John W. Olver: “Mr. Chairman, this continuing resolution clearly endangers the fragile recovery of America's economy. While I have the…”

“Mr. Chairman, this continuing resolution clearly endangers the fragile recovery of America's economy. While I have the greatest respect for Chairman Latham, he has been saddled with an irrational task of cutting $15.5 billion, a 23 percent cut, from the 'Transportation and Housing' title of the resolution. I cannot fathom how the new majority, which proclaims to be all about jobs, could as their first piece of business impose deep cuts upon the very programs that have the greatest potential for creating jobs and that provide the necessary foundation for a strong economic recovery. Specifically, the continuing resolution cuts funding for the Community Development Block Grants program by more than 60 percent to by far the lowest level since the program was created in 1975 under a Republican President, President Gerald Ford. As a result, over 1,200 cities and towns across all 50 States will be forced to shelve local economic development projects in every one of our districts, and the associated 45,000 jobs will be lost. In addition, the bill proposes to cut over $7 billion in transportation and infrastructure investments.”