Senator Barack Obama Announces Emergency Economic Plan

Manchester, NH –Senator Obama today released the following statement on the latest jobs report and unveiled an Emergency Economic Plan that will take the excess profits of oil companies to help working families deal with energy costs with new $1,000 rebate checks and enact a $50 billion package to save more than 1million jobs.

“Today, we learned that 51,000 jobs were lost last month, the seventh straight month of job loss – now totaling 463,000 jobs lost since the beginning of this year. I’ve already called for an economic stimulus package on two different occasions this year, and much of what I’ve proposed has passed in Congress. These efforts have made some difference. But with job losses mounting, prices rising, increased turbulence in our financial system, and a growing credit crunch, we need to do more.”

“That’s why today I’m announcing a two-part emergency plan to help struggling families make ends meet and get our economy back on track. The first part of my plan is a $1,000 emergency energy rebate that could go out to families as soon as this fall. This rebate will be enough to offset the increased cost of gas for a working family over the next 4 months. Or, if you live in a state where it gets very cold in the winter, it will be enough to cover the entire increase in your heating bills. Or you could use the rebate for any of your other bills or even to pay down debt. As we provide relief, we must also be mindful of the swelling budget deficit. That is why I am proposing that we pay for this rebate by taxing the windfall profits of oil companies so we can use some of their record profits to help families pay record prices.”

“The second part of my plan is a $50 billion stimulus to help jump-start job creation and help local communities that are struggling due to our economic downturn. Half of this stimulus will go to state governments that are facing big budget shortfalls. The other half of this stimulus will be used to invest in our national infrastructure, replenish the Highway Trust Fund, rebuild our crumbling roads and bridges, and repair our crumbling schools.”

“Today’s jobs report is an urgent reminder that we cannot afford four more years of the failed Bush economic policies, and that is what Senator McCain is offering. He’s proposing to cut the gasoline tax paid by the oil companies and trust that they will pass on the savings in the form of lower prices at the pump. And he’s also proposing tax cuts for corporations and the wealthiest Americans in the hopes that a little bit of it will trickle down to ordinary Americans. I do not believe that giving $4 billion in new tax cuts to oil companies will create any jobs or save you any money. I believe that if we want relief for families, we should give relief to families, not oil companies. If we want to create jobs, we should do more to make work pay for ordinary Americans, not boost the profits of oil companies. It’s time to restore fairness and balance to our economy and we can start by passing the emergency economic plan that I’m proposing today.”

The full plan is attached.<---- Click Here

WASHINGTON, D.C …. America is on track to save millions of lives around the world, thanks in large part to the work of New Hampshire Senator John Sununu.

CONCORD– As Jeanne Shaheen embarks on a series of staged political photo ops and campaign events this week to discuss energy prices, she continues her fierce opposition to offshore exploration and drilling in ANWR despite her new pledge to “increase domestic energy production.”

While failing to offer details on how she would actually do anything to increase energy production in this country, she is continuing to reject all reasonable attempts to expand our domestic oil supply.

Shaheen is also falsely claiming that voters do not support attempts to increase domestic oil production despite overwhelming support for both offshore exploration and drilling in ANWR. New Hampshire voters deserve to know how Jeanne Shaheen intends to backup her hollow energy rhetoric with a real plan that will actually reduce energy costs for New Hampshire families.

“Jeanne Shaheen can’t have it both ways. She can’t oppose offshore exploration, oppose drilling in ANWR, oppose doing anything to increase our domestic supply of oil, but still claim that she wants to increase domestic energy production.” said New Hampshire GOP Chairman Fergus Cullen.

“Only a politician as out of touch as Jeanne Shaheen could claim that Granite Staters oppose commonsense energy policies that will actually lower the price at the pump. Jeanne Shaheen’s record as governor is one of failed leadership, and now as a candidate for U.S. Senate she has failed to provide a solution to our nation’s energy crisis.”

