Jeff Bingaman: “in 2008, Congress passed the Emergency Economic Stabilization Act of 2008, which established the Troubled Asset Relief…”

“in 2008, Congress passed the Emergency Economic Stabilization Act of 2008, which established the Troubled Asset Relief Program. That act also included a historic 5-year program to fund two important programs that support rural counties across the country. The county payments program included increased and more equitably distributed funding for the Secure Rural Schools and Community Self- Determination Act, which provides payments to more than 700 counties in 42 States for public roads, schools, and collaborative forest restoration projects. In addition and for the first time in many years it fully funded the Payments in Lieu of Taxes Program, which provides payments to 1,850 local governments in 49 States, the District of Columbia, Puerto Rico, Guam, and the Virgin Islands. Both programs have provided a life line for struggling rural counties around the country during the recent recession. In October of 2011, I introduced the County Payment Reauthorization Act of 2011 to extend the benefits of the county payments programs we funded in 2008 for another 5 years. That bill, S. 1687, currently has 32 cosponsors, including 8 Republicans and an Independent. Congressman Heinrich has introduced a companion measure in the House: H.R. 3599. Today, I would like to express my support for Senator Baucus's amendment No. 1825 to extend funding for the two programs by 1 year.…”