Donald M. Payne: “The American Recovery and Reinvestment Act was created in the first month of President Obama's term after what was…”

“The American Recovery and Reinvestment Act was created in the first month of President Obama's term after what was reported to be the worst recession since the Great Depression. Just 1 year ago, our Nation was headed towards an economic collapse with the loss of about 600,000 jobs a month. State and local budget cutbacks were putting teachers' jobs and students' educations in jeopardy. There was no doubt that our economy was in grave need to immediately begin to save and create jobs and lay a foundation for the long-term economic recovery. This month marks the 1-year anniversary of the passage of the Recovery Act which has jump-started our economy by saving and creating as many as 2.4 million jobs and providing $120 billion in tax cuts for 95 percent of working families as well as businesses across the country. The act has loaned nearly $20 billion to small businesses to expand and create jobs, funded more than 12,500 transportation projects nationwide and kept police officers and firefighters on the job. It has funded more than 300,000 educational jobs, keeping teachers in their classrooms. Mr. Speaker, I say let's continue the work.”