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American Recovery And Reinvestment Act

Floor Speech

Date: Feb. 23, 2010
Location: Washington, DC
Issues: Government Budget and Spending

Mr. TONKO. Mr. Speaker, in January of 2009, the United States economy had lost more than 750,000 jobs in just 1 month. A year later, in January 2010, the United States economy gained a few thousand jobs. This remarkable shift in the economy's performance is mainly due to the American Recovery and Reinvestment Act passed by this Congress and signed by our President.

In one year, the Recovery Act has provided $120 billion in tax cuts for 95 percent of working families as well as businesses across this country; loaned nearly $20 billion to small businesses to expand and create jobs; funded more than 12,500 transportation projects Nationwide and kept teachers, police officers, and firefighters working on the job.

Now we are seeing growth in our economy. On February 20, 2009, the Dow Jones was trading at 7,365. Yesterday, the market closed at 10,383.

The Recovery Act has worked and will continue to work throughout the course of this year. After all, it was designed to be a 2-year program.


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