America is facing an unusually severe economic downturn.  The recession that began with the subprime housing crisis has oozed into other areas of our nation’s vast economy at an alarming rate.  This week, the government reported the number of new claims for unemployment benefits climbed to an all-time high.  Nearly four million Americans have lost work in the past year.  And, at the same time, consumer confidence and spending have fallen, while costs of food, health care, and college have risen.  Hardworking families are justifiably uneasy about their ability to make ends meet in this recession.  And, during these challenging times, Congress and the President have an obligation to enact bold policies designed to get our economy moving again. 

As I have examined the economic crisis and the legislative solutions to it, I have paid particular attention to its affect on U.S. national security.  According to recent Congressional testimony delivered by the Director of National Intelligence, Admiral Dennis Blair, the global economic crisis and the political and social instability associated with it have become the greatest threat to American security.  As the Chairman of the House Armed Services Committee, this worries me a great deal.

On February 13, 2009, the House of Representatives approved H.R. 1, the Economic Recovery and Reinvestment Act, by a vote of 246 to 183.  The Senate followed suit, approving the bill later that same day by a vote of 60 to 38.  On February 17, 2009, the President signed the Economic Recovery and Reinvestment Act into law.  H.R. 1 is a comprehensive stimulus plan designed to reduce the length and severity of the recession and its impact on the American people and our national security. 

While H.R. 1 is not perfect, taken as a whole, it provides a good mix of tax cuts and spending stimulus to help get people in this country working again and to transform our economy for long-term growth.  The legislation provides for individual and business tax relief, invests in America’s infrastructure and schools, and extends the safety net for hardworking Americans who have fallen on hard times.    

Important to small town America, H.R. 1 includes strong investments in rural priorities.  The legislation boosts funds for rural water and wastewater projects, agricultural-based energy research and development, rural road and bridge repairs, and school modernization.  H.R. 1 also expands Internet broadband access in rural areas of our country, helping to stimulate economic activity and business expansion in small towns.  And, important for military personnel, their families, and veterans, H.R. 1 provides funds for military and VA construction projects.

The legislation also includes unprecedented accountability and transparency measures to help ensure that taxpayer dollars are spent wisely and effectively.  I urge Fourth District residents to visit Recovery.gov, the government website that has been created to allow taxpayers to track how funds from the legislation are being implemented. 

The Economic Recovery and Reinvestment Act is an important step toward turning our economy around.  But, a full economic recovery will take time and more legislative action may be necessary, especially as it relates to the housing sector.  In the days ahead, I am confident that we will continue to fight hard in the face of this crisis.  We have come together to overcome challenges before and we will come together once again.

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