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The American Recovery and Reinvestment Act
When President Obama signed the American Recovery and Reinvestment Act into law, he laid the ground work to create or save 3.5 million jobs in our country. The new law will create or save 400,000 jobs across New York State and 7,600 jobs in the 7th Congressional District of New York. I know that many of my constituents are hurting from the downturn in the economy, and I am working hand-in-hand with President Obama and my fellow members of Congress to rebuild and reinvigorate our economy and put Americans back to work.
Tax Relief for Hard-Working Americans: The American Recovery and Reinvestment Act provides direct tax relief to 95 percent of American workers and will spur investment and job growth for American businesses. It will immediately free 40,000 taxpayers in the 7th Congressional District from having to pay the Alternate Minimum Tax (AMT). Relief will also be provided in the housing market by extending the first time home buyers tax credit through December 1, 2009, increasing the credit to $8000, and eliminating the repayment mechanism. It also will provide all taxpayers with a deduction for State & local sales and excise taxes paid on the purchase of new cars, light truck, recreational vehicles, and motorcycles through 2009. read more
Helps Workers Hurt by the Recession: The American Recovery and Reinvestment Act addresses the high unemployment by extending unemployment and food stamp benefits. In addition to helping families make ends meet during difficult times, it helps those workers, including those who lost their jobs due to increased imports or a shift in production to any foreign country, find new jobs through retraining and educational programs. read more
Lower Health Care Costs and Ensure Broader Coverage: The American Recovery and Reinvestment Act makes investments in reducing the cost and improving the quality of our health care system. It will bring our health system into the 21st century by putting us on a 10 year path to universal usage of electronic medical records – an investment that will improve the quality and coordination of care. It also takes key steps to ensure broader coverage in this recession by providing an estimated $87 billion over the next two years to help states maintain their Medicaid programs in the face of massive state budget shortfalls, including $11 billion for New York State. read more
Education for the 21st Century: Education is fundamental to the long term growth of our country and the American Recovery and Reinvestment Act provides states with $56.6 billion to avoid teacher layoffs and other damaging cuts to our children’s educations. It makes college more affordable by increasing the higher education tax credit and the maximum level of Pell Grants. It also invests in early childhood development with $1.1 billion for Early Head Start and $1 billion for Head Start. Additionally, it provides $13 billion for Title I grants and $12.2 billion for special education. Together, these programs help our disadvantaged children achieve high academic standards. read more
Modernize Roads, Bridges, Transit and Waterways: The American Recovery and Reinvestment Act will also bring our transportation and infrastructure network into the 21st Century. It invests $27.5 billion to rebuild our crumbling roads and bridges and $9.3 billion in rail transportation, including Amtrak, High Speed and Intercity Rail. It is estimated New York will receive $1.1 billion to improve its roadways and $1.2 billion to make railway and transit improvements. These investments will create thousands of jobs and improve air quality throughout New York City by promoting the use of mass transit. read more
Clean, Efficient, American-Made Energy: The American Recovery and Reinvestment Act is focused on reducing our dependence on foreign oil. The new law provides more than $30 billion for energy initiatives, such as the creation of a smart power grid, further development of advanced battery technology, and promotion of energy efficiency measures. It will also help state and local governments make investments in innovative best practices to achieve greater energy efficiency and pay for the renovation of certain public buildings to make them more energy efficient. These changes will create jobs and put our nation on the path to energy independence. read more
Transparency and Accountability: The American Recovery and Reinvestment Act provides unprecedented oversight, accountability, and transparency to ensure that taxpayer dollars are invested effectively, efficiently, and as quickly as possible. Funds are distributed whenever possible through existing formulas and programs that have proven track records and accountability measures already in place. State and City Transportation Departments must spend 50% of their infrastructure funds in the first 90 days to get this money into the community and create jobs. A special website has also been created where taxpayers can track how the recovery money is being spent and invested. read more