Pelosi: Today's Vote Is About Putting Our Economy on the Road to Recovery and Creating Jobs

Pelosi: Today's Vote Is About Putting Our Economy on the Road to Recovery and
Creating Jobs

WASHINGTON, Nov. 5 /PRNewswire-USNewswire/ -- Speaker Nancy Pelosi spoke on
the House floor this afternoon in strong support of the Worker, Homeownership,
and Business Assistance Act of 2009 which will extend unemployment benefits,
the homebuyers' tax credit, and tax relief for military families and
businesses. The House passed the bill by a vote of 403 to 12. The bill passed
the Senate yesterday and now goes to President Obama for his signature into
law. Below are the Speaker's remarks:

"Thank you very much, Mr. Speaker, and I thank the gentleman for yielding and
thank him for his long-standing leadership on this issue that relates to the
economic well-being of America's families. Any time families gather across
America at their dinner tables -- to see how they are going to make ends meet,
or struggle through the loss of a job -- they know they have a friend in Jim
McDermott in the Congress. This has been one of his premiere issues and he
has served them and this Congress and this country excellently in that regard.
And I thank him for bringing this legislation to the floor.

"We passed this bill over a month ago -- at long last it is back -- but we're
glad it is back, no matter how long it took. And I am pleased to rise to
support the legislation. The bill will mark another step toward a boost in
our economic growth and it will make critical investments for our families and
our workers. The legislation offers a lifeline to out-of-work Americans, to
the men and women hardest hit by the recession. By extending unemployment
benefits -- you've heard it over and over -- by 14 weeks nationwide and extra
6 weeks in states suffering the highest jobless rates.

"It's a smart choice for our nation's economy. Every dollar spent on
unemployment benefits generates more than $1.60 in new economic demand. It's
good for businesses, it's good for workers. This money, because it is so
needed by these out of work families, will, again, be spent immediately,
inject demand into the economy, creating jobs to the tune of $1.60 for every
dollar.

"It's hard to think of any other initiative we can name that is as beneficial
to job creation. Its original purpose is fairness to those workers who have
paid into the insurance system, and now they are getting insurance benefits,
but it also has an impact as a stimulant.

"It means more Americans will have access to the support and assistance that
they need to get back on their feet, re-enter the workforce, and contribute to
our economy and succeed.

"The bill also a places a down payment on the future of our middle-class
because it extends, for the first-time homebuyer, a tax credit helping more
Americans purchase homes and making it a little easier for families to move
into a new house and keep a roof over their heads. This initiative has
already been successful. We've seen the positive impact -- the steadier
foundation in our housing market. Most significantly, we've watched a new
generation of Americans start living out their dream of homeownership and
economic security.

"The bill also has the net operating loss carryback provisions, which
businesses tell us is necessary for them to succeed and to hire new people and
also to mitigate for some of the damage that has been done to the economy from
past policies. Taking action now to turn around our economy is our most
urgent and pressing challenge. It must be our top priority, regardless of
party. And that is why I am so pleased that we're going to have such a strong
bipartisan vote.

"The nation's leaders have a responsibility to give every American the
opportunity to recover, to thrive, to reap the rewards of our common progress,
and to take part in our prosperity. Today's vote is about the never-ending
effort to put our economy on the road to recovery, create jobs, and establish
the building blocks for growth in the long-term.

"President Obama has said over and over again, and so eloquently, that our
success here would be measured only in the progress made by America's
families. As they get back on their feet and as we help them address their
economic struggles.

"The economic security of America's families is important to them, to their
children, to their children's future, and it is important to the strength of
our country. For that reason I, again, commend Mr. McDermott and Mr. Brady
and urge all Members to support this bill."

SOURCE Office of the Speaker of the House

Brendan Daly, Nadeam Elshami, or Drew Hammill of the Office of the Speaker of
the House, +1-202-226-7616