Obama Signs State Aid Bill Into Law

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Tuesday, August 10, 2010 at 6:06 pm

This afternoon, President Obama signed the $26.1 billion state aid bill into law — meaning local governments will get some immediate fiscal relief. The bill is estimated to save or create 300,000 jobs. The House had reconvened, interrupting the six-week August recess, to pass the provision earlier today.

Most states’ budget-years started on July 1. And most states had counted on receiving Medicaid funds from the federal government to balance their budgets. Congressional delays — and the prospect that Congress might not allocate the funds — would have forced local governments to slash hundreds of thousands of workers, including teachers and police officers.

All states except for Vermont are barred from running deficits. Combined, the state fiscal shortfall might total $140 billion this year. Thus, the bill will help to ease the worst of the fiscal crisis for states. But they still will layoff tens of thousands of workers. Last month alone, states shed 48,000 jobs.

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19 Comments

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louis vuitton
Comment posted August 11, 2010 @ 12:44 pm

good job


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No
Comment posted August 11, 2010 @ 2:12 pm

why does the GOP constantly obstruct efforts to improve the economy?? don't they understand that the richest people will still fall if nobody is able to purchase their products? i think they are realizing that they are a dying party. it is all political, they are shooting themselves in the foot when they oppose bills that help fix the economy. but while they are shooting themselves in the foot, at the same time they are taking food from the starving, those hurt most by the damaged economy.


louis vuitton
Comment posted August 12, 2010 @ 1:26 am

nice


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Tryingtosurvive51
Comment posted August 19, 2010 @ 10:00 pm

I don't see how there is any other option to help 99-ers survive. There are so few jobs and unemployment benefits are spent on things required to just get by on. The benefits do not go into our savings account…Savings accounts do not exist for those of us whom have been unemployed long term.


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