Washington, DC— Democratic Senators Chuck Schumer and Jack Reed held a conference call this afternoon with Mark Zandi of Moody’s Economy.com to discuss how the Hiring Incentives to Restore Employment (HIRE) Act will create jobs and strengthen our economy. Among the key provisions included in the HIRE Act are payroll tax breaks for businesses to encourage hiring, assistance for small businesses to be able to afford their expenses and strategic investments in our nation’s infrastructure. The bipartisan legislation is the first of several job-creating measures Senate Democrats hope to consider this year.
“Over the last few months, Americans have made it very clear that they want two things from Congress: they want us to work on jobs, and they want us to work together,” said Senator Schumer. “We have heard the message loud and clear, and that’s why we’ve put together a jobs bill that contains ideas from both sides of the aisle.”
"Americans want Congress to focus on creating jobs for more Americans and restoring confidence in our economic future,” said Senator Reed. “As almost every economist points out, the Recovery Act stopped the bleeding, and the bills we’re proposing now are about speeding up the nascent recovery. The HIRE Act will cut taxes for businesses that hire new workers and put more people to work repairing our infrastructure. Every component of this bill should have bipartisan support. No single piece of legislation is going to return the jobless rate back to pre-Bush levels. After passing this bill we must swiftly move forward on the next steps of getting credit flowing to small businesses and providing additional help for middle class families.”
“The economy is recovering, but a self sustaining expansion has not yet begun,” said Mr. Zandi. “The missing link is a lack of hiring as small businesses struggle getting credit and all businesses remain cautious. This legislation is a good first step to providing businesses with the credit and confidence they need to resume hiring.”