"A strong jump start is urgently needed to revive our economy."

Washington, D.C. -- "The U.S. economy is in the worst condition since the Great Depression. Two and a half million Americans lost their jobs in 2008 alone.  One out of every 54 homes in the country is in some stage of foreclosure.  We had 3,346 home foreclosures in Hawaii last year. New car sales nationally are down more than 30%, and that includes Toyota, Honda and Nissan, not just General Motors, Ford and Chrysler.  Here in Hawaii, they're down 21%.  Retailers just experienced the worst Christmas sales in modern history.  The Hawaii Council on Revenues expects state tax revenue to drop 3 percent this fiscal year, which may force state government to cut another $125 million in spending.

A strong jumpstart is urgently needed to revive our economy.  Since financial capital is not flowing from the private sector, the government has no choice but to put money into the economy and get it moving again.  Congress and the incoming Obama Administration have been working together on comprehensive legislation to create and save 3 to 4-million jobs, make $275 billion in economic recovery tax cuts and invest $550 billion in carefully targeted priorities."

The House is considering the American Recovery and Reinvestment Plan, working from priorities shared with President-elect Barack Obama, legislation that includes:

• Creating and saving 3 to 4 million American jobs;
• Transforming our economy with Science and Technology by renewing America's investments in basic research and development, training students for an innovation economy and deploying new technologies into the marketplace:  $182 Billion;
• Promoting clean, efficient, American energy and reducing our dependence on foreign oil by increasing renewable energy production and renovating public buildings to make them more energy efficient: $74 Billion;
• Modernizing Roads, Bridges, Transit and Waterways, rebuilding our crumbling roads, and bridges and modernizing public buildings: $92 Billion;
• Providing direct tax relief to 95 percent of American workers and spurring investment and job growth for American businesses; 
• Updating and computerizing our health care system to cut red tape, prevent medical mistakes and help reduce healthcare costs by billions of dollars each year: $24 Billion;
• Helping unemployed workers train and find jobs, and helping struggling families make ends meet: $129 Billion;
• Providing relief to states, so they can continue to employ teachers, firefighters and police and provide vital services without having to raise local taxes: $91 Billion;
• Ensuring an historic level of transparency, oversight and accountability to help guarantee that taxpayer dollars are spent wisely and that Americans can see the results of their investment.

-30-