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Oct-14-2009 13:19printcomments

President Obama Calls on Congress to Extend Economic Recovery Payment for 2010

The total cost of the proposal would be $13 billion.

Pres. Obama White House Photo, Lawrence Jackson, 10/13/09
White House Photo, Lawrence Jackson, 10/13/09

(WASHINGTON D.C.) - President Obama announced his support for an additional $250 Economic Recovery Payment to the seniors, veterans and people with disabilities who are struggling to make ends meet with retirement savings that have not fully recovered from their losses over the first year of the recession.

“Even as we seek to bring about recovery, we must act on behalf of those hardest hit by this recession. That is why I am announcing my support for an additional $250 in emergency recovery assistance to seniors, veterans, and people with disabilities to help them make it through these difficult times."

Obama continued, saying, "The payments will provide aid to more than 50 million people in the coming year, and that relief that will not only make a difference for them, but for our economy as a whole, complementing the tax cuts we’ve provided working families and small businesses through the Recovery Act.”

“This additional assistance will be especially important in the coming months, as countless seniors and others have seen their retirement accounts and home values decline as a result of this economic crisis. I want to compliment all the members of Congress who have been working to address these challenges, especially Senators Reid, Baucus, Sanders, and Lincoln, Speaker Pelosi, and Representatives Rangel, McCarthy, and DeFazio.”

Fact Sheet

The President’s proposal would provide an additional year of the $250 “Economic Recovery Payments” initially enacted under the American Reinvestment & Recovery Act (ARRA). Under this proposal:

57 million people would benefit. These include 49 million Social Security beneficiaries, 5 million Supplemental Security Income beneficiaries, 2 million veterans benefit recipients, 0.5 million railroad retirement and disability beneficiaries, and also about 1 million public-employee retirees not entitled to any of the previous benefits.

The benefit would be $250 – or equivalent to a 2 percent increase in benefits for the average Social Security retiree beneficiary. Under the rules no person could “double dip” and receive a $250 Economic Recovery Payment through more than one program. Nor could they receive both an Economic Recovery Payment and the Making Work Pay tax credit.

The total cost of the proposal would be $13 billion – and would not hurt the solvency of Social Security. The President is committed to ensuring that the $13 billion cost of the proposal does not reduce the solvency of Social Security or other social insurance programs.

Would extend an effective relief program. To date Economic Recovery Payments have been made to 55 million people including seniors, veterans and people with disabilities and totaled $13.7 billion. Most of the checks were mailed out in May 2009.

In addition to this legislative proposal, the Internal Revenue Service and the Department of Treasury will take steps this week to prevent reductions in the amounts that workers can contribute to IRAs, 401(k)s, and other aspects of tax-favored retirement systems in 2010 that some feared could result from negative inflation over the past twelve months.

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marta rivera March 31, 2010 8:41 pm (Pacific time)

I sure could use the money.thanks

kevin m December 26, 2009 4:52 pm (Pacific time)

my opinion that right cause there no cost of living and my point is we should get the stimulas 250. that not fair to screw the rules. in the end were hurting and pain dont u c we need it.

christine October 29, 2009 5:11 pm (Pacific time)

When in 2010 well we recive this payment of $250.00 ?

Nancy Rucker October 26, 2009 4:11 pm (Pacific time)

When will this new payment be given to us?

Vic October 15, 2009 8:52 am (Pacific time)

Captain of Titanic Calls on Deckhands to Re-arrange Deck Chairs

Anonymous October 14, 2009 5:59 pm (Pacific time)

I wish I had obama's email address, I would send him this.

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