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Secretary Geithner Says Measures Will Have “Powerful Positive Impact on Economic Growth and Job Creation”
WASHINGTON – The U.S. Department of the Treasury today released the following statement from Treasury Secretary Tim Geithner regarding the strong 83 to 15 vote for cloture in the United States Senate on the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010:
“Today, through the leadership of Majority Leader Reid and Minority Leader McConnell, the Senate moved forward on a bi-partisan package of measures that will have a powerful positive impact on economic growth and job creation. While the agreement reflects necessary compromises, including tax benefits we did not support for upper income taxpayers, the priorities that President Obama fought to include in this legislation are those with the greatest capacity to put more Americans back to work and strengthen the recovery.
“The agreement that the President secured will provide certainty to millions of middle class Americans by taking the threat of a tax increase off the table for the typical family on January 1. It will deliver a payroll tax cut that puts more money in the pockets of more than 155 million workers. It will provide relief to those who are seeking work but remain unemployed, preventing 7 million Americans from losing their unemployment insurance over the next year. It will encourage more than 2 million businesses to make investments that will not only create new jobs today, but strengthen our nation's competitiveness for the long term. It protects tax credits for working families, including the Earned Income Tax Credit and Child Care Tax Credit, which will help more than 12 million working families and 24 million children. And it will make paying for college easier for more than 8 million students and their families through an extension of the American Opportunity Tax Credit.
“President Obama’s highest priority is fighting to create jobs and accelerate the recovery for American workers, and the Senate today paved the way for legislation that is a critical part of moving that agenda forward.”
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