HOLT: ECONOMIC RECOVERY BILL WOULD CREATE NEW JOBS,HELP THOSE STRUGGLING IN ECONOMIC CRISIS

Here is what Congressman Rush Holt has to say about the passage of the Economic stimulas bill passed last night in the House.

Press Release:

Washington, D.C. – U.S. Representative Rush Holt (NJ-12) tonight voted for the House-passed American Recovery and Reinvestment Bill of 2009, arguing that it would provide the comprehensive investment needed to stop the nation’s economic decline and rebuild the economy by creating millions of new jobs. Holt highlighted nearly $16 billion of new funding for science research and facilities, including $3 billion for the National Science Foundation, $2 billion for physical science research at the Department of Energy, $3.5 billion for the National Institutes of Health, and $3 billion for research into energy efficiency and renewable energy. The Senate still needs to pass the bill.

“The ideal project is one that keeps on giving, and that is exactly what scientific research does,” Holt said. “In his Inaugural Address, President Obama said ‘we will restore science to its rightful place.’ This legislation places science at the center of short-term job creation and long-term economic growth.”

In December 2008, Holt hosted a roundtable discussion at Princeton University, along with Speaker Nancy Pelosi, senior Congressional leaders, and national leaders in the science and technology community to highlight the importance of innovation infrastructure to ensure long-term American competitiveness.

Holt also drew attention to other investments that would help create new jobs and help families struggling in the economy, including funding for:

--School modernization, including funding for Holt’s initiative to increase energy efficiency (an estimated $250 million for New Jersey).

--Helping states prevent the laying off of teachers and other school employees (an estimated $1.7 million for New Jersey)

--Road and bridge construction, as well as improving public transit and rail (an estimated $1.15 billion for New Jersey)

--Transforming the nation’s electricity systems through the Smart Grid Investment Program.

--Job training, including for green-collar jobs.

--Increasing Pell Grants to $5,350 by the next school year, helping to make college more affordable.

--Extending unemployment benefits through 2009 and extending health care coverage for unemployed workers (an estimated 148,000 New Jersey workers would be eligible).

“We’re past the point where we can hope the economy will right itself,” Holt said. “People are hurting now. New Jersey’s unemployment rate has risen to 7.1 percent from 4.2 percent just a year ago. This legislation would provide the bold, wise action needed to get our economy on the road to recovery. Every dollar spent would create new jobs and help build the economy for the 21st century.”