Warwick, R.I. – January 29, 2009 – (RealEstateRama) – Congressman Jim Langevin (D-RI) yesterday voted for H.R. 1, the American Economic Recovery and Reinvestment Act. This legislation will appropriate $607 billion for transportation and infrastructure upgrades and construction, health care programs, education assistance, housing assistance and energy efficiency upgrades, and includes $212 billion in personal and business tax breaks for a total of $819 billion to be expended over Fiscal Years 2009 and 2010.
“The Rhode Island economy is dire. I believe that we need swift action to begin to stem the tides of our current economic recession and create jobs so people can get back to work,” said Langevin. “It is important to understand that this funding is not a silver bullet, but that our economy will face an even sharper downturn if we do not act soon. This vote will slow our downward trend and hopefully allow us to regain our economic footing as we begin to make much-needed long term investments to transform our economy for the 21st Century.”
This measure is expected to bring approximately $940 million to Rhode Island to help low and middle income families over the next two fiscal years. The American Recovery and Reinvestment Plan will create jobs and grow the economy by:
– Extending unemployment benefits
– Doubling renewable energy production
– Rebuilding crumbling roads, bridges and schools
– Updating and computerizing our health care system to cut red tape, prevent medical mistakes, and help reduce health care costs by billions of dollars each year
– Building 21st century classrooms, labs, and libraries
– Investing in research and development
– Increasing food stamp benefits
– Making it easier for those who lose their job to keep their health insurance
The Recovery Plan has unprecedented accountability measures built in – providing strong oversight, an historic degree of public transparency, and does not include earmarks. Once the final bill is signed into law, Rhode Islanders can tack the spending at www.recovery.gov
Contact: Joy Fox
(401) 732-9400
