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On the Issues
Jobs and the Economy
The subprime mortgage crisis, general housing downturn, and resulting turmoil in the financial markets have led the U.S. economy into a major recession. Congress has acted and continues to act to address our deteriorating economic situation, passing an initial economic stimulus package into law and considering several measures to mitigate the mortgage collapse.
I am also pleased that the 110th Congress passed a long-overdue increase in the minimum wage. As one of the first actions of the new Congress, the House passed legislation to incrementally raise the minimum wage to $7.25 per hour. Although that legislation stalled, the House and Senate eventually attached a minimum wage increase to a supplemental appropriations bill, which was signed into law by the President in May 2007. The federal minimum wage will now reach $7.25 per hour by the summer of 2009.
I will continue to fight for sound policies that help our middle class families, whether it's pushing for middle class tax cuts, making college more affordable, or enacting policies to lower gas prices. I also believe there is more we can do to strengthen and stimulate our economy, from reining in our out-of-control deficit to helping small businesses, to investing in our long-term national competitiveness.
Related Information
Economic Stimulus Package
Subprime Mortgage Crisis
The Congressional Joint Economic Committee
**File for unemployment or look for work with the N.C. Employment Security Commission
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