Feb 10 2009
The U.S. Senate voted today to approve the American Recovery and Reinvestment Act.
Senator Warner said that he "joined a majority of the Senate in approving today's bipartisan compromise to restart the economy through a responsible mix of tax cuts and investments that will creates job."
The compromise includes more than $360 billion in tax relief and roughly $460 billion in short-term spending over the next two years on roads, rail, water and sewer projects, as well as additional health care and jobless assistance for the unemployed. This bipartisan compromise was widely supported by our nation’s leading business groups, and I was pleased to work with a centrist group of colleagues to craft the proposal that passed the Senate today.
"The Recovery & Reinvestment Act is but one component of a three-part plan to restore our economy: we still have important work to do to address the foreclosure crisis and shore-up the real estate market, and we also must take steps to repair our banking system so that credit will begin flowing again to consumers and small businesses."