REP. MALONEY: RECOVERY PLAN CREATES MILLIONS OF JOBS,
HELPS FAMILIES IN NEED, MAKES INVESTMENTS FOR 21ST CENTURY

Washington, D.C. – Today, Congresswoman Carolyn B. Maloney, Chair of the Joint Economic Committee, made the following statement after the House passed the Conference Agreement for the American Recovery and Reinvestment Act, H.R. 1:

“The speed with which Congress, led by Speaker Pelosi, and President Obama have come together on this historic legislation demonstrates our unrelenting resolve to get Americans back to work and jumpstart our stalled economy as quickly as possible.  The recovery bill will create millions of jobs, 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. This bill will be on the President’s desk this weekend and our economy will be on the road to recovery.”

Quick facts from the American Recovery and Reinvestment Act:

Rebuilds America by Creating Jobs.
• Creates or saves 3.5 million jobs.

Helps Struggling Families Facing Difficult Economic Times.
• Gives 95 percent of working Americans a tax cut.
• Nearly $36 billion will go to expanded unemployment benefits programs, providing 33 weeks of extended benefits to workers who have exhausted their regular benefits.  It also would increase unemployment benefits by $25 per week.
• $24.7 billion in COBRA premium assistance, providing unemployed workers and their families with a 65 percent subsidy for health insurance for up to 9 months. 

Aids States Facing Drastic Cutbacks and Budget Shortfalls.
• $53.6 billion to the State Fiscal Stabilization Fund.  Nearly $40 billion of this money will go to local school districts to prevent budget cutbacks and teacher layoffs.
• $48 billion in funding for transportation infrastructure spending, modernizing roads and bridges and improving our airports and rail stations. 

The Joint Economic Committee, established under the Employment Act of 1946, was created by Congress to review economic conditions and to analyze the effectiveness of economic policy.
 www.jec.senate.gov
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