Today, Congressman Sires issued the following statement in support of President Obama's, American Jobs Act.
"President Obama has submitted his plan to Congress, and it is time for us to work together in a bipartisan manner and pass legislation to create jobs swiftly. The plan includes jobs programs, assistance for the unemployed, and tax breaks for the middle class. Under this plan, New Jerseyans will benefit in many ways, and not one dime will be added to the deficit. I urge my colleagues to work together and do what's right for our country -- pass this legislation and put Americans back to work.
"The construction sector has been significantly affected during this economic downturn, and through several different jobs programs, thousands of construction workers will be put back to work. Under the President's plan, New Jersey would receive at least $1,325,100,000 to be used for repairing highways, roads, rails, and transit. Additionally, our state would receive up to $831,100,000 to prevent layoffs and ensure that teachers, police officers, and firefighters keep their jobs. To address deferred maintenance projects and modernize schools, New Jersey would receive up to $518,600,000. Facilities at community colleges would also receive approximately $123,800,000 in funding to modernize and ensure that they have the equipment needed to educate our future workforce. More jobs would be created through the investment of $98,100,000 for revitalization of neighborhoods and community development, and New Jersey would also be eligible to receive additional funds through a competitive process. Through these different jobs programs, nearly 35,000 New Jersey jobs could be created.
"To address the needs of the unemployed, President Obama is calling to extend unemployment insurance to prevent 104,300 New Jerseyans looking for work from losing their benefits in their first six weeks. Additionally, aid would be extended for the long-term unemployed. A Pathways Back to Work Fund would provide up to 3,500 adults and 11,300 youth in New Jersey to receive training in growing industries.
"Lastly, New Jerseyans would be able to benefit from tax cuts. Employer payroll taxes would be cut in half and up to 200,000 New Jersey firms would receive a payroll tax cut. Employee payroll taxes would also be cut in half, and workers would only pay 3.1 percent of their wage income. Additionally for small businesses, 100 percent expensing would be extended through 2012, which would allow for companies to deduct the full cost of qualified capital investments, such as the cost of new equipment."