SARBANES APPLAUDS PRESIDENT’S BUDGET AS AN INVESTMENT IN OUR FUTURE – 2/2/2010
Proposal prioritizes job creation, economic recovery and Chesapeake Bay restoration
Washington, DC – Yesterday, President Obama released the Administration’s fiscal year 2011 budget request to Congress. The President’s proposed budget focuses on job creation and economic recovery. The Congress will move quickly to craft a jobs package that incorporates many of the proposals included in the budget.
“Ensuring that Marylanders can find jobs is my top priority and I’m pleased that this budget focuses on job creation and economic recovery,” said Congressman John Sarbanes. “I also applaud the President for making important long term investments in the Chesapeake Bay. I look forward to working with the Administration to make sure that these priorities are implemented.”
The President’s jobs proposal includes:
• Tax credits to encourage small businesses to hire workers
• Investments in upgrading our Nation’s aging infrastructure including roads, sewer systems, water pipes and public transportation
• Developing clean energy initiatives that are good for the environment, reduce our dependency on fossil fuels and bring down energy costs
The President also proposed extending portions of the Recovery Act which spur economic growth and assist those most in need during the economic recovery. These measures include:
• Extending unemployment insurance benefits
• COBRA health insurance premium assistance
• Bonus depreciation and small business expensing
• Enhanced federal matching rates to states for Medicaid expenditures
• Extending the Making Work Pay tax credit
The President’s Budget included important investments in the Chesapeake Bay, including:
• $63 million for the Chesapeake Bay program, $13 million above fiscal year 2010 levels, to fund the Chesapeake Bay restoration efforts. This funding will also support the Small Watershed Grant program which provides grants of $20,000 to $200,000 to local organizations working on community based projects that improve the condition of their watersheds while building stewardship among its citizens.
• $2 million for the Chesapeake Bay Gateways and Watertrails Program to support Bay ecosystem stewardship efforts and improve public access to the Bay.
• An additional $7.1 million to the National Oceanic and Atmospheric Administration’s Chesapeake Bay activities to support habitat restoration, ecosystem assessments, integrate fishery science and support for the Chesapeake Bay Interpretive Buoy System (CBIBS) which provides real time information about Bay conditions to scientists, on-the-water users, public safety officials, educators, natural resource decision-makers and the public.
The President has also proposed concrete steps to address the national debt and budget deficits once the economy is back on track. He has proposed a three year freeze in non-security related spending that would cut the deficit by $250 billion over the next ten years. The freeze would not be an across the board cut but would give higher priority initiatives increases and lower priority programs would be reduced or cut. The budget also proposes to eliminate several duplicative or wasteful programs building on successes in last year’s budget.
In addition, the President has proposed an independent bipartisan commission to help achieve additional deficit reduction. The proposed commission, made up of fiscal experts, would be charged with developing proposals to balance the budget by 2015. Such a deficit reduction would create sustainable federal budgets to prevent future generations from being burdened by the deficit, while maintaining important investments to move our Nation forward.
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