Reed: $1.1 Billion for RI in Economic Recovery Plan

Press Release

Reed: $1.1 Billion for RI in Economic Recovery Plan

Today, President Barack Obama signed into law the American Recovery and Reinvestment Act of 2009. At a press conference in Providence, U.S. Senator Jack Reed (D-RI), a member of the Appropriations Committee who voted for the bill, announced that this economic recovery package will invest over $1.1 billion in federal aid for Rhode Island to save and create jobs and get the economy moving again.

"This economic recovery plan is a critical first step and an unprecedented investment in the American people intended to restore hope and inspire confidence. Rhode Island will get a $1.1 billion boost in federal funding to invest in our state and save and create 12,000 jobs," said Reed. "I want to make clear that this package of fiscal relief, tax cuts, and infrastructure investments is the start, not the end, of the effort. The money must now be spent quickly and responsibly in order to be effective. This action is integrally related to enacting tough policies to regulate the economy as we work to unfreeze the credit markets and stem the tide of foreclosures that have swept the country."

According to the President's economic team, this urgently-needed legislation will create and protect 3.5 million jobs nationwide and it will begin to put the nation's economy back on track by investing in America's future and cutting taxes for working families. The plan also delivers transparency and accountability to ensure all taxpayer money is invested responsibly.

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