House Proceeding 03-24-10 on Mar 24th, 2010 :: 0:04:40 to 0:10:35
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0:04:38 to 0:04:59( Edit History Discussion )

Steny H. Hoyer: document number jcx-21-10. the speaker pro tempore: without objection. will the gentleman suspend. would staff please take their conversations off the floor.

0:04:40 to 0:10:35( Edit History Discussion )
Speech By: Steny H. Hoyer

0:05:00 to 0:05:22( Edit History Discussion )

Steny H. Hoyer: the gentleman from michigan is recognized. mr. levin: it's my pleasure to yield one nute to our distinguished minority leader, steny hoyer of maryland. the speaker pro tempore: the gentleman from maryland is recognize plsmed hoyer: i tank the gentleman for yielding and i congratulate him for his as well for his work.

0:05:23 to 0:05:43( Edit History Discussion )

Steny H. Hoyer: in the fall of 2008, america did not know whether it was heading for a second great depression. those weren't my words, they were the words of ben bernanke, head of the federal reserve. since then, the work of the obama administration and the democratic congress has headed off disaster. most important has been the recovery act, which cut tacks

0:05:44 to 0:06:04( Edit History Discussion )

Steny H. Hoyer: for small businesses and 95% of families, funded thousands of job-creating projects across america, provided emergency assistance to those hit hardest by the recession, saved states from laying off teachers, firefighters and police officers and much more. no matter what its partisan critics say, the facts say it

0:06:05 to 0:06:26( Edit History Discussion )

Steny H. Hoyer: clearly. the recovery act is working. the recovery act created some two million jobs and since president obama took office, monthly job losses are down 96%. from 7266,000 other a four-month average in the latter part of the bush

0:06:27 to 0:06:48( Edit History Discussion )

Steny H. Hoyer: administration to 27,500 over the last four months. 96% improvement in job losses. that's not success but it is progress. success will be when we grow jobs as we did in november. our economy is growing again. in the most recent quarter, it

0:06:49 to 0:07:10( Edit History Discussion )

Steny H. Hoyer: grew by 9.5%, the fastest rate in six years and the second straight quarter of growth under president obama. in addition, it's a 12.3% turn around from the last quart ore of 2008 to the last quarter of 2009. the dow is up some 60-plus percent from the low it hit

0:07:11 to 0:07:32( Edit History Discussion )

Steny H. Hoyer: shortly after president obama signed the recovery act. the s&p 500 is up from its low and the nasdaq is up 87% since we passed the recovery act. that's progress to be proud of. but as long as millions of americans remain out of work through no fault of their own, we have not reached the goal.

0:07:33 to 0:07:54( Edit History Discussion )

Steny H. Hoyer: we have not had the success we want. we know that to a family struggling through chronic unemployment, all the positive economic numbers in the world must look like they bear little relation to reality. that's because time and again, employment numbers are the last part of a recession to turn around. the families who are struggling

0:07:55 to 0:08:16( Edit History Discussion )

Steny H. Hoyer: and suffering right now did not create this economic collapse but they are bearing its brunt. so it's imperative that we act for them. this month, the president signed the hire act, which eliminated the payroll tax for every employed work whore is hired.

0:08:17 to 0:08:37( Edit History Discussion )

Steny H. Hoyer: -- worker who is hire the good news about that is we don't pay anything unless we accomplish the objective. if they add the job they get the credit, which the nonpartisan c.b.o. calls the most -- one of the most effective methods of job creation. it also gives businesses tax credits for keeping new employees on the payroll, helps

0:08:38 to 0:08:59( Edit History Discussion )

Steny H. Hoyer: small business finance their expansion and creates much-need job training anhighway programs. when the house passed the hire act, the democrats made it clear on this floor it was an important step but b no means the last one. that's why we're back here today and that's why i urge my colleagues to support the smaug business and train structure

0:09:00 to 0:09:20( Edit History Discussion )

Steny H. Hoyer: jobs act this bill expands the successful build america bonds and recovery zone bonds, which help state and local governments fund needed projects and put people to work. as of this month, build america bonds help state and local governments pay for 78 -- $78 billion in infrastructure programs, projects that were

0:09:21 to 0:09:42( Edit History Discussion )

Steny H. Hoyer: needed but did not have the funds. build america bonds assured they had the funds and created the jobs. this bill also contain pross visions to help small business innovate and grow. it increases the deduction for business startup expenses, so enterprising americans all over our country will have stronger incentives to open the books of

0:09:43 to 0:10:04( Edit History Discussion )

Steny H. Hoyer: new businesses. an important measure we owe to my maryland colleague and friend congressman frank kratovil. it excludes 100% of small businessapital gains from taxation which will lead to a new influx of investment, investment small businesses need to expand and hire new workers. for democrats, job creion is

0:10:05 to 0:10:26( Edit History Discussion )

Steny H. Hoyer: our single most important job. i think, frankly, republicans share that sentiment. i think that's a bipartisan sentiment. this bill carries that work forward and i believe it will provide significant relief to the americans who are still feeling the recession's harsh effects. again, i congratulate mr. levin for the work of his committee

0:10:27 to 0:10:35( Edit History Discussion )

Steny H. Hoyer: in bringing this to the floor. i also want to congratulate my friend charlie rangel, who has been so instrumental in working