut for 95 percent of workers and their families.
By spreading job creation out over the next couple of years and across a variety of sectors, we will soften the downturn and foster a solid economic recovery.
It's time to get our economy back on track.
Furthermore Mr. Speaker, in writing about the American Reinvestment and Recovery Act, the front page of the Wall Street Journal said it well.
This historic bill will spur road building, give businesses tax breaks, and expand broadband access.
Yes, it will do all that, and so much more. It will help our country avoid a recession so dark and deep that the pain and economic dislocation it would produce for the vast majority of people would be terrible to contemplate.
According to a broad consensus of the brightest minds in the field, this economic stimulus bill will help put Americans back to work now, and get us back to doing what we do best--lighting the way to the future.
It will provide more than $150 billion in public works projects for transportation, energy and technology.
We will begin to develop the clean energy sources and smart transmission lines that the whole world will demand tomorrow.
There is $10 billion for medical research to help America retain its vaunted leadership.
The bill also provides for the urgent needs of today, with $87 billion to help states meet rising Medicaid costs.
There is money to help state unemployment offices that are overwhelmed by the numbers and funds to help those who have been thrown out of a job through no fault of their own, and are struggling desperately to keep health insurance coverage for their families.
And it addresses the three most important issues facing us today. Jobs, jobs, and more jobs. This bill is expected to create about 3.5 million jobs.
The total impact on my state is expected to be the creation of 215,000 jobs with almost 8,000 jobs in my district alone.
Across the country the bill is expected to produce over a million jobs in construction and manufacturing, and 345,000 jobs in professional and business services. And 90 percent of these jobs will be in the private sector.
There is a tax cut for 95 percent of working American and the bill protects millions of middle income taxpayers from having to pay the Alternative Minimum tax in 2009.
The aid that will flow directly to states should also help to ease some of the most painful service cuts that were looming, and may even provide more tax relief.
According to Governor David Paterson, New York state might be able to use some of the federal stimulus funds to avoid some of the 137 business and consumer tax increases now planned for next year.
In the coming days, you will hear 1,001 different opinions about this bill. And I hope you will keep in mind that Congress listened to a wide range of opinions on just what to do to get America working again.
There were many, including Nobel Laureates in the field of Economics who felt we should be spending considerably more. There were some who said we should spend less. And even a few who said we should do nothing. But sitting still and doing nothing was never an option. Inaction is simply not in the American DNA.
Some made a case for spending more on infrastructure while others pushed for bigger tax cuts. But politics is the art of the possible-- and tax cuts for the wealthiest Americans are what helped to pave the way to the hole we find ourselves in now.
And our critics must admit that tax cuts alone never built a school, fixed a bridge or paved a road.
With the passage of this bill, our crumbling infrastructure will be repaired, our dependence of foreign oil will begin to be addressed, our healthcare system improved, and our economic well-being restored. This is the plan. This is the time. And ``yes'' is the answer.