American Recovery and Reinvestment Act of 2009
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Mr. PASCRELL. Many of us in this body, including myself, have been speaking about the perfect storm developing in this economy before 9/11. The truth is, we should have taken this aggressive action years ago. Today, we have finally constructed legislation which directly invests in the good people of America.
Through middle-class tax cuts, direct aid to State and local governments, and reinvestment in renewable energy, Congress is taking an affirmative step to enable economic recovery.
Mr. Chairman, just think of how municipalities will be able to take advantage of tax exempt bonds and tax credit bonds, and I speak as a former mayor, in depressed areas throughout the United States to provide municipalities with the wherewithal to really, really move this economy and provide jobs to our American people.
To ensure our children can compete and succeed in the troubling economy, we will renovate and modernize 10,000 schools. Who said it didn't work back in the thirties? Who said it?
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Through this bill we also make college affordable and provide a $2,500 college tax credit to 4 million students, and triple the number of fellowships in science to help spur the next generation of innovation.
This legislation invests American tax dollars in real infrastructure projects that are ready to go. Specifically, this plan allocates money for the repairing and modernizing of thousands of miles of America's roadways and providing new mass transit options for millions of Americans.
I want to commend my colleagues for their leadership and commitment to taking an explicit and aggressive lead in the creation of a comprehensive economic recovery and reinvestment package.
I urge all of my colleagues on both sides of the aisle to take swift and decisive action to pass this legislation.
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