After four attempts, Congress finally passed a sensible economic stimulus plan that includes an extension of unemployment benefits. I was proud to support this legislation because it includes many of the proposals I've supported in the past needed to assist displaced workers and stimulate our economy.
From the onset of this debate, I called for an economic stimulus package that actually stimulates. Unfortunately, the first two attempts became vehicles for disproportionate tax breaks for large corporations. They were fiscally irresponsible and did not sufficiently address the immediate needs of the unemployed.
The third legislative attempt was a dramatic improvement from its predecessors because it included a number of temporary tax provisions for reconstruction incentives to businesses located in the New York Liberty Zone. Among these provisions includes $8 billion in tax-exempt bonds over the next three years for reconstruction efforts. It also extended unemployment benefits for an additional 13 weeks. However, it neglected the immediate health insurance needs of displaced workers. The bill provided temporary tax credit equal to 60 percent of the cost of health insurance purchased by unemployed workers. This is a step in the right direction, but displaced workers need health insurance assistance now; not when they file their taxes next year.
Unfortunately, disagreements over health benefits for displaced workers continued to stall any relief for the unemployed. New York is in dire straits because of the Sept. 11 attacks. The sudden spike in unemployment levels has placed an enormous strain on unemployment rolls and other assistance programs. Moreover, since Sept. 11, more than 84,400 workers in New York have exhausted their unemployment benefits. The time for political gamesmanship needed to end.
The fourth attempt at stimulating the economy and helping the unemployed overcame the partisan wrangling that plagued past measures. This bill includes 13 weeks of extended unemployment insurance benefits, a package of tax incentives to aid the economic recovery of New York City, 30 percent depreciation for equipment purchased after Sept. 10, 2001 (effective for three years) and extension of tax provisions that expired or are scheduled to expire at the end of 2001.
Monday, March 11, marked the six-month anniversary of the Sept. 11 terrorist attacks. I supported this stimulus package because New York workers and their families have suffered long enough. But our job will not be done until we provide meaningful health care relief to the thousands of unemployed workers without health coverage. I am committed to working to ensure that we provide these essential health care benefits to American workers.