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New Direction Jobs Agenda & Economic Recovery

A New Direction For Economic Recovery

Congressional Republicans threaten to take us back to the failed policies that created the economic crisis--doing the bidding of the special interests: Wall Street banks, credit card companies, Big Oil, and insurance companies--and getting rewarded by their corporate friends. These extreme economic and fiscal policies brought us the Bush Recession--the worst financial crisis since the Great Depression--with job losses of nearly 800,000 a month and a near doubling of the national debt.

The Democratic-led Congress is continuing to address the major issues confronting our nation and take America in a New Direction--creating good American jobs, the lowest taxes in 60 years for the middle class and small businesses, closing tax loopholes that send jobs overseas, and building a strong new foundation for the American economy.

    PENDING LEGISLATION
    WALL STREET REFORM
    --PASSED BY HOUSE AND SENATE, GOING TO CONFERENCE

    • 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

      All 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»

        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
        • Supported by U.S. Chamber of Commerce, National Association of Manufacturers, Business Roundtable

          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»

              WHAT'S NEXT
              SMALL BUSINESS LENDING
              --COMMITTEE ACTION COMPLETED; ON HOUSE FLOOR IN JUNE

              • Establishes a $30 billion lending fund for community banks to deliver loans to small business needed on Main Street to push the recovery on and create jobs
              • Community banks provide the credit that small businesses need to grow and create jobs in communities across the country and now the financial crisis on Wall Street and the Bush recession have diminished these banks' ability to lend
              • Banks would be required to pay back funds over 10 years with reduced interest payments if they increase their lending to small businesses

                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»

                  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»

                    HEALTH INSURANCE REFORM   

                    • Will create up to 4 million new jobs over the decade, primarily in small businesses

                      100% of House Republicans voted NO
                      Learn more about the legislation»

                      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
                        Learn more about the legislation»

                        CASH FOR CLUNKERS   

                        • 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
                          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»

                            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 Republicans leaders voted NO; most House Republicans voted NO on speeding up effective date
                            Learn more about the legislation»