Obama stimulus package could net NY $20 Billion

New York City and State might see an infusion of federal funds of up to $20 billion by some estimates, as part of President Barack Obama’s economic stimulus plan. Obama has already reached out to senators on both sides of the political aisle, who are currently combing through the bill, and he is urging the Senate to pass the $825 billion bill quickly.
Last week, the House of Representatives passed Obama’s American Recovery and Reinvestment Act - although zero House Republicans voted in favor of the plan - and many New York representatives are saying that the city and state would benefit greatly from the legislation.
Queens Congressmember Anthony Weiner, who is a Democratic Regional Whip, released a study on what the economic recovery plan means for New York City. In the study, Weiner determined that the city would get an additional $1.85 billion to aid the cost of Medicaid, $1.75 billion for city schools, approximately $840 million over the next two years for anti-hunger funding, $214 million for highways and state bridges projects and funds that will allow the city to hire 440 additional cops.
In addition, the city would see an infusion of federal funds directed towards improving mass transit, public housing and new job training and development.
“We will be accomplishing more to help New York City needs with this one bill than any in recent memory,” Weiner said in a statement. “These are smart investments that come at a time when New York City needs them. I am thrilled that many of the efforts I was involved with have borne fruit for the Big Apple.”
In addition to the funds to the city, New York State would see an increase in funds. Congressmember Carolyn Maloney, who represents parts of Queens and Manhattan and was just named the Chair of the House’s Joint Economic Committee (JEC), said that in the House version of the legislation, New York State and New York City would see approximately $20 billion in federal aid.
“This bill, once passed by the Senate and signed by the President, has the chance to deflect the disastrous impact of the financial meltdown we’re experiencing,” Maloney said. “New Yorkers must know the opportunity presented to us here and help work for its passage.”
Mayor Michael Bloomberg also praised the House passage of the bill in a time where balancing the city’s budget will be extremely challenging.
“We estimate that, over a two-year period, the bill will provide billions in relief for our education, public safety and Medicaid expenses,” Bloomberg said. “The relief will help spur job creation, encourage sustainable development and repair our infrastructure.”