House Passes "Jobs for Main Street" Bill
The New York Times describes the bill as an attempt to create jobs in federal public works, aid in small businesses getting the loans they need, and provide for an unemployment benefits extension. This jobs package is something many Americans need during this recession.
What is the Jobs For Main Street Act Of 2010?
It promises to stabilize jobs through infrastructure investments, public service jobs, emergency relief for families hurt by the economy and expand transportation safety.
According to House Speaker Nancy Pelosi, the bill proposes to redirect $75 billion from the Troubled Asset Relief Program (which bailed out Wall Street) to "main street" infrastructure projects. The final estimated cost for this jobs package is $150 billion dollars.
The New York Times quotes House Speaker Nancy Pelosi as saying, "It is legislation that brings jobs to Main Street by increasing credit for small businesses, by rebuilding the infrastructure of America, by keeping police and fireman and teachers on the job."
This bill would provide some much needed relief to regular Americans who have been out of a job for a while.
House Appropriations Committee Chairman David Obey told the New York Times: "We make no apology whatsoever for trying to give the same amount of attention to Main Street needs as was given earlier to Wall Street needs."
Now we wait to see what the Senate will do.
For more information, please visit our Related Resources.
- SUMMARY: JOBS FOR MAIN STREET ACT OF 2010 (U.S. Committee of Appropriations)
- Recovery.gov (U.S. Govt's Official Website Related to the Recovery Act)
- Unemployment Benefits Extended: Obama Signs Bill (Findlaw's Law and Daily Life)
- Unemployment Benefits Get a Boost From Senate (Findlaw's Law and Daily Life)