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January 30, 2009

Edwards praises stimulus bill

Local schools could receive $13.6 million

By Matt Smith/msmith@trcle.com

U.S. Rep. Chet Edwards, D-Waco, characterized the American Recovery and Reinvestment Plan also known as the stimulus bill as the type of bold economic recovery plan needed to create jobs and stabilize the economy.

The bill passed the U.S. House on Wednesday by a 244-188 vote. All House Republicans and 11 Democrats voted against the bill.

“Today, I supported house passage of the American Recovery and Reinvestment Plan, a much-needed economic recovery plan to combat our nation’s severe recession,” Edwards said. “At a time when our nation faces the most severe economic crisis since the Great Depression, we must act now to pass a bold economic recovery plan that protects American jobs, stabilizes or economy and prevents this crisis from deepening.”

Edwards cited Mark Zandi, chief economist with Moody’s Economy.com and former advisor to Sen. John McCain’s presidential campaign. Zandi’s analysis indicates that the bill would save or create 301,450 jobs in Texas by 2010, Edwards said.

“Overall, his analysis concludes that there will be four million more jobs and an unemployment rate that is two percentage points lower by the end of 2010 than without this plan,” Edwards said.

Unemployment in Texas increased by 43 percent from December 2007 to December 2008, Edwards said.

“The U.S. economy has lost 2.6 million jobs over the last year, the biggest drop since 1945,” Edwards said. “Nearly one million jobs have been lost in the last two months alone. That is approximately 17,000 jobs lost every day.

“Some might choose the [former President] Herbert Hoover do-nothing approach, but I believe inaction is a dangerous option that could lead to a more sever recession, or even a depression.

“This bill will provide a $500 tax credit for 95 percent of all working Americans, double the Texas highway construction budget, and will put thousands of Texans to work modernizing our schools, VA hospitals and roads.”

Senate action on the bill is expected next week before it goes on to President Barack Obama for his signature.

House Republicans, however, criticized the bill for not containing enough tax cuts and said it will increase government spending without stimulating the economy.

Edwards disagreed citing a report from the Congressional Budget Office, which states that the plan will increase Gross Domestic Product anywhere from 1.3 percent to 3.6 percent by the end of 2009. The bill would help create 800,000 to 2.1 million jobs by year’s end and 1.2 million to 3.6 million jobs by the end of 2010, according to the report.

“Some are concerned the funds won’t be spent fast enough to stimulate the economy,” Edwards said. “The nonpartisan CBO report says two-thirds of the funds will be spent by the end of fiscal 2010, producing a ‘noticeable impact on economic growth and employment.’”



School funding

Under the bill, Texas would receive more than $1.3 billion for modernization, renovation and repair of elementary through high school facilities. Johnson County schools would see the following increases in funding for such projects over the next two years:

zx Cleburne ISD — $4,891,000

zx Alvarado ISD — $1,681,300

zx Burleson ISD — $2,681,500

zx Grandview ISD — $453,200

zx Joshua ISD - $1,900,000

zx Keene ISD - $596,700

zx Rio Vista ISD — $345,600

zx Venus ISD - $1,611,100

The bill also includes $408,415,000 for modernization, renovation and repair of Texas higher eduction buildings

Other education-related funding for Texas includes:

zx $1,866,065,046 for Pell Grants

zx $29,960,563 in additional Head Start funding

zx $107,425,800 in Child Care & Development block grants and $24,075,966 in Community Services block grants.



Tax credits

Single workers earning up to $100,000 a year would receive a $500 Making Work Pay tax credit. Married couples earning up to $200,000 would earn a $1,000 credit. The bill also contains numerous business tax credits.



Military investment

“As chair of the Military Construction and Veterans Affairs Appropriations Subcommittee, I am responsible for crafting the portion of the economic recovery plan that invest $6 billion for military construction, and $1 billion for VA facilities,” Edwards said. “The funding provides for much-needed jobs through targeted investments to improve the quality of life for our service embers and veterans, support the National Guard and Reserve, and assist economic development assistance in local communities.”



Transportation

The bill includes about $3 billion for transportation and infrastructure projects. That amount includes $$2,420,703,384 for highway and bridge work and $265,316,040 for the Clean Water State Revolving fund.

Text Only
Edwards praises stimulus bill
by By Matt Smith/msmith@trcle.com , , Fri Jan 30, 2009, 02:23 PM CST
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Keene
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