Pelosi: New CEA Report Shows Recovery Act on Track, But More Must to Done to Grow the Economy

Jan 13, 2010, 11:48 ET from Office of the Speaker of the House

WASHINGTON, Jan. 13 /PRNewswire-USNewswire/ -- Speaker Nancy Pelosi issued the following statement today on a report issued by the White House's Council of Economic Advisors finding that the American Recovery and Reinvestment Act created or saved up to 2 million jobs, and added between 1.5 and 3 percentage points to the growth in gross domestic product in the final quarter of 2009:

"When we passed the Recovery Act nearly one year ago, we pledged to create and save 3.5 million jobs over two years rebuilding our roads and bridges, expanding the clean energy economy, keeping teachers in the classroom, and cutting taxes for 95 percent of our nation's households and small businesses. This analysis shows that we are on track so far — with only half the money committed. But years of inaction and lax oversight crippled our economy — and we have more work to do to help it recover.

"The Recovery Act has created or saved as many as 2 million jobs and reversed the slide of our gross domestic product. By targeting key sectors of our economy, we are building a strong foundation for sustainable growth and a more globally competitive America. The unprecedented $90 billion investment in clean energy is already directly responsible for adding more than 50,000 jobs and has supported another 11,000 – setting the stage for growth, expansion, and progress in the industries of tomorrow. With more recovery funds on their way to our communities, the American people will continue to reap the benefits of our swift action to bring our economy back from the brink of depression.

"Our economic strength is founded on good jobs for our workers and progress for our middle class, and Congress will continue to take action to create good-paying jobs, boost the paychecks of America's workforce, and restore opportunity for all."

SOURCE Office of the Speaker of the House