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Jobs Act Contains $23 Billion for Education
Dec, 18, 2009—On December 16 the House passed HR 2847, known
as the Jobs for Main Street Act of 2010, which includes money for
education. The bill's purpose is to invest $75 billion to create
or save jobs here at home with targeted investments. According to
Speaker Pelosi's web site, these investments are fully paid for
by redirecting TARP funds from Wall Street to Main Street.
- Education Jobs Fund: $23 billion for an Education Jobs
Fund to help States support an estimated 250,000 education jobs
over the next two years. 95% of the funds will be allocated by
States to school districts and public institutions of higher education
to retain or create jobs to provide educational services and to
modernize, renovate, and repair public education facilities. The
remaining 5% of funds is reserved for State education-related
jobs and administration of the Education Jobs Fund.
- School Renovation Grants: $4.1 billion to allow State,
local, or tribal governments to receive a federal grant equal
to the cost of tax credits that would otherwise be payable on
bonds issued to finance school construction, rehabilitation or
repair.
“Our nation’s economy has made significant progress since
earlier this year when more than 600,000 Americans were losing their
jobs every month. While we may have stemmed the tide of steep job
losses and the Recovery Act is making an undeniable impact, millions
of Americans are still looking for a job,” said U.S. Rep. George
Miller (D-CA), chairman of the House Education and Labor Committee
and one of the lead authors of the bill. “The Jobs for Main
Street Act is the right thing to do to continue rebuilding our economy
and the just thing to do for the millions of families who urgently
need work.”
More information
"House
Approves Bill to Create Jobs"
House Committee on Education & Labor
Fact
Sheet on the Jobs for Main Street Act
Jobs
for Main Street (bill text)
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