Hoyer's Week in Review

By Rep. Steny Hoyer, D-Mechanicsville

This afternoon, after weeks of debate and compromise, the House passed the American Recovery and Reinvestment Act (HR 1). This is an historic victory for the country and for the American people. With this legislation, we will begin our economic recovery and efforts to put Americans back to work. This bill aims to address the immediate challenges facing our nation by creating and saving 3.5 million jobs, and providing immediate tax relief to 95% of American families. I expect the Senate to pass this legislation tonight, so it can be sent to the President for his signature as soon as possible.

On Tuesday, I joined Budget Committee Chairman John Spratt on the House Floor to discuss President Bush's budget legacy of deficits and debt. It is clear that the deep deficits and debt that President Obama inherited from his predecessor will make this economic crisis more difficult to end, and demand hard choices to put our nation back on a sustainable fiscal path. This Democratic Congress and the new Administration are equally committed to reversing years of Republican recklessness and restoring fiscal responsibility as we continue on the road to economic recovery.

This week, the Obama Administration unveiled its financial stabilization plan to help banks resume lending to consumers and businesses. The plan, put forward by Treasury Secretary Geithner, is another important step toward economic recovery, and I look forward to working with the Obama Administration to ensure that this plan uses taxpayer money wisely.

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