Wednesday, January 28, 2009

AMERICAN REINVESTMENT & RECOVERY PLAN PASSES HOUSE

WASHINGTON, D.C.—Today the House of Representatives passed H.R. 1, the American Reinvestment and Recovery Plan to jumpstart the economy, by a vote of 244 to 188. Representative Xavier Becerra, Vice Chair of the House Democratic Caucus and senior member of the Ways and Means Committee, voted for the bill.

“Today America faces an economic landscape more perilous than any we have seen in a generation,” Rep. Becerra said. “Working families are losing their jobs, their homes and their savings—and it is incumbent upon us to act swiftly and prudently to reinvest in our country and jumpstart the economy.

“We will overcome this challenge, not simply through the investments we are making today, but through the creativity, hard work and perseverance of the people who will put this plan to work. Not only will we survive this crisis, we will be stronger than ever with better infrastructure, a cleaner environment, renovated schools, more college graduates, and an improved healthcare system.”

H.R. 1 is an $850 billion nationwide effort to create jobs, stimulate growth and equip America to compete in the 21st Century global economy. The legislation makes major investments in clean energy, education, infrastructure and transportation, health care, and gives 95 percent of Americans a tax cut while bolstering unemployment and food stamp safety nets. Economists across the ideological spectrum agree that the legislation will create or save 3 to 4 million jobs over the next two years, 90% of which will be in the private sector.

Three quarters of the spending will occur within the first 18 months after it is signed into law. Unprecedented accountability and oversight measures have been built into the legislation to ensure funds are used appropriately.

Among the bill's targeted efforts, it will:

• Give a tax cut of up to $1,000 to 95 percent of all Americans
• Modernize roads, bridges, transit systems and waterways, creating 1.5 million jobs
• Make an historic investment in school modernization, funding the renovation of at least 10,000 schools and improving the learning environment for over 5 million students.
• Increase college affordability for 7 million students by increasing funding for Pell Grants and increasing the maximum award by $500.
• Expand the number of children and families receiving quality preschool services through the Early Head Start program, creating at least 15,000 new teaching jobs.
• Prevent thousands of teachers, police officers, and firefighters from being laid off.

California will receive over $32 billion in economic recovery funding under the bill, including:

• $7,854,800,000 in state fiscal stabilization funds
• $5,853,037,000 in education funding from school construction and renovation to Head Start.
• $44,818,000 for low-income home energy assistance
• $4,457,289,000 for infrastructure, transportation and waterway improvements
• $1,466,000,000 for supplemental nutrition assistance.

Click here to read the Speaker’s in-depth summary of the H.R. 1’s provisions.

Click here to view video of Rep. Becerra’s speech in support of the bill on the House Floor.

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