Our nation's economy is in trouble and American families are hurting. As consumer spending sinks and financial markets falter, millions of Americans have lost their jobs and millions more face foreclosure. What began in the housing market and moved to the financial markets has turned into a serious world-wide economic recession.
As a member of the Senate Budget Committee, I am committed to taking timely, targeted, and temporary steps to lessen the effect of this recession. Congress recently passed the American Recovery and Reinvestment Act (ARRA), a $789 billion package that is needed to restore confidence in our economic system. We are currently facing a "deteriorating economy," and conservative, moderate and liberal economists all agree that our economy requires strong action that will put Americans back to work and restore confidence in our future.
A crisis in the housing market precipitated the current economic downturn, and President Obama has unveiled a $75 billion plan to fight home foreclosures for approximately 9 million Americans. I support his goal of "rescuing people who have played by the rules and acted responsibly."
I also have...
* Voted for the American Recovery and Reinvestment Act (ARRA) to help save more than 3.5 million jobs nationwide and 66,000 jobs in Maryland;
* Authored a provision in the ARRA that provides a refundable tax credit that does not have to be repaid for first-time homebuyers who purchase a home from Jan. 1, 2009 through Nov. 30, 2009.
* Co-sponsored the 2008 stimulus package to provide rebate checks to middle-class and low-income Americans, 20 million seniors and 250,000 disabled veterans, and
* Co-sponsored the Foreclosure Prevention Act, to help families keep their homes by allowing finance agencies to issue bonds for refinancing and allow judges to modify primary residence mortgage debt;
* Supported a permanent fix for the Alternative Minimum Tax (AMT), which is affecting an increasing number of American families