For Immediate Release                                                                        

Media Contact: Sahar Wali

202-225-8413 Office/202-834-6919 Cell                                                                                                             

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Washington, DC – Today, Rep. Earl Blumenauer (D-Ore.) and the House Ways and Means Committee voted in support of  the American Recovery and Reinvestment Tax Act of 2009 (H.R. 598).  This tax and healthcare recovery package will be combined with other components from other House Committees to form H.R. 1, the American Recovery and Reinvestment Act, and is expected to be brought to the full House for a vote next week. 

As a member of the House Ways and Means Committee, Rep. Blumenauer actively participated in shaping this important legislation to provide tax relief to the American people.  Blumenauer is a member of the Healthcare Subcommittee on Ways and Means.  His statement of support is below.

“I am pleased with this legislation’s focus on tax relief for America’s struggling, working families and also that it lays the groundwork to tackle some of our nation’s most pressing domestic challenges -- rebuilding and renewing our infrastructure, fighting global warming with clean energy and energy efficiency, and reforming our healthcare system.  At a time when our economy is in its most vulnerable condition in decades, American families and businesses need this assistance more than ever.“In Oregon alone this plan will save or create 52,890 jobs by the end of 2010, thereby reducing Oregon’s unemployment rate by 1.8 percent by 2010.” * Additional details on the bill are below:

Health Care

-Incentives to encourage the widespread adoption of Health Information Technology (HIT) and establish standards for interoperability and privacy.  The investment in HIT is a critical step toward modernizing American healthcare, cutting red tape, eliminating redundant care and reducing health insurance premiums for millions.

-Temporary subsidies to help families who have lost their jobs maintain their healthcare coverage through the Consolidated Omnibus Budget Reconciliation Act (COBRA).  This benefit will be of tremendous assistance to families struggling to find new work and maintain economic security during the downturn. 

Infrastructure

-Authorizes $25 billion for investment in infrastructure, job training, education, and economic development within economic recovery zones.

-Strengthens the bond markets by providing either tax credits or direct subsidies to bond issuers, thus magnifying demand and fueling new infrastructure projects.

-Provides $9 billion in school construction bonds to build, rehabilitate, or repair American schools. 

Energy

-Invests $13 billion in the production of renewable energy by providing for a long-term extension for production and investment tax credits.

-Provides a dramatic increase in the value of incentives for small wind power production, which Rep. Blumenauer championed.

-Extends tax credits for energy-efficient improvements to existing homes through 2010.
 
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*According to prominent economist Mark Zandi's analysis of the American Recovery and Reinvestment Act.  Zandi is a chief economist with Moody’s Economy.com and former adviser to Sen. John McCain’s presidential campaign. He concluded that with the economic recovery plan there will be 4 million more jobs and an unemployment rate that is 2 percentage points lower by the end of 2010 than without the plan.