WASHINGTON, D.C. - The House Committee on Ways and Means voted today in support of a comprehensive economic recovery package to provide tax, health and unemployment relief to families while also encouraging businesses to create new jobs. The legislation, H.R. 598, passed the Committee by a party-line vote of 24 to 13. The legislation will now be combined with other components of the recovery package from other House Committees into H.R. 1, the American Recovery and Reinvestment Act for consideration by the full House of Representatives next week.
“This legislation will provide critical benefits and incentives to middle-America, poor-America, and businesses, large and small, who are struggling during this economic downturn," said Chairman Charles B. Rangel (D-NY). “This plan will go a long way to help relieve the pain these families and businesses are experiencing so that we can restore some confidence and economic security and help America maintain its prominence in the global marketplace. Simply put, the American people cannot keep the engine of our economy running if they don’t have money to spend and this package provides tax relief and critical benefits to help them take home a little more each month and help the economy grow."
Critical Benefits to Families, Businesses, Incentives to Create New, Green Jobs:
The Plan, as passed by the Committee will provide critical tax relief to working families and assistance with healthcare costs as well as extended and enhanced unemployment benefits for those who have lost their jobs during the economic downturn. The Plan would also give businesses, large and small, tax incentives to invest in plants and equipment and expand to hire new workers, helping to strengthen our economy and create new jobs. In particular, the Plan would help create new, green jobs by making a critical investment in renewable energy and energy efficiency.
Important Health Benefits, Improvements to Care:
The Plan would also provide payment incentives to encourage the widespread adoption of Health Information Technology (HIT) and establish standards for interoperability and privacy. The investment in HIT is a critical step toward modernizing American healthcare, cutting red tape, eliminating redundant care and reducing health insurance premiums for millions.
Finally, the Plan would provide temporary subsidies to help families who have lost their jobs maintain their healthcare coverage through the Consolidated Omnibus Budget Reconciliation Act (COBRA). This benefit will be of tremendous assistance to families struggling to find new work and maintain economic security during the downturn.
“Rising healthcare costs are one of the biggest problems facing American families today," stressed Chairman Rangel. “This plan makes a critical investment in Health Information Technology that will help modernize our healthcare system to reduce errors, protect patient privacy and ultimately reduce healthcare costs for millions of patients. I want to thank my colleagues on the Ways and Means, Energy and Commerce and Science and Technology Committees for their hard work and cooperation and I look forward to working with them in the coming weeks to make this provision the law of the land."
Please click here for the text of H.R. 598 as approved by the Ways and Means Committee - this will be the text of the Ways and Means Committee provisions considered by the full House.
