What It Means for Nevada
The American Recovery and Reinvestment Plan:
On
January 28th
the House of Representatives will vote on the American Recovery and Reinvestment
Act, legislation that will create and save jobs while investing in the future of
our nation. This legislation comes at a bleak time for our nation’s economy.
In the last year alone, 2.6 million jobs were lost in the United States – the
worst year in more than 60 years.
Nevada’s
economy has been hit especially hard during the economic recession.
Unemployment has reached levels not seen for 25 years, while the state continues
to rank near the top in foreclosures.
This bleak
economic record speaks to the urgency of this recovery plan. Without a plan for
recovery, economists have predicted Nevada’s unemployment to reach as high as 10
percent in the coming years as more small businesses shut their doors and more
homeowners face foreclosure. That is why passing the American Recovery and
Reinvestment Act has been the top priority of the Obama Administration and the
111th Congress.
Immediate Boost and
Long-Term Growth
Through
tax cuts and investments, the $825 billion American Recovery and Reinvestment
Plan creates or saves 3 to 4 million jobs while stimulating economic growth.
Specifically, Nevadans will benefit from the following tax cuts:
· Child Tax Credit of
up to $1,000 per child effecting 96,000 children
(Center on Budget and Policy Priorities)
· Making Work Pay Tax
Credit of up to $500 per worker effecting 941,000 Nevadans
(Center on Budget and Policy Priorities)
-
Extends Production Tax Credit for energy from wind and
other renewable sources
(Ways and Means Committee)
-
Modifies Investment Tax Credit of 30 percent for new
renewable energy facilities
(Ways and Means Committee)
-
Increased tax credits from $500 to $1,500 to promote
energy-efficient homes
(Ways and Means Committee)
-
Enhanced Research and Development Tax Credit of 20
percent for renewable energy and energy conservation technology
(Ways and Means Committee)
Nevada
will also receive funding for:
· Infrastructure
Investments - $291,308,789
o
Highways and Bridges - $217,735,801
o
Transit Capital - $45,076,234
o
Clean Water State Revolving Fund - $28,496,754
(Transportation and Infrastructure Committee)
· Medicaid -
$440,910,000
(Center on Budget and Policy Priorities)
· Food Stamps -
$84,000,000 effecting 163,000 Nevadans
(Center on Budget and Policy Priorities)
· Supplemental
Security Income - $20,500,000 effecting 35,900 Nevadans
(Center on Budget and Policy Priorities)
· Emergency Shelter
Grant Program - $8,300,000 effecting 1,400 Nevadans
(Center on Budget and Policy Priorities)
· State Fiscal
Stabilization Fund – $512,800,000
o
$312,500,000 for education,
o
$209,300,000 for other services
(Center on Budget and Policy Priorities)
· Education for Clark
County School District - $179,165,600
o
Title I - $58,456,800
o
IDEA - $56,657,200
o
Construction - $64,051,600
(Congressional Research Service)
· Educational
Technology State Grants - $6,409,105
(Department of Education)
· Pell Grants -
$70,016,645 effecting 20,799 students
(Department of Education)
· Head Start -
$2,817,547
(Department of Health and Human Services)
· Child Care and
Development Block Grant - $14,315,336
(Department of Health and Human Services)
· Employment and
Training - $26,235,582
(Department of Labor)
· Community Services
Block Grant - $5,000,000
(Department of Health and Human Services)
· Increase in
Unemployment Benefits:
o
195,146 Nevadans will receive a $25 per week increase in benefits
o
39,762 Nevadans will continue to receive benefits
(National Employment Law Project)
Support From
Economists Across the Spectrum
Independent economists have confirmed that the recovery plan will meet its goal
of creating or saving 3 to 4 million jobs. Mark Zandi, chief economist for
Moody’s Economy.com and a former advisor to Senator John McCain’s presidential
campaign, found that the recovery plan would lead to an unemployment rate 2.2
percent lower than if we did nothing, and that more than 90 percent of jobs
created would be in the private sector. [Zandi Analysis, 1/21/09]
Accountability and Transparency
The
recovery plan will include several important provisions to ensure that spending
is transparent and it is clear to the American people where the money is going.
The plan includes no earmarks and the Obama Administration will create a website
to publically post details on how the money is being spent. These
accountability provisions will give the American people the assurance that their
money is being spent to get us out of this recession and is not subject to
waste, fraud, or abuse.
Congresswoman Titus to Hold
“Congress on the Corner” on Saturday
Congresswoman Dina Titus
of Nevada's Third District announced that she will be holding her first Congress
on the Corner this Saturday, January 31, beginning at 1 p.m. Titus will be at
the Smith’s Food and Drug Center at 2385 E. Windmill Lane to meet with
constituents to discuss the issues they are concerned with.
