Status of Jobs & Economic Recovery Legislation
July 9th, 2010 by KarinaThe Democratic-led Congress continues working to create American jobs and strengthen the economy–we must bring down the unemployment rate and restore American job security. Congressional Republicans continue to vote in lock step against job creation, tax cuts and recovery efforts and instead support the special interests–Wall Street banks, Big Oil and insurance companies. Nobel Prize-winning economist and New York Times columnist Paul Krugman explained:
…Republicans who have made the cynical calculation that blocking anything President Obama tries to do — including, or perhaps especially, anything that might alleviate the nation's economic pain — improves their chances in the midterm elections. Don't pretend to be shocked: you know they're out there, and make up a large share of the G.O.P. caucus
The most recent example is last week: the House passed urgently-needed legislation to extend unemployment benefits for millions of American families–a proven boost to the economy and a much-need lifeline for Americans looking for work in a tough economy. Vote after vote after vote, Senate Republicans have obstructed the legislation and now nearly two million families are without their economic lifeline.
In addition to the legislation extending unemployment benefits, below is a list of jobs and economic recovery bills the House has passed this Congress. Until all Americans are back to work, more must and will be done on behalf America's middle class and working families.
AWAITING SENATE ACTION
WALL STREET REFORM—PASSED BY HOUSE AND SENATE, CONFERENCE REPORT PASSED BY HOUSE
A lack of accountability for Wall Street and big banks cost 8 million jobs
Common sense new rules to foster the flow of credit to create American jobs
Ends taxpayer-funded bailouts and the idea of “too big to fail”
Protects & empowers consumers to make sound decisions on homes, credit cards, and other finances
98% of House Republicans voted NO
Learn more about the legislation»
AMERICAN JOBS AND CLOSING TAX LOOPHOLES ACT—PASSED BY HOUSE & SENATE, NEGOTIATED BILL PASSED HOUSE
Prevents corporations from shipping jobs overseas and sticking American taxpayers with the bill
Closes tax loopholes, making Wall Street billionaires pay a fair tax on their income
Promotes American jobs by restoring credit to small businesses, extending tax incentives for American R&D and energy, rebuilding American infrastructure, expanding summer jobs for young people, and providing tax relief for middle class American families
Enforces corporate accountability, making the oil industry pay to ensure sufficient funds to clean up oil spills
90% of House Republicans voted NO—opposing shutting loopholes that subsidize companies moving American jobs overseas and cutting off benefits for workers who lost their jobs through no fault of their own.
Learn more about the legislation»
SMALL BUSINESSES JOBS AND CREDIT ACT—PASSED BY HOUSE
Leverages billions in loans for small businesses through a lending fund for community banks
Invests in innovative state small business lending programs
Provides tax incentives to spur investment in small businesses and the formation of new small businesses
Restarts private investment to meet small businesses’ evolving financing needs through a new SBA public-private partnership
Fully paid for, with the small business lending fund saving taxpayers $1 billion as banks are expected to repay funds over 10 years
97% of House Republicans voted NO
Learn more about the legislation»
HOME STAR JOBS ACT—PASSED BY HOUSE
Provides immediate incentives for consumers to make their homes more energy-efficient:
Creating 168,000 jobs in construction, manufacturing, and retail – some of the hardest hit sectors by the Bush recession
Cutting energy costs by up to $500 per year for 3 million families
Reducing our dangerous dependence on foreign oil and dirty fuels
93% of House Republicans voted NO
Learn more about the legislation»
COMPETES ACT REAUTHORIZATION—PASSED BY HOUSE
Our innovation agenda—investing in modernizing manufacturing; basic R&D; high risk/high reward clean energy research; and teaching science, technology, engineering and math
Keeping our nation on a path to double funding for basic scientific research, crucial to some of our most innovative breakthroughs, over 10 years
Creating jobs with innovative technology loan guarantees for small and mid-sized manufacturers and Regional Innovation Clusters to expand scientific and economic collaboration
Promoting high-risk high reward research to pioneer the cutting edge discoveries of tomorrow through ARPA-E and Energy Innovation Hubs for American energy independence
Creating the next generation of entrepreneurs by improving science, math, technology, and engineering education at all levels
93% of House Republicans voted NO; more than 90% of Republicans voted NO on compromise
Learn more about the legislation»
JOBS FOR MAIN STREET ACT—PASSED BY HOUSE
Creates and saves jobs with targeted investments to:
Hire and retain teachers, police, and firefighters Rebuild highways and transit, boost small business
Give health assistance to states struggling to keep hundreds of thousands of people on the job
Extend health benefits for those who have lost their job through no fault of their own
100% of House Republicans voted NO
Learn more about the legislation»
SMALL BUSINESS AND INFRASTRUCTURE JOBS TAX ACT—PASSED BY HOUSE
Extends successful Build America Bonds for schools, hospitals, roads, bridges, and rail lines
Targets tax cuts to spur investment in small businesses and entrepreneurs looking to start a business
Creates 160,000 jobs with aid to states to provide subsidies to employers who hire workers
Cracks down on foreign tax haven corporations that dodge U.S. taxes and gain an unfair advantage over American companies playing by the rules through the U.S. tax treaty network
98% of House Republicans voted NO
Learn more about the legislation»
DISASTER RELIEF AND SUMMER JOBS ACT—PASSED BY HOUSE
Gives disaster-stricken communities aid to rebuild their homes, infrastructure and local economies
Creates about 300,000 summer job opportunities for young people
97% of House Republicans voted NO
Learn more about the legislation»
SIGNED INTO LAW & WORKING FOR THE AMERICAN ECONOMY
AMERICAN RECOVERY & REINVESTMENT ACT
Responsible for up to 2.8 million jobs already, including teachers, police and firefighters
More than a third was tax cuts for 98% of Americans and small businesses
Rebuilding America with clean energy and 21st century jobs
100% of House Republicans voted NO
Learn more about the legislation»
HIRING INCENTIVES TO RESTORE EMPLOYMENT (HIRE) ACT
Will help create 300,000 jobs, unleash tens of billions of dollars to rebuild infrastructure
Tax cuts for businesses to hire, accelerated write-offs for small businesses
Cracking down on offshore accounts for corporations and the wealthy
97% of House Republicans voted NO
Learn more about the legislation»
WORKER, HOMEOWNERSHIP & BUSINESS ASSISTANCE ACT
Boosting the economy with emergency relief for Americans hit by the recession
An expanded first-time homebuyer tax credit
Tax relief for small businesses and other struggling U.S businesses through net operating loss provision
93% of House Republicans voted NO
Learn more about the legislation»
Will create up to 4 million new jobs over the decade, primarily in small businesses
100% of House Republicans voted NO
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STUDENT AID & FISCAL RESPONSIBILITY ACT
Largest investment in college aid in history to make education more affordable
Increasing Pell Grants and strengthening community colleges and minority-serving institutions
100% of House Republicans voted NO
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Spurred the sale of 700,000 vehicles
America’s automakers are now paying back the taxpayers and creating jobs again
A majority of House Republicans (95) voted NO
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CREDIT CARDHOLDERS’ BILL OF RIGHTS
Provides tough new protections for consumers
Bans unfair rate increases, abusive fees, and penalties
These new credit card restrictions, along with overdraft limits by the Federal Reserve, will save U.S. consumers at least $5 billion in fees this year at the largest U.S. retail banks and credit card companies
House Republican leaders voted NO; most House Republicans voted NO on speeding up effective date
Learn more about the legislation»