Money Matters: Economic Recovery for Everyone - 2/4/09
Money Matters
Economic Recovery for Everyone
2/4/09
I. Take Action on Economic Recovery
II. Economic Recovery and the Military Budget
III. SCHIP Passes the Senate
IV. Obama's First Major Bill Fair Pay Act
V. New Legislation to Help Homeowners
I. Take Action on Economic Recovery
Now, the Senate is debating their version of the bill, which in general has less money for key programs. Many senators are also wavering in their support of the bill.
Call your senator in the next 24 hours. Reach them through the Capitol Switchboard at 202-224-3121 and ask for your senator by name. Urge your senator to support the economic recovery act. Here's the message to give to the person who answer the phone in your senator's office:
- vote yes on the economic recovery bill
- vote yes on the Schumer amendment to increase funding for mass transit and to ensure Child Tax Credit is available to everyone who has even $1 of earned income.
View FCNL's analysis of the American Recovery and Reinvestment Act
II. Economic Recovery and the Military Budget
The economic crisis and resulting state and federal budget crunches are putting the military budget under new scrutiny. New reports show that funding the military does not help the economy as much as spending on education, healthcare, infrastructure development, or green energy. For example, spending $1 billion on the military creates 8,555 jobs, while spending the same amount on education creates 17,687 jobs. See a recent handout created for FCNL's Our Nation's Checkbook campaign on re-evaluating the military budget
III. Senate Approves Expanding Health Care to 4.1 Million Children
The State Children's Health Insurance Program (SCHIP) reauthorization passed the Senate last Friday by a vote of 66-32. The reauthorization will last 4.5 years and provide 4.1 million more children with access to affordable health care, including more than 400,000 legal immigrant children who previously had to wait five years to receive coverage. The House approved the same legislation today, so the bill now goes to President Obama for his signature.
In other health-related news, former Senate Majority Leader Tom Daschle withdrew his nomination for Health and Human Services Secretary yesterday. Daschle was nominated for his knowledge of the healthcare system, and his withdrawal could set back efforts to reform health care early in the Obama administration.
IV. Obama's Signs First Major Bill: The Lilly Ledbetter Fair Pay Act
President Obama signed his first major piece of legislation, the Lilly Ledbetter Fair Pay Act, last Thursday. This bill makes it easier for employees to press charges against employers who practice wage discrimination. The bill "is an important step, a simple fix to ensure fundamental fairness for American workers," the president said. He added that this bill is especially important in a time of economic uncertainly, where all bread-winners need to earn fair wages.
Rep. John Conyers (MI) introduced a bill last week that would allow homeowners to modify the terms of their primary residences in bankruptcy court if they owe more on their mortgage than their home is currently worth. Under current law, these homeowners are able re-finance the mortgage on their second or third homes, but not on their first one. Conyers pointed out that the foreclosure crisis is now affecting non-sub-prime mortgages, and many homes are worth less than the value of their mortgage. Opponents of the bill are concerned that it would enable homeowners to avoid paying off their debt. The bill is expected to go to the House floor this week and if passed would be attached to the omnibus budget resolution congress will consider after the President's Day recess.