"I came to Washington to
represent the needs of my constituents in the Third District and the best way to
do that is to hear directly from them on a regular basis,” Congresswoman Titus
said. “I look forward to this opportunity to listen to the issues that they
would like me to address and share with them the important work I have been
doing in Congress.”
Titus Supports TARP Reform to
Ensure Accountability and Transparency
Congresswoman Dina Titus of
Nevada’s Third District voted today to enforce strict accountability and
transparency by reforming the Troubled Asset Relief Program (TARP). Since the
TARP was created by the Emergency Economic Stabilization Act, the Bush
Administration has injected $350 billion into banks with no accounting for how
they have spent the money and has failed to adequately use TARP funds to address
the mortgage crisis.
“Under President Bush and the
Treasury Department, $350 billion have been spent with no accountability or
explanation of where the money went. This is simply unacceptable,”
Congresswoman Titus said. “If another $350 billion is necessary to restore the
economic health of our country there must be strict guidelines on how the money
can be spent. With Nevada’s foreclosure rate the highest in the nation, it is
critical that stemming the tide of foreclosures is an integral part of the
TARP. It is also essential that there are accountability and transparency so
that taxpayers know where the money is going and that it is being used
effectively.”
The TARP Reform and
Accountability Act, which passed by a vote of 260 to 166, mandates that at least
$40 billion go toward helping homeowners and addressing the mortgage crisis that
is at the root of the economic crisis. The legislation also requires banks to
report how they are spending the money they receive from the government and
limits executive bonuses for firms that receive TARP funds.
Congresswoman Titus Cosponsors
Legislation to Prevent Congressional Pay Raise
Congresswoman Dina Titus
of Nevada’s Third District announced that she has signed on as a cosponsor to
H.R. 156, the Stop the Congressional Pay Raise Act. This bill would block the
automatic pay raise Members of Congress are set to receive in 2010.
“Unemployment in my
district has reached record levels, the highest in 25 years, and could continue
to rise during this economic recession,” Congresswoman Titus said. “Families
are tightening their belts and too many hard-working Nevadans are desperate to
find a job. It is unconscionable that during this time of economic hardship
that Members of Congress are scheduled to receive an automatic pay raise. This
important legislation will block the raise and send a message to the American
people that this Congress is here to work for them, not enrich ourselves.”
Rising Unemployment Numbers
Underscore Need for Economic Recovery Package
Congresswoman Dina
Titus of Nevada’s Third District released the following statement on Nevada’s
unemployment numbers, which shot up a full percentage point in December to 9.1
percent:
“Today’s bleak
unemployment numbers once again underscore the need for quick action on an
economic recovery package. Nevadans have seen their economic security erode
month after month, day after day as the economic news continues to get worse.
This week, the House will take action on the American Recovery and Reinvestment
Act that will begin to address the rapid rise in unemployment that is hurting
Nevada’s families. Through investments in education and transportation and tax
breaks for the middle class, this legislation will put people back to work and
protect vital services that families are relying on during this rough economic
time.”
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Recovery Plan Is Vital for Clark County |
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and Communities Across the Country |
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Congresswoman Dina Titus of Nevada’s Third District participated in a
press conference call this morning to discuss the American Recovery and
Reinvestment Act and the effect it would have on Nevada’s education system. She
was joined by Congressman George Miller, Chair of the House Education and Labor
Committee, Randi Weingarten, President of the American Federation of Teachers,
Bob Canavan, Chair of Rebuild America’s Schools, and Angela Peoples, Legislative
Director of the United States Students Association. Below is a transcript of
Titus’ remarks:
“Thank
you very much, Chairman Miller, and thank you for your leadership on behalf of
America’s students and teachers. I would also like to thank the other
participants for joining us and for their work in the field of education.
“As you
described, the economic recession is gripping our country and has taken its toll
in states all across the nation. Many, as you know, are in the midst of budget
crises that threaten critical education funding, which I believe is the key to
our children’s future and our country’s future.
“Nevada
used to think of itself as recession proof. Even in bad economic times if
someone had two nickels to rub together they would come to Las Vegas to try to
change their fortune, but that’s just not the case anymore. We have tourism
revenue down because of a lack of disposable income nationwide and around the
globe. We have the highest foreclosure rate of any state in the country, and
District Three is the worst of the worst because that’s where all the growth
occurred in the suburbs of Las Vegas. Also, we are especially hard hit with
unemployment. It is over 9 percent. That’s the highest it’s been in 25 years,
and as a result our state education budget is facing unprecedented cuts at both
K-12 and higher education levels.
