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Week of September 29th
STABILIZING OUR ECONOMY: The Senate this week will continue to tackle the economic crisis facing our country as we near a vote on the Emergency Economic Stabilization Act. I am angry that we have been faced with this financial meltdown caused by the Administration's hands off approach to Wall Street. I understand that Americans still have questions about this bill and how it will impact our economy. I do too. But the changes that have been made to this package, since the original three-page bill first proposed by the White House, are significant. The Administration wanted a blank check to bail out Wall Street, but the bill currently under consideration will protect taxpayers, help keep families in their homes, reform financial practices with greater transparency, hold executives accountable for their actions, deflate so-called golden parachutes, and require strong oversight. Helping to stimulate our economy during these difficult times, the Senate has added in important provisions such as clean energy tax incentives, alternative minimum tax relief, extensions of expiring business and family tax cuts, disaster relief, mental health parity, and other provisions. Our nation's economic woes will not end overnight, but this is a step in the direction of recovery and future growth.
MONEY FOR METRO: This week, one of the last votes the Senate will take before recess will be funding for H.R. 2095, a package of transportation priorities including AMTRAK and, for the first time, dedicated federal funding for the Washington Metropolitan Area Transit Authority. This bipartisan bill overwhelmingly passed the House last week, led by Congressmen Steny Hoyer (MD-05) and Tom Davis (VA-11). In the Senate, I have worked closely with Senators Barbara A. Mikulski (D-MD), John Warner (R-VA) and Jim Webb (D-VA), to work around the objections of Senator Tom Coburn (R-OK) who single-handedly has been blocking Metro funding for far too long. Metro has been integral to the daily movements of the federal workforce and the economic health of our region. Nearly half of Metrorail's rush hour passengers are federal employees. Upon passage, we will take a giant leap forward in meeting the needs of the federal government, the millions of tourists who visit our Nation's Capital, and the businesses that rely on the country's second-busiest rapid transit system. The legislation under consideration will help put WMATA on firm financial footing by authorizing $1.5 billion in federal funds over 10 years. For every Federal dollar, Metro's funding partners in Maryland, Virginia and the District of Columbia will put up an equal match from dedicated funding sources. The bill includes a total of more than $13 billion over five years for federal passenger rail programs - including expansion of Amtrak - and it mandates new safety measures.
MARYLAND OLYMPIANS HONORED: This week, with unanimous passage of a Senate Resolution, Senator Mikulski and I will lead the Senate in honoring Marylander Michael Phelps and the members and coaches of the United States Olympic Swimming Team for their record-breaking performance at the 2008 Summer Olympic Games in Beijing, China. The people of Maryland and all Americans are privileged to have had such an outstanding group represent us at the Olympic Games. I am proud to have sponsored this resolution honoring the tremendous achievements of Michael Phelps, Katie Hoff, and the entire of the United States Olympic Swimming Team. I commend them all for their dedication and valor, and the exemplary way in which they represented our Country.
UPCOMING MEDIA: If you live in or around the Eastern Shore, listen to my live interview Thursday morning (October 2) with Bill Reddish at about 7:35am on WICO-1320AM (Delmarva Broadcasting).
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