Economic Crisis

WHAT CONGRESS HAS DONE SO FAR

American Recovery and Reinvestment Act – A year ago, I joined a majority in Congress in passing a massive emergency economic recovery and job creation bill to jumpstart our economy, create and save 3.5 million jobs, give 95% of American workers a tax cut, and begin to rebuild America's road, rail, and water infrastructure. Signed into law on February 17, 2009.

Cash For Clunkers Program – To jump-start the U.S. auto industry, Congress provided consumers with up to $4,500 to trade in an old vehicle for one with higher fuel efficiency – spurring the sale of nearly 700,000 cars and trucks. This program created or saved over 60,000 American jobs, boosted economic growth by up to $6.8 billion, spurred a 58 percent increase in the fuel economy for these new cars and will reduce fuel consumption by roughly 33 million gallons per year. First $1 billion appropriation signed into law on June 24, 2009; the other $2 billion appropriation signed into law on August 7, 2009.

Worker, Homeownership & Business ASSISTANCE Act – Legislation to boost the economy and create jobs with continued unemployment benefits for Americans hit by the recession, an extended 1st-time homebuyer tax credit, and enhanced small business tax relief—expanded to all struggling U.S. businesses. Signed into law on November 6, 2009.

Hiring Incentives to Restore Employment (HIRE) Act - This bill would create tax incentives for businesses to hire and retain new employees; extend the temporary increase in small business expensing to cover 2010; and provide $77.155 billion dollars of investments in surface transportation projects over the next 6 months. The bill is paid for by cracking down on offshore tax shelters. Signed into law on March 18, 2010.

Wall Street Reform and Consumer Protection Act - Legislation to help prevent a banking meltdown from ever happening again; end taxpayer-funded bailouts and "too big to fail" financial institutions; protect consumers from predatory lending and their life savings from unnecessary risks; inject transparency and accountability into the financial system; and give shareholders a say on executive pay.

On to Where We Are
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