Jeanne Shaheen Claims That She Understands The “Importance” Of Increasing Domestic Energy Production…

Shaheen: “Throughout the week, Shaheen will talk with New Hampshire voters across the state about the importance of … increasing domestic energy production.” (Shaheen Campaign Press Release, Jeanne Shaheen Talks with New Hampshire Voters This Week About Proposals to Bring Relief from High Gas Prices, End Dependence on Foreign Oil, 7/21/08)

…But She Opposes Every Attempt To Increase Our Domestic Oil Production

Nashua Telegraph: “Sununu has voted to drill for oil in the Alaskan Wildlife Refuge and lift the ban on offshore drilling. Shaheen opposes both.” (Sununu Faults Shaheen Energy Plans, Nashua Telegraph, 6/26/2008)

MANCESTER, NH— Today, the Bureau of Labor Statistics reported that the unemployment rate in New Hampshire jumped to 4%, the fifth straight month of unemployment rate increases or stagnation. This new data is just the latest confirmation that our economy is failing New Hampshire’s families, and that we need to change course from the Bush economic policies that John McCain is intent on continuing. With the price of gas over $4.10 a gallon nationally, the cost of health insurance rising, and national job losses mounting for six straight months and totaling 438,000 since January, America’s working families need real relief.

“Barack Obama will offer change and real solutions for working middle class families while John McCain offers more of the same failed policies of the Bush administration that has led to record gas prices, soaring food costs, subsidies for oil and gas companies, tax breaks for millionaires and billionaires, and higher unemployment,” Rep. Paul Hodes said. “These numbers show why we need a change in the White House to a new leader who will stand up for working middle class families and Barack Obama is that leader.”

The Obama economic plan would reverse the economic contraction in New Hampshire, stimulate job growth, and relieve the burden on working families. The Obama plan would:

Enact an immediate economic stimulus plan that would provide New Hampshire’s economy with over $218 million dollars in immediate assistance to help families and jumpstart job growth.  Provide 800,000 New Hampshire workers with a Making Work Pay tax cut of $500 per worker, and $1,000 per family.

In addition, Senator Obama’s plan will provide new tax cuts to help families afford healthcare, mortgages, college and save for retireIn contrast, Senator John McCain’s economic plan would:

Provide New Hampshire’s economy with $0 in direct fiscal stimulus. Senator McCain has repeatedly refused to join Senator Obama in supporting an additional round of stimulus. Provide $0 in tax relief for 508,000 households in New Hampshire: 70% of New Hampshire’s households would receive no benefit from the McCain tax plan. Even the conservative National Review concludes that the McCain tax plan “offers very little in the way of direct benefits to Americans in the middle of the income scale.”

Washington, D.C.—Today, Congresswoman Carol Shea-Porter introduced legislation with 11 of her New England colleagues to provide emergency funding for the Low Income Home Energy Assistance Program.  The legislation, the Home Energy Assistance through Emergency Relief Act, would increase funding for LIHEAP by $9 billion.  This comes one week after the Congresswoman sent a letter to Speaker Pelosi and Majority Leader Hoyer urging that LIHEAP funding be included in any future economic stimulus package. 

“With energy prices skyrocketing, low and moderate income families will be unable to heat their homes this winter,” said Congresswoman Carol Shea-Porter. “Hardworking Americans should not have to choose between putting food on the table and staying warm.”

Properly funding LIHEAP is critical to protecting New Hampshire seniors and children.  Last year’s record high energy costs resulted in many New Hampshire families carrying larger balances with their home heating venders.  Without assistance from LIHEAP, many families will be unable to receive enough oil during the winter months to keep their homes properly heated.  With current forecasts for home heating fuel averaging $5.00 per gallon, it is estimated that the average New Hampshire family could have to pay $4000 this winter in heating bills.     

Congresswoman Shea-Porter has been a strong advocate for LIHEAP funding. Earlier this year, she testified before the House Budget Committee and called for a “robust funding level.” Last year, Congresswoman Shea-Porter urged President Bush to properly fund the program by releasing the remaining contingency funds, and she helped pass an omnibus bill that included $2.6 billion in funding.