The Stakeholder
House Republicans Oppose Jobs for Main Street
Even as middle class families continue hurting in this economy, today House Republicans voted unanimously against using TARP money that bailed out Wall Street to create jobs on Main Street. By opposing the Jobs for Main Street Act, Republicans voted against keeping police and firefighters on the job, putting people to work rebuilding roads and bridges, increasing access to credit for small businesses, and helping families hardest hit in this recession.
Despite their opposition, our strong Democratic Majority in the House passed the measure to put folks back to work, help small businesses make payroll, and extend unemployment assistance for families in need. These investments are fully paid for by redirecting TARP funds from Wall Street to Main Street.
The measure includes:
- $48 billion to rebuild crumbling roads and bridges, modernize public buildings, renovate schools, and clean our water and air.
- $27 billion to help states save or create jobs for teachers, hire more law enforcement officers, and hire and retain firefighters. This includes hiring and training programs to support Americorps volunteers, youth summer jobs, and job training for people in high growth industries including health care and clean energy.
The measure helps America’s small businesses and creates jobs by extending several Recovery Act initiatives, including:
- Eliminating fees on Small Business Administration (SBA) loans.
- Raising the portion of a loan that the SBA will guarantee to 90 percent (from 85 percent) to encourage banks to lend to small businesses.
The measure also provides $79 billion to help families hardest hit by the recession through extending unemployment and COBRA benefits, protecting health coverage for millions through Medicaid (FMAP), continuing the child tax credit, and adjusting the poverty guidelines so people don't lose benefits.
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