Pelosi: Report on Recovery Act Shows It Brought Economy Back from the Brink of Depression and Is Creating Jobs

Washington, D.C. – Speaker Nancy Pelosi issued the following statement today on a report issued by the Recovery Accountability and Transparency Board detailing the 650,000 jobs that were directly created or saved by the American Recovery and Reinvestment Act through September 30, resulting in more than 1 million jobs created by the Recovery Act so far:

“Today’s report provides evidence that the American Recovery and Reinvestment Act is doing what we promised: bringing our economy back from the brink of depression and creating jobs through direct funding, tax cuts for 95 percent of Americans, and the ripple effect of all that combined investment.

“While the data released today is for only a portion of the Recovery Act funding, the 1 million jobs that have been created or saved by Recovery Act funds so far mean a steady paycheck and a source of stability for families nationwide.  And yesterday we learned that the economy grew at an annual rate of 3.5 percent in the third quarter – the first time the economy has grown in more than a year.

“Still, there is a long way to go on the road to economic recovery.  Moving forward, our top priority will continue to be creating good-paying jobs, investing in new innovative industries, and opening the doors of opportunity to more Americans.  The Recovery Act, and other initiatives we plan to take up, including extending unemployment insurance and other measures, will help us do just that.”