President Obama reacts to passage of the American Jobs and Closing Loopholes Act
May 29th, 2010 - 5:36 am ICT by BNO NewsWASHINGTON D.C. (BNO NEWS) – President Barack Obama expressed his remarks on the House passage of the American Jobs and Closing Loopholes Act which will bring a needed relief to families and businesses during these hard economic times, the White House announced on Friday.
The bill will extend vital unemployment benefits to help those Americans who are fighting to find a good job, and provides tax cuts for individuals and businesses to help support the economic recovery until November 30. It was sponsored by Rep. Charles Rangel D-NY.
Other provisions in the bill include an extension of the current rate of Medicare payments to doctors and dozens of targeted tax cuts. The total cost of the bill is estimated at $127 billion, with $43 billion of new revenue being raised by closing tax loopholes affecting wealthy individuals and corporations.
“While this is one important step forward in getting American families the help they need, Congress must act in the coming weeks on additional measures, including health care benefits for the unemployed, assistance to states to maintain health services and avoid layoffs of teachers, police officers and firefighters, and proposals I have put forth to support small businesses and help consumers invest in energy efficiency,” Obama said.
“I ask the Senate for its swift action on this package so I can sign it into law, and I urge Congress to move quickly on additional relief measures.”
- U.S. unemployment rate drops to 8.5 percent, lowest in almost 3 years - Jan 07, 2012
- White House takes new moves to spur private hiring - Oct 29, 2011
- US Senate Oks job bill for veterans - Nov 11, 2011
- Republicans reject tax breaks cut for wealthy - Sep 13, 2011
- Biden presses Congress to pass Obama's jobs bill - Nov 05, 2011
- Obama presses jobs plan passage to bridge income gap - Oct 30, 2011
- White House Administration supports American Workers, State, and Business Relief Act - Mar 03, 2010
- US economy needs 'jolt right now', says Obama - Oct 06, 2011
- AARP laudes passing of the American Jobs, Closing Tax Loopholes and Preventing Outsourcing Act - May 29, 2010
- Obama draws battle lines with $4 trillion deficit reduction plan (Lead) - Apr 14, 2011
- U.S. Congress passes $858 billion tax-cut extension - Dec 18, 2010
- President Obama signs unemployment benefits bill into law - Mar 03, 2010
- US loses 54,000 jobs, Obama promises new package - Sep 04, 2010
- US Congress extends tax cut, jobless benefits - Feb 18, 2012
- Obama Signs Small Business Bill - Sep 28, 2010
Tags: american families, barack obama, bno, charles rangel, current rate, economic recovery, economic times, energy efficiency, firefighters, good job, health care benefits, layoffs, medicare payments, police officers, relief measures, swift action, tax cuts, tax loopholes, unemployment benefits, wealthy individuals