Baldwin Supports Added Steps To Create Jobs

Press Release

Congresswoman Tammy Baldwin today supported, and the House passed (217-212), a measure that will create and save jobs by redirecting financial recovery funds from Wall Street to Main Street.

The Jobs for Main Street Act (H.R. 2847) directs $75 billion of funds recovered from the Troubled Asset Relief Program (TARP) to highway construction, transportation development, school renovation, hiring teachers, police, and firefighters, small business development, job training, and affordable housing. It's estimated that every $1 billion of federal investments in highways creates 27,800 jobs and state matching funds will add to that number.

"Even as the economy shows early signs of recovery and companies are paying back their bailout funds, individuals and families throughout Wisconsin are paying the price for the excesses of Wall Street," said Congresswoman Baldwin. "My focus in the new year will continue to be getting people back to work and ensuring their access to affordable health care," Baldwin said.

The Jobs for Main Street Act includes legislation sponsored by Congresswoman Baldwin, the State Medicaid Assistance Extension Act (H.R.4263), which provides additional funding for state Medicaid programs. States across the country, including Wisconsin, will benefit from federal support to provide health care to many more families struggling to make ends meet.

To help families hardest hit by the recession, the bill extends the child care tax credit to all low-income families in 2010. It also extends unemployment benefits and COBRA health insurance subsidies for those out of work through June 2010.

To help small businesses, the legislation would eliminate fees on Small Business Administration (SBA) loans to make them more affordable for small businesses, and encourage banks to lend to small businesses by increasing the portion of a loan that the SBA will guarantee.

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