Status of Jobs & Economic Recovery Legislation


The Democratic-led Congress continues working to create American jobs and strengthen the economy–we must bring down the unemployment rate and restore American job security. Congressional Republicans continue to vote in lock step against job creation, tax cuts and recovery efforts and instead support the special interests–Wall Street banks, Big Oil and insurance companies. Nobel Prize-winning economist and New York Times columnist Paul Krugman explained:

…Republicans who have made the cynical calculation that blocking anything President Obama tries to do — including, or perhaps especially, anything that might alleviate the nation's economic pain — improves their chances in the midterm elections. Don't pretend to be shocked: you know they're out there, and make up a large share of the G.O.P. caucus

The most recent example is last week: the House passed urgently-needed legislation to extend unemployment benefits for millions of American families–a proven boost to the economy and a much-need lifeline for Americans looking for work in a tough economy. Vote after vote after vote, Senate Republicans have obstructed the legislation and now nearly two million families are without their economic lifeline.

In addition to the legislation extending unemployment benefits, below is a list of jobs and economic recovery bills the House has passed this Congress. Until all Americans are back to work, more must and will be done on behalf America's middle class and working families.

AWAITING SENATE ACTION
WALL STREET REFORMPASSED BY HOUSE AND SENATE, CONFERENCE REPORT PASSED BY HOUSE

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

98% of House Republicans voted NO
Learn more about the legislation»

AMERICAN JOBS AND CLOSING TAX LOOPHOLES ACTPASSED 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»

SMALL BUSINESSES JOBS AND CREDIT ACT—PASSED BY HOUSE

Leverages billions in loans for small businesses through a lending fund for community banks

Invests in innovative state small business lending programs

Provides tax incentives to spur investment in small businesses and the formation of new small businesses

Restarts private investment to meet small businesses’ evolving financing needs through a new SBA public-private partnership

Fully paid for, with the small business lending fund saving taxpayers $1 billion as banks are expected to repay funds over 10 years

97% of House Republicans voted NO
Learn more about the legislation»

HOME STAR JOBS ACTPASSED 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 REAUTHORIZATIONPASSED 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

93% of House Republicans voted NO; more than 90% of Republicans voted NO on compromise
Learn more about the legislation»

JOBS FOR MAIN STREET ACTPASSED 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 ACTPASSED 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 ACTPASSED 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»

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»

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»

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»

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

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