Obama: Senate Dems' jobs bill is too expensive

STATEMENT OF ADMINISTRATION POLICY

S. 782 – Economic Development Revitalization Act of 2011
(Sen. Boxer, D-California, and 4 cosponsors)

The Administration supports Senate passage of S. 782. The bill provides the Commerce Department’s Economic Development Administration (EDA) with important tools to help America’s communities meet the challenges of innovation-led economic growth. However, the bill would authorize spending levels higher than those requested by the President’s Budget, and the Administration believes that the need for smart investments that help America win the future must be balanced with the need to control spending and reduce the deficit. The Administration looks forward to working with the Congress to enact legislation that helps EDA enhance its mission of assisting America’s distressed communities in forging partnerships with the private sector to create jobs.

Washington, DC - Senator Barbara Boxer (D-CA), Chairman of the Environment and Public Works Committee, spoke on the Senate floor today as debate began on bipartisan legislation that she introduced to reauthorize the Economic Development Administration (EDA), which provides investments in infrastructure and other projects to economically distressed communities.

The Economic Development Revitalization Act of 2011, S. 782, would enable the EDA to continue to support important economic development projects and drive local economic growth. According to EDA, each dollar invested has historically attracted nearly seven dollars in private sector investment. Since January of 2009, EDA has supported projects that have created an estimated 161,500 jobs and saved nearly 45,000 jobs.

The following are Senator Boxer's floor remarks as prepared for delivery:

Mr. President, I rise today in support of S. 782, the Economic Development Revitalization Act of 2011, which will reauthorize the Economic Development Administration (EDA) at $500 million annually for five years (Fiscal Years 2011 through 2015).

S. 782 has bipartisan support and was reported out of the EPW Committee by voice vote on April 14, 2011. Sen. James Inhofe (R-OK), Sen. Max Baucus (D-MT), Sen. Jeff Merkley (D-OR), and Sen. Kirsten Gillibrand (D-NY) are cosponsors.

For nearly fifty years, EDA has created jobs and spurred growth in economically hard-hit communities nationwide. S. 782 will ensure that EDA will continue to create employment opportunities, maintain existing jobs, and drive local economic growth.

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(Reuters) - President Barack Obama's sweeping spending plan for roads, rail and bridges is shrinking as it travels through Congress.

In the next two weeks, the Senate will begin considering legislation to authorize about $339 billion over six years for transportation, Environment and Public Works Committee Chair Barbara Boxer told reporters on Wednesday.

That is less than two-thirds of the $556 billion package Obama proposed in February.

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The Senate is considering a stand-alone bill to create a national infrastructure bank, which Obama has pushed since his presidential campaign, with an appropriation of $5 billion a year.

Obama's initiative to spend $53 billion on high-speed rail will be taken up in separate legislation, Boxer said.

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