Peter Blute: “last year the House sent a message that we believe in the Economic Development Administration's success in stimulating…”

“last year the House sent a message that we believe in the Economic Development Administration's success in stimulating the economies of cities and towns all cross this country. By an overwhelming margin of 310 to 115, the House voted for investing in our economy and creating more jobs and against shortsighted cuts. Over the years the EDA has helped create or retain more than 2.9 million jobs. In my own State, a minor investment in equipment for a biotechnology incubator has resulted in the creation of more than 20 companies and 2,000 jobs. These jobs pay income taxes to the States as well as the Federal Government, helping to boost revenues and create jobs. Building on examples like that, the EDA has achieved an outstanding record of leveraging its funds to attract private dollars at a ratio of 3-to-1. In addition, the EDA has managed to keep overhead below 8 percent, guaranteeing that $12 of every $13 appropriated is invested in the States. I oppose this amendment.”