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Ways and Means Passes Economic Recovery Legislation
Bill would provide critical tax, health and
unemployment benefits for families, gives incentives to create jobs
January
22 2009
WASHINGTON, D.C. – The House Committee on Ways and Means voted
today in support of a comprehensive economic recovery package to provide tax,
health and unemployment relief to families while also encouraging businesses to
create new jobs. The legislation, H.R. 598,
passed the Committee by a party-line vote of 24 to 13. The legislation will now be combined with
other components of the recovery package from other House Committees into H.R.
1, the American Recovery and Reinvestment Act for consideration by the
full House of Representatives next week.
As noted in a
release last Friday, all of Title II, approximately $45 billion, comes from
Chairman Jim McDermott’s (D-WA) Subcommittee on Income Security and Family
Support.
“This legislation will provide critical benefits and incentives to
middle-America, poor-America, and businesses, large and small, who are
struggling during this economic downturn,” said Chairman Charles B. Rangel
(D-NY). “This plan will go a long way to help relieve the pain these families and
businesses are experiencing so that we can restore some confidence and economic
security and help America maintain its prominence in the global
marketplace. Simply put, the American
people cannot keep the engine of our economy running if they don’t have money
to spend and this package provides tax relief and critical benefits to help
them take home a little more each month and help the economy grow.”
“The need is great and the time to act is now,” said Rep. Jim McDermott.
Critical
Benefits to Families, Businesses, Incentives to Create New, Green Jobs:
The Plan, as
passed by the Committee will provide critical tax relief to working families
and assistance with healthcare costs as well as extended and enhanced
unemployment benefits for those who have lost their jobs during the economic
downturn. The Plan would also give
businesses, large and small, tax incentives to invest in plants and equipment
and expand to hire new workers, helping to strengthen our economy and create
new jobs. In particular, the Plan would
help create new, green jobs by making a critical investment in renewable energy
and energy efficiency.
Important
Health Benefits, Improvements to Care:
The Plan would
also provide payment 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.
Finally, the
Plan would provide 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.
“Rising healthcare costs are one of the biggest problems facing American
families today,” stressed Chairman Rangel. “This plan makes a critical investment in
Health Information Technology that will help modernize our healthcare system to
reduce errors, protect patient privacy and ultimately reduce healthcare costs
for millions of patients. I want to
thank my colleagues on the Ways and Means, Energy and Commerce and Science and
Technology Committees for their hard work and cooperation and I look forward to
working with them in the coming weeks to make this provision the law of the
land.”
Please click here for the text of H.R. 598 as approved by
the Ways and Means Committee – this will be the text of the Ways and
Means Committee provisions considered by the full House.
Please click here for detailed summaries of the sections of
the American Recovery and Reinvestment Plan falling under the
jurisdiction of the Ways and Means Committee.
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