2009-01-15 / News

Sen. Reed supports Obama's recovery plan

On the heels of a new U.S. Department of Labor report that the national unemployment rate is 7.2 percent, the highest level in 16 years, U.S. Senator Jack Reed (D-RI) voiced support for President-elect Obama's economic recovery plan to create jobs and make responsible investments in America's future.

"We're in extraordinary challenging times for working families throughout this country. They are facing grim employment statistics," said Reed, a senior member of the Banking Committee. "The key to reviving this terrible economic news is swift and significant action by the United States Congress."

Earlier this week, Senator Reed and several other U.S. senators met with President-elect Obama's economic advisor, Larry Summers, to discuss ways to create new jobs, cut taxes, and provide assistance to people who are looking for work and states that are facing budget deficits.

"Part of the key to our recovery and our stabilization of the economy is putting people back to work. That is a large part of the proposal by the Obama team," said Reed, who noted that Rhode Island's unemployment rate has climbed to 9.3 percent, the second-highest in the entire country.

"The second is to stabilize housing values across the country. We have legislation that we passed last August under the leadership of Senator Dodd to provide opportunities and access to avoid foreclosure. Those efforts should be accelerated and funded," said Reed. "Just yesterday, Senator Durbin and Senator Schumer and Senator Dodd announced that Citicorp has lent its support to using the bankruptcy procedures to help people modify mortgages and avoid foreclosure. All of these and more must be used to stabilize housing prices across this country."

"We have a huge task before us. But, again, we're terribly encouraged by the thoughtfulness, by the energy, by the preparation already presented by President-elect Obama and his team," concluded Reed. "It's clear, we have to act. We have to act now, we have to act decisively."

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