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House Budget Invests in American Families and 21st Century Economy
Outlines plan to create a stronger economy, makes critical investments in health and energy
WASHINGTON, DC —Ways and Means Committee Chairman Charles B. Rangel (D-NY), joined colleagues in their support of H. Con. Res. 85, the Fiscal Year 2010 House Budget Resolution, which passed the House overwhelmingly today by a vote of 233-196. The budget includes unprecedented investments in health care and energy independence while providing essential tax relief to American families.
“President Obama united this nation behind the hope for a stronger economy and a brighter future and this budget puts our nation back on track,” said Ways and Means Committee Chairman Charles B. Rangel (D-NY). “The House Budget Resolution answers President Obama’s call for action on critical issues such as health reform, middle-class tax relief and clean energy policies to fuel our economy in the 21stCentury. By approving this budget, we take a step toward making critical investments in our cities, towns, and in working families across this great nation.”
The House budget resolution provides important economic relief to struggling American families. The budget cuts $1.8 trillion in taxes for middle-income taxpayers by extending the 2001 and 2003 income tax cuts for those making under $250,000 per year. It also protects American families who would be hit with the alternative minimum tax in 2010. Among the tax relief included in the budget is an expansion of the Earned Income Tax Credit, which provides tax relief to millions of American families with three or more children. Additionally it makes college more affordable by making the $2,500 American Opportunity Tax Credit permanent.
The budget supports President Obama’s plan for comprehensive health care reform to expand coverage, addressing rising costs, and improve quality of care, while building on and strengthening existing public programs and employer coverage. It allows for making improvements to Medicare’s payment systems to ensure access to primary care doctors, provide incentives for better coordination and higher quality of care, and curb growing health care costs.
The House budget builds on the unprecedented investments in H.R. 1, The American Recovery and Reinvestment Act (P.L. 111-5) to develop renewable energy and energy efficient technology. The incentives will create green jobs and keep the American economy strong into the 21st Century.
For additional information on the Committee’s work in the 111th Congress, please visit http://waysandmeans.house.gov
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