Senator Benjamin L. Cardin - U.S. Senator for Maryland
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Budget and the Economy

Our nation's economy is in trouble and American families are hurting. As consumer spending sinks and financial markets falter, millions of Americans have lost their jobs and millions more face foreclosure. What began in the housing market and moved to the financial markets has turned into a serious world-wide economic recession.

As a member of the Senate Budget Committee, I am committed to taking timely, targeted, and temporary steps to lessen the effect of this recession. Congress recently passed the American Recovery and Reinvestment Act (ARRA), a $789 billion package that is needed to restore confidence in our economic system. We are currently facing a "deteriorating economy," and conservative, moderate and liberal economists all agree that our economy requires strong action that will put Americans back to work and restore confidence in our future.

A crisis in the housing market precipitated the current economic downturn, and President Obama has unveiled a $75 billion plan to fight home foreclosures for approximately 9 million Americans. I support his goal of "rescuing people who have played by the rules and acted responsibly."

I also have...

  • Voted for the American Recovery and Reinvestment Act (ARRA) to help save more than 3.5 million jobs nationwide and 66,000 jobs in Maryland;


  • Authored a provision in the ARRA that provides a refundable tax credit that does not have to be repaid for first-time homebuyers who purchase a home from Jan. 1, 2009 through Nov. 30, 2009.


  • Co-sponsored the 2008 stimulus package to provide rebate checks to middle-class and low-income Americans, 20 million seniors and 250,000 disabled veterans, and


  • Co-sponsored the Foreclosure Prevention Act, to help families keep their homes by allowing finance agencies to issue bonds for refinancing and allow judges to modify primary residence mortgage debt;


  • Supported a permanent fix for the Alternative Minimum Tax (AMT), which is affecting an increasing number of American families


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Hot topics in Economy and the Budget

Budget Passes
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Senator Cardin pushes for passage of President Obama's budget resolution.


Stimulus Floor Speech
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Senator Cardin discusses the stimulus legislation on the Senate floor.

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Budget Press

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Date Title
11/04/2009 CARDIN LAUDS EXTENSION OF TAX CREDIT FOR FIRST-TIME HOMEBUYERS, NEW CREDIT FOR STEP-UP PURCHASES
11/04/2009 SENATOR CARDIN CALLS SENATE PASSAGE OF UI BILL CRITICAL FOR AMERICAN FAMILIES STRUGGLING DURING THIS RECESSION
10/30/2009 CARDIN, MIKULSKI ANNOUNCE MARYLAND ORGANIZATIONS TO RECEIVE $185 MILLION IN NEW MARKETS TAX CREDITS
10/27/2009 SENATORS CARDIN, MIKULKSI SAY FISKER AUTO'S DECISION TO REVAMP DELAWARE GM PLANT WILL PRESERVE 500 MARYLAND JOBS
10/27/2009 CARDIN, MIKULSKI ANNOUNCE $200 MILLION FOR SMART GRID TECHNOLOGY IN MARYLAND
10/26/2009 CARDIN CALLS FOR IMMEDIATE PASSAGE OF A STRONG UNEMPLOYMENT BENEFITS EXTENSION TO PROVIDE MARYLANDERS WITH ADDITIONAL BENEFITS
10/20/2009 CARDIN, DEMOCRATIC SENATORS URGE SWIFT PASSAGE OF UNEMPLOYMENT BENEFITS EXTENSION
10/13/2009 WE NEED TO EXTEND THE $8,000 FIRST-TIME HOMEBUYERS TAX CREDIT
10/05/2009 SENATOR CARDIN CUTS RIBBON FOR NEW MD ASSOCIATION OF REALTORS HEADQUARTERS
09/17/2009 CARDIN, ENSIGN, REID, ISAKSON AND STABENOW CALL FOR A SIX-MONTH EXTENSION OF THE $8,000 FIRST-TIME HOMEBUYERS TAX CREDIT
08/06/2009 CARDIN, SNOWE ANNOUNCE BILL TO GUARANTEE QUALITY OF MORTGAGE SECURITIES
06/24/2009 SENATOR CARDIN CO-SPONSORS BILL TO SAVE AUTO DEALERSHIPS
06/02/2009 CARDIN JOINS EPA IN ANNOUNCING $121.6 MILLION IN ARRA FUNDING FOR MARYLAND CLEAN WATER PROJECTS
05/28/2009 CARDIN ANNOUNCES PRIORITY APPROPRIATIONS REQUESTS FOR MARYLAND, INCL. BALTIMORE AREA
05/28/2009 CARDIN REQUESTS FUNDING FOR KEY HEALTH CARE PROGRAMS ACROSS MARYLAND
05/28/2009 CARDIN ANNOUNCES PRIORITY APPROPRIATIONS REQUESTS FOR MARYLAND, INCLUDING PRINCE GEORGE'S AND MONