U.S. Senate Approves Economic Recovery Plan

Press Release

U.S. Senate Approves Economic Recovery Plan

WASHINGTON, DC -- By a vote of 61-37, the U.S. Senate today took a critical first step toward jumpstarting the economy by passing the American Recovery and Reinvestment Act of 2009, which is estimated to provide approximately $865 million in federal aid for Rhode Island to create jobs and invest in the state's schools, roads, infrastructure, and other critical programs. At a time when 19,000 Americans are losing their jobs each day and a handful of job vacancies attract hundreds of applicants in Rhode Island, the Senate's $800 plus billion economic recovery plan will help save or create millions of jobs nationwide by making smart investments in America's long-term economic future.

U.S. Senator Jack Reed (D-RI), a member of the Appropriations Committee, issued the following statement:

"Passing this bill is a positive step forward. The American Recovery and Reinvestment Act will save and create jobs, provide targeted tax cuts to families and businesses, and help restore a sense of confidence and hope. My colleagues and I will work quickly and carefully to put this plan into action and get our economy back on track.

"This legislation is targeted at jobs, it is targeted at families, it is targeted at getting our economy moving again and allowing our communities to thrive again. It will put more money directly into the hands of hard working Americans and also provide tax breaks to businesses to encourage job growth.

"It is an injection of capital in the short term and a smart investment in the long term, in the future of the country, in giving states money to support local education programs and other local agencies. This bill invests hundreds of millions of dollars in putting Rhode Islanders back to work, educating our children, and rebuilding our infrastructure. Most importantly, it will help lay the foundation for future economic growth.

"This legislation marks the first step in a long process of rebuilding and reforming our economy. We have seen over the last eight years a deterioration of our markets, deficit spending, and an unfunded war. All of these policies have contributed to our present difficulties. They won't be reversed in a week or even months, but the first step is this legislation.

"As President Obama put it, the Recovery Act is only one leg of the stool. We have to also recognize that this action is integrally related to the financial markets, the banking system, and without increased consumer demand and increased consumer confidence they will fall further. I have held a series of Banking Subcommittee hearings over the last two years focusing on strengthening investor protections; ensuring the transparency of complex financial markets and products; and improving federal oversight of investment banks and securities firms and will continue to find new ways to implement meaningful economic reform," concluded Reed.

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