Stimulus Bill

Floor Speech

STIMULUS BILL -- (Senate - September 26, 2008)

Mrs. MURRAY. Mr. President, as all of us are aware, J.P. Morgan has agreed to buy Washington Mutual, which is based in my home State of Washington. I have been in touch with J.P. Morgan and with WaMu about their plans, and I have been assured that the transition will go smoothly and that Washington Mutual's banking customers will not see any interruption in service. And that is good news.

It is, of course, still too early to know the impact of the failure of WaMu, the Nation's largest thrift, will have on local jobs, but it is further evidence to me that the economic crisis has spilled over into our communities.

I am very saddened that it is having an impact on families and our economy, and yet it is another sign that we must find a bipartisan solution now.

We are working together quickly to reach an agreement. We have rejected the President's $700 billion blank check because it did not ensure oversight or protection for our taxpayers. But Democrats and Republicans in the Senate are working with the House Democrats, the Treasury, and the Fed to come up with a solution that keeps this crisis from hitting more communities. We are hopeful that the House Republicans will come to the table and work with us on a solution that protects American taxpayers.

As we do this, I firmly believe we must also offer the American people a hand and help get our economy going in communities across this country.

We now have an opportunity today to help millions of struggling families who are grasping for a lifeline as this economy sustains blow after blow. Long before this economic crisis rippled across our financial system, middle-class families were already reeling under the impact of failed policies that were implemented by President Bush and backed by John McCain, and it is critical that we act now to help those families, those small businesses, State and local governments get back on their feet. The bill I am hoping we will vote on shortly will do just that.

This bill brings security to seniors who are facing a stack of medical bills they cannot afford to pay and offers help to families who have seen the value of their homes drop below the amount they owe. It ensures that the most vulnerable Americans can continue to put food on their table and keep a roof over their heads. It creates jobs at a time when billions of workers have been laid off and billions more are worried that their job is going to be next.

The Bush-McCain economic philosophy of ``hands off'' has done its damage. It is time that we now put the interests of the American people first again.

This bill I hope we will vote on shortly will do just that. I wish to take a few minutes this morning to underscore the importance of what that bill will do.

First of all, dropping home values and dwindling business revenues have put our State governments under extraordinary financial stress at a time when they can least afford it. As a result of the White House's failed policies, Republican and Democratic Governors across the country are now facing drastic cuts in services from health care to education to law enforcement, and they are looking and asking for relief from Washington.

Already, State-supported health clinics and hospitals are closing, schools are pushing more and more students on fewer teachers, and fully trained police officers are being asked to hand in their badges because their departments can no longer afford to keep them on the beat.

This bill will allocate about $20 billion to help our States continue to provide the services on which our citizens depend.

Next, this package puts workers on the job immediately by providing $8 billion for highway projects in every one of our States. As chairman of the Appropriations Subcommittee on Transportation, Housing and Urban Development, I have been watching with dismay as the construction sector of our economy has endured hundreds of thousands of layoffs over the last several months.

Construction jobs play a critical role in our economy. They provide a living wage that enables those families to keep food on their tables. But the construction industry is now facing its highest unemployment rate in 13 years.

A couple of months ago, an estimated 783,000 jobless laborers, carpenters, plumbers, pipefitters, and other tradesmen were looking for work wherever they could find it. With that in mind and watching that happen, I helped to work to craft a transportation and housing infrastructure package that is in this bill that addresses our most critical needs.

It requires that we spend the money fast so that we will see an immediate impact on our economy in every one of our communities. Every State across this Nation has a highway, transit, or airport maintenance project that is ready to go to construction, but they lack the money to buy the rebar or purchase the timber or order the concrete or even pay the workers.

This bill we will be considering will allow those projects to get up and running right now when we desperately need those jobs. This funding will create more than 278,000 family-wage jobs in a sector that has taken it on the chin over the last year, and it does it fairly and it does it responsibly.

This bill requires those highway dollars be spent according to the formula that was established in our SAFETEA-LU highway law. There are no earmarks, no special projects. States have to use these dollars within 90 days.

Now, all of us have heard about the increasing demand for public transportation as gas prices have gone through the roof. For example, Amtrak, our Nation's railroad, continues to set records now for its ridership. Well, the bill we are considering makes urgently needed investments in Amtrak and mass transit. It provides $2.35 billion in funding to improve and expand our bus and rail systems, including $350 million to repair railcars and make other necessary improvements to the Amtrak network. Most importantly, that will put another 70,000 Americans back to work.

The bill also includes $400 million for capital projects at our Nation's airports and $44 million to modernize our Nation's shipyards to make them competitive and efficient. It provides money to ensure that Americans who rely on public housing will continue to have a roof over their heads. It will help address a growing problem in our communities--renters who have lost their homes because their landlords were foreclosed on. This bill includes $200 million to help those tenants find immediate shelter and long-term housing. It includes $250 million so our public housing authorities can rebuild those vacant units and fill those units with needy tenants.

Finally, this bill will increase benefits for those jobless Americans who, at a time when unemployment is at the highest since 2003, need to know they can keep food on their tables. Our economy has bled jobs every single month this year. Hundreds of thousands of workers are wondering how they are going to pay their mortgages or pay for their food or their heat.

The jobless rate now stands at 6.1 percent across the country, and it is worse in those States where manufacturing and auto industries have been faltering for years. This bill reaches out to those families by extending unemployment benefits by just 7 weeks across the country and 13 weeks in States where the jobless rate is the highest. And it invests in our workforce by helping those laid-off workers search for a new job or earn skills so they can go back into the job market and be competitive.

It also helps our teenagers get job experience and helps them find long-term employment. I want our colleagues to know teenagers are among the hardest hit by the economic crisis today. Almost 20 percent of our teenagers are unable to find a job, and the number is even higher among minorities. So it is critical that we enable these young people to get work experience now. Because if they lose out, they are less likely to move into a career later. Teens without jobs are more likely, as we all know, to turn to crime or gangs in these difficult times, and that is going to cost our communities millions in law enforcement and lost productivity.

Mr. President, I ask unanimous consent for 3 additional minutes.

The ACTING PRESIDENT pro tempore. Without objection, it is so ordered.

Mrs. MURRAY. Mr. President, this bill helps support part-time jobs after school, paid internships, and community service jobs for older youth. Those programs will pay off in the long run.

I have talked about a few of the programs in this package which I believe are a critical shot in the arm to help our economy, and it is not going to come a moment too soon. The economic crisis we are facing is a direct result of failed policies by this President, this administration, in the long run.

We are hearing now we need to bail out Wall Street. Well, this package before us will help the average citizen across our country get the security they need as they face this troubling crisis. I urge my colleagues to work with us to get to a vote and send a message across the country that we in the Senate and the Congress stand behind them, the working families in this country.

I yield the floor.

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