This week, President Barack Obama signed into law the American Recovery and Reinvestment Act to restore our economy and put people back to work in our state and across our country. I supported this compromise bill because it includes a smart mix of tax cuts for small businesses and 95 percent of American families, investment in vital infrastructure to create jobs now, and aid to people in need.
Creates or saves66,000 jobs in Maryland over the next two years.
Provides a “Making Work Pay” tax cut of up to $800 for 2.2 million Maryland workers and their families, designed to start paying out immediately into workers’ paychecks, as well as tax cuts for small businesses.
Sends 3.8 billion to Maryland to make investments in job-creating infrastructure projects; prevent cuts to education and key public services; and provide nutrition, unemployment, and health care assistance to families in economic need.
Modernizes our infrastructure and creates jobs with an extra $903 million for infrastructure in Maryland, including $448 million for roads and bridges alone.
Modernizes schools and makes college more affordable with an additional $500 for89,238 Pell Grant recipients in Maryland and a higher education tax credit for 53,000 students in the state.
Helps workers hurt by the economy, expanding unemployment and maintaining health care benefits for the 241,873 Marylanders who are out of work right now.
Saves the jobs of teachers, police officers, and health care workers, and protects the vital services they provide through direct aid to the Maryland state government.
The public will be able to track the progress of the plan and monitor where the money is going online at www.recovery.gov.
While addressing the economic crisis has been our immediate priority, we are also focused in the long-term on returning our nation’s budget to balance. This is a matter of great importance to me. On Monday, I will participate in a fiscal summit hosted by President Obama. I am deeply committed to working with the President to make the hard, responsible choices necessary to put us back on a fiscally sustainable path.
As always, thank you for allowing me to share this update with you. If there is anything you wish to share with me or bring to my attention, please do not hesitate to contact my office.
Steny H. Hoyer
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