Category Archives: Economic Assistance and Recovery Plan

President Obama’s Weekly Address: 8/01/09

This Economic Storm Will Pass

The President discusses the state of the economy amidst positive signs from the GDP. Making clear that this is little comfort to those struggling, he notes that we appear to have averted an even worse disaster and offers hope for the time ahead.

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Filed under business investmentsest, Economic Assistance and Recovery Plan, GDP, Jobs, President Obama, weekly address

President Obama’s Weekly Address: 7/11/09

The President explains how the Recovery Act helped end our economic free fall, and how his agenda is helping to set a new foundation for our economy. From health reform, to energy, to creating the jobs of the future, the Presidents proposals will make our economy stronger for both the current generations and our children, all in a way that will get our deficits under control.

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Filed under Economic Assistance and Recovery Plan, health care reform, Job creation, President Obama, weekly address

Rep. Holt discusses economic recovery efforts on Comcast Local Edition

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Filed under Comcast Local Edition, Economic Assistance and Recovery Plan, Economic Stimulus Package, Rush Holt

Checks Headed Out for Food Banks and Energy Assistance

Here is some welcomed news for low income individuals and families, beginning this week more than $28 million in Low Income Home Energy Assistance Program (LIHEAP) benefits and State Food Purchase Program assistance will be distributed throughout the state. The funding, part of  Governor Corzine’s Economic Assistance and Recovery Plan, will provide energy assistance for 101,900 households and $1.85 million for food assistance to food banks.

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Filed under Central New Jersey, Economic Assistance and Recovery Plan, Gov. Jon Corzine, LIHEAP

Pres. Obama Congratulates C-SPAN StudentCam Contest Winner

President Obama recorded a video message congratulating C-SPAN StudentCam contest winner Sawyer Bowman on his video “Cancer, It’s Personal.” The President was moved deeply by Sawyer’s message.

The President mentioned how he was personal touched by cancer, when his mother was diagnosed with the disease at the age of 53. The president said that the fight against cancer is one of the top priorities of his administration, as part of this years budget, $6 billion dollars has been allocated toward cancer research.

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Filed under C-Span, cancer research, Cancer:it's Personal, Economic Assistance and Recovery Plan, National Cancer Institute, President Obama, Sawyer Bowmen, StudentCam 2009 Grand Prize

Governor Jon S. Corzine :Doing What’s Right

The following is a letter from Governor Corzine that I received in my inbox a few hours after he presented his budget to the State Legislature yesterday:

Friends-

Today, I submitted my executive budget for the 2010 fiscal year to the people of New Jersey. I take this responsibility seriously, and though this is my fourth budget, I remain as committed to doing what’s right for the long-term economic health and prosperity of our state as I was when I submitted my first.

Because of the additional challenges facing our state brought on by the national financial crisis, I approached this budget with three primary objectives:

Protect education, health care and the state’s most vulnerable. I have proposed adding $300 to state aid for schools, $25 million in new aid for pre-k expansion and $149 million for Family Care. I’ve also proposed over $1 billion for 1 million New Jersey residents through direct property tax relief by insuring that Seniors receive the same property-tax rebates as last year, and preserving rebates for non-senior households earning $75,000 or less.

Allow New Jersey to remain ahead of the national economic crisis. This is my smallest budget since becoming Governor, with over $4 billion in cut spending. I have cut the operational costs of state government by more than $380 million, and reduced 850 line items, including proposed wage freezes and furloughs for state workers that will save our state hundreds of millions of dollars (because I believe that is a better to keep people employed and insured than on unemployment lines and Medicaid rolls). I have also asked the most fortunate in our society should pitch in, which is why I’m slightly increasing the income tax rate for the just-over 1 percent of New Jerseyans earning over $500,000.
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Prepare NJ to capitalize when the national economy rebounds. My Economic Assistance & Recovery Plan introduced last fall, in partnership with the Legislature, provided relief for those that need it now, while dramatically improving the State’s business climate and creating a jobs program to pave the way for a better tomorrow. I have worked hard to bring fiscal responsibility to Trenton by eliminating gimmicks, implementing spending cuts and making government itself more efficient and affordable. As such, New Jersey is well positioned to deal with this national crisis, and when the tide begins to turn we will be able to quickly put people back to work and increase funding for the programs that we all value.

We anticipated this downturn last year and cut the budget last year by the largest amount ever, setting the table for this budget. I am proud that we have be able to balance the most difficult budget in state history without a broad-based income or sales-tax increase and without hurting the people hit hardest by the recession.

But this isn’t about me. This is about not shying away from the difficult decisions and doing what’s right for the families of New Jersey.

I have laid out a clear set of priorities for the state, and put us on a path that I believe will keep New Jersey ahead of the curve in handling the national financial crisis. I’ve had to make some tough calls to forge this honestly-balanced budget, but I believe that this budget maintains our core values as a State by ensuring that we continue to nurture our children, honor our seniors, and protect the most vulnerable among us.

I look forward to hearing your thoughts, ideas, and reactions in the weeks ahead, and I thank you for your continued support.

Governor Jon S. Corzine

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Filed under Economic Assistance and Recovery Plan, Families, Financial crisis, Gov.Jon Corzine, Health Care, New Jersey, property tax rebates, Seniors, State budget, State Legislature

SEN. MENENDEZ URGES OBAMA ADMINISTRATION TO INVESTIGATE DEFERRED BONUSES BY BANKS RECEIVING TAXPAYER MONEY

Press Release – Economic recovery plan provision banning bonuses for TARP recipients may also apply to deferred bonuses

Tuesday, March 3, 2009

WASHINGTON – In order to ensure that taxpayer money is not being used to pay Wall Street bonuses, U.S. Senator Robert Menendez (D-NJ), a member of the Banking Committee, today urged the Obama administration to examine recent reports of bank executive bonus deferrals and other creatively-titled reward payments. In his letter to Treasury Secretary Timothy Geithner, Senator Menendez is specifically interested in determining if these bonuses are legal – the economic recovery package included language prohibiting bonuses, which seemingly also prohibits deferred bonuses and other similar payments.

In his letter, Senator Menendez wrote: “The intent of Congress on behalf of the American people was to use TARP funds to free up lending, prevent foreclosures, and stimulate the economy. If used correctly, they will help students pay for college, families get auto loans, homeowners modify mortgages, and small businesses stay open and keep their employees on the payroll. On the other hand, if the money is used for the personal comfort and financial well-being of executives, then this rescue package will be transformed into merely a give-away to banks, to the detriment of taxpayers.”

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Filed under deferred bonuses, Economic Assistance and Recovery Plan, press release, TARP, Treasury Secretary Tim Geithner, US. Sen. Robert Menendez, Wall St. bonuses