Says unspent TARP money should be used to promote job growth
 
Congresswoman Chellie Pingree today called on her colleagues in Congress to quickly pass an extension of benefits for people who are without jobs during this economic recession.
 
“I am urging my colleagues in Congress to act quickly to extend unemployment benefits,” Pingree said.  “Not only do unemployment checks help Maine families make ends meet during these tough economic times, but those benefits are spent almost immediately, giving the local economy a critical boost.”
 
Pingree, who is meeting with Maine Labor Commissioner Laura Fortman in Washington today, co-sponsored a bill currently in Congress that will extend emergency unemployment benefits for millions of Americans who would otherwise lose their benefits early next year.   Benefits for approximately 20,000 Mainers will expire in the coming months without Congress reauthorizing this program. The bill also extends an additional $25/week benefit that was created in the Recovery Act, but is set to expire.
 
Pingree is also concerned about a subsidy for COBRA health insurance coverage that started to run out at the end of last month. COBRA allows employees who are laid off or who leave a job to continue to purchase the heath insurance that was provided by their employer for up to 18 months.  Under the Recovery Act passed by Congress, 65% of the cost of that coverage was subsidized for up to 9 months for individuals who had lost their job.  For many people, that subsidy ended on November 30th.
 
“Without the subsidy, the average unemployed Maine worker faces a COBRA payment of nearly $1,200,” Pingree said.  “That’s almost 90% of the typical unemployment benefit and is simply unaffordable for most people.  Congress needs to act. ”
 
Pingree has joined her colleagues in writing to Speaker Nancy Pelosi and calling for an extension of the COBRA subsidy before Congress adjourns later this month.
 
Pingree is also leading an effort by her freshman colleagues in the House to urge the Obama Administration to use unspent Troubled Asset Relief Program (TARP) money to provide access to credit for small businesses, allowing them to maintain and create jobs.

“The big banks got a bailout but now it’s time to put that money to work where most jobs are created: small businesses across this country,” she said.  The TARP program was passed by the previous Congress, before Pingree took office.