Foster Votes to Create and Maintain Jobs, Cut Taxes

Press Release

Foster votes to create and maintain jobs, cut taxes

Today, Rep. Bill Foster (IL-14) voted for legislation that will stimulate the economy, create millions of jobs and provide tax cuts to a majority of Americans. H.R. 1, the American Recovery and Reinvestment Plan, passed the House this evening.

"The economic crisis is hurting businesses and families across the 14th District of Illinois, and action must be taken," said Foster. "Just this past week, Caterpillar, one of our district's largest employers, announced layoffs. We need to take action that will create and maintain jobs while also easing the tax burden of the middle class."

The tax provisions contained within the American Recovery and Reinvestment Plan will provide approximately $275 billion in tax relief for individuals, businesses and State and local governments, including an immediate tax cut to 95 percent of working Americans - the first step for permanent middle-class tax relief.

Economist Mark Zandi, who served as an adviser to Sen. John McCain's presidential campaign, released an analysis of the American Recovery and Reinvestment Plan. He concluded that with this economic recovery plan, there will be 4 million more jobs and an unemployment rate that is two percentage points lower by the end of 2010 than it would be without the plan.

The legislation makes significant and targeted investments in clean and efficient American energy, science and technology, the modernization of our transportation infrastructure, education, the lowering of healthcare costs and aid to workers hurt by the economy. The bill saves public service jobs, protecting vital services.

"In addition to the short term benefits of the plan, the investments made by this bill will create and preserve jobs and help the next generation of employees and employers - our students - with substantial education investments," said Foster. "It is estimated that school districts in my district will receive approximately $95 million for elementary and secondary education if this bill is signed into law by the President. The fact that there is also a long-term plan to invest in our future will be important in recovering confidence in our economy."

The bill also includes accountability measures to ensure the money is spent efficiently and responsibly. In addition, the legislation creates a website, www.recovery.gov, which will provide unprecedented transparency to allow the public to monitor how the funding is allocated.

Concluded Foster, "As the legislative process continues to unfold in the Senate, I look forward to a continued partnership with my Republican colleagues to take the best ideas from both sides of the aisle to revive our economy. During these unprecedented times, we need to come together as a Congress, and I pledge my continued cooperation at bi-partisanship to meet these challenges."

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