October 15, 2008

Las Vegas, NV – Nevada Senator Harry Reid today proposed economic recovery initiatives to aid America's middle class and combat the slumping economy here in Nevada and throughout the country. As families struggle through one of the worst economic downturns in our history, Reid is working toward legislation that strengthens our nation's economy by creating jobs, fighting foreclosures and cutting taxes.

In recent weeks, Washington responded to the financial crisis by developing a bipartisan plan to help restore stability to the financial markets. It's long past time to deliver that same help directly to working families in Nevada and throughout the country.

"Working families cannot afford to wait," Reid said. "The housing crisis at the heart of this situation remains an enormous problem. Every day, thousands more homes go into foreclosure nationwide, and Nevada's foreclosure rate remains the highest in the country. Unemployment has risen sharply. Credit markets remain under severe stress, hampering economic activity. It is time to reverse the failed policies of the past eight years to bring relief to families in Nevada and throughout the country. I urge my colleagues to join me in acting now."

The number of homes in Nevada repossessed by lenders has tripled from 2007 to 2008. Experts say the southern Nevada economy has been in a recession since late last year, and Clark County alone has lost 15,000 jobs since October 2007, led by the housing downturn.

Reid's proposal for middle class economic recovery aims to create good-paying jobs by rebuilding our roads and bridges, investing in school modernization, and using the tax code to encourage businesses to hire more Americans here at home, rather than sending jobs overseas.

The plan would provide relief to struggling Nevada families by extending unemployment benefits, helping homeowners, and providing an immediate tax cut to 95 percent of workers.

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