FOR IMMEDIATE RELEASE
January 28, 2009
STATEMENT BY MAYOR MICHAEL R. BLOOMBERG ON HOUSE PASSAGE OF THE STIMULUS BILL
"The passage by the House of Representatives of the American Recovery and Reinvestment Act is a major and necessary step in President Obama's efforts to deal with the economic crisis. Congress and President Obama understand that drastic budget cuts and tax increases by state and local governments do nothing to help the economy; in fact, they make it worse. That's why the stimulus bill wisely includes aid to state and local governments. Balancing New York City's budget is going to require some very tough decisions - and some very painful cuts. Unlike the federal government, we are legally required to balance our budget - and we will. But this bill provides for direct aid to New York City - aid we badly need that we can use to preserve services and continue to make investments in our public infrastructure.
"We estimate that, over a two-year period, the bill will provide billions in relief for our education, public safety and Medicaid expenses. The relief will help spur job creation, encourage sustainable development, and repair our infrastructure.
"I would like to thank Chairman Charlie Rangel and the entire New York delegation for their support on this bill. We look forward to working with Senators Schumer and Gillibrand as the bill makes its way through the Senate."
Stu Loeser (212) 788-2958