“That is
why I believe it is so critical that Congress pass the American Recovery and
Reinvestment Act. It will provide a boost for our nation’s schools at a time
when we cannot afford to shortchange the educational needs of our children,
especially as we move into a new high tech renewable energy economy.
“In my
district, the Clark County School District, which is one of the largest ones in
the country, would receive under this plan more than $179 million directly to
the school district. This would prevent teacher layoffs; it would help rebuild
and modernize our schools, there are a lot of older schools in the heart of the
valley; and it would help disadvantaged children, those with special education
needs, programs that are already underfunded, and so this would help to solve
some of those needs. By renovating and improving our schools facilities, not
only can we enhance education, but we can create much-needed jobs in the
construction industry that will put people back to work in Nevada.
“This
bill not only helps K-12, but it will also, which I think is very important,
make college more affordable at a time when too many students and their families
cannot keep up with the rising cost of a higher education. Just last week we
had 4,000 students turn out at UNLV to protest the thirty-something percent cuts
that are being proposed in the higher education budget at the state level. This
bill will provide $70 million in total funding for Pell Grants, so that more
than 20,000 students in Nevada can receive help when they are paying for
college. It will also provide modernization funds of another $34 million.
“This
legislation is vital for Clark County and District Three and just as important
for communities across the country. By passing this, we will take a first step
toward improving education, helping our children, modernizing America, and
moving toward that new economy.”
Congresswoman Titus Named to
Homeland Security Committee
Congresswoman Dina Titus
of Nevada’s Third District announced today that she has been named to the House
Homeland Security Committee. Titus was nominated to the post by the Democratic
Steering and Policy Committee, which granted her a waiver to take on a third
committee assignment. The full Democratic Caucus approved her nomination today.
“Protecting the American
people is our first duty as elected officials,” said Congresswoman Titus. “As a
member of the Homeland Security Committee, I will work to fulfill that duty by
ensuring that from our borders to our ports, from our firefighters to our
police, the necessary resources are invested to provide for our nation’s safety
and security.”
Congresswoman Titus also
serves on the Transportation and Infrastructure and Education and Labor
Committees.
Recovery Bill Expected to
Provide $179 Million for Clark County Schools and $291 Million for Nevada’s
Infrastructure
Congresswoman Dina Titus of Nevada’s Third District and a member of the
Transportation and Infrastructure and the House Education and Labor Committees
announced that Nevada stands to receive more than $291 million for
infrastructure projects in the American Recovery and Reinvestment Act that is
expected to be voted on tomorrow on the House floor. The bill would also
provide the Clark County School District with $179 million. This unprecedented
economic recovery legislation will help save and create jobs while providing
relief for schools and programs facing budget shortfalls in the Third District
and investing in the state’s aging infrastructure.
“The
Third District has been one of the fastest growing regions in the country,
putting a strain on our roads, highways, and infrastructure,” Congresswoman
Titus said. “These critical funds in the recovery package will provide needed
investments that will modernize and improve transportation in our state, and
more importantly, will create jobs and stimulate economic growth in our region.”
“The
money in this bill for Clark County schools will provide a critical boost at a
time when Nevada faces steep budget cuts,” Titus added. “It is vital that
during this period of economic hardship that we do not shortchange the
educational needs of our children. We must continue to invest in our nation’s
future by ensuring that students receive a quality education.”
The
American Recovery and Reinvestment Act provides a $115 million increase in funds
over two years that would help low-income students and students with
disabilities through Title I and IDEA funding. Schools in Clark County would
also receive $64 million to help repair, renovate, and modernize their
facilities, creating jobs for Nevada’s hard hit construction sector.
Spending
on transportation and infrastructure will also help create jobs at a time when
Nevada’s unemployment is at a 25-year high. The American Recovery and
Reinvestment Act provides $291 million for Nevada, $217 million of which will go
toward highways and bridges. The rest of the money will be used to build and
improve transit and clean water projects. With an estimated 40 highway and
bridge projects valued at $250 million ready to go, Nevada will be impacted by
the recovery spending early on.
Congresswoman Titus also highlighted key provisions that fall under the
Education and Labor Committee’s jurisdiction that will help families in Nevada.
The recovery legislation invests more than $26 million in vital job training and
support programs that will help put people back to work and extends unemployment
benefits at a time when Nevada is experiencing record job loss. The plan also
provides $70 million for Pell grants that will help more than 20,000 students
afford the rising cost of a college education.
