Today, Agriculture Secretary Tom Vilsack discussed the Administration's strategy to strengthen the U.S. economy and highlighted what passage of the American Jobs Act will mean for Illinois and Iowa.
"The American Jobs Act provides common-sense steps we can take right now to put more people back to work and put more money in the pockets of working Americans, without adding a dime to the deficit," said Vilsack. "This Act will provide a tax cut for small businesses, support the jobs of teachers and first responders and immediately provide hundreds of thousands of construction workers a job improving highways and other critical infrastructure."
Secretary Vilsack also highlighted the need for quick passage of the pending trade agreements with South Korea, Columbia and Panama. The agreements were sent to Congress this week and are awaiting approval.
"Full implementation of all three agreements will help farmers and ranchers add more than $2.3 billion a year to the American economy, which will support nearly 20,000 jobs, said Vilsack. "The Korean agreement alone will increase agricultural trade by $1.9 billion and have a greater economic impact that the last nine trade agreements combined. "
The American Jobs Act was sent to Capitol Hill and the Obama Administration is calling on Congress to act on it immediately. The Act will create jobs and strengthen Illinois and Iowa's economy:
* In Illinois, this Act will provide a tax cut for over 260,000 businesses, support the jobs of 14,500 teachers and first responders and immediately provide a job for over 20,700 construction workers through infrastructure improvements. A typical household in Illinois will receive a tax cut of around $1,640.
* In Iowa this Act will provide a tax cut for over 60,000 businesses, support the jobs of 4,100 teachers and first responders and provide a job for over 5,000 people through infrastructure improvements. A typical household in Iowa will receive a tax cut of around $1,580.
The three pending trade agreements will clear the way for new American exports around the world, help create jobs and provide new income opportunities for our nation's agricultural producers, small businesses, and rural communities. For American agriculture, passage of these agreements means over $2.3 billion in additional exports, supporting nearly 20,000 jobs in the U.S. The South Korea, Columbia and Panama trade agreements will have a substantial impact on agricultural exports from Illinois and Iowa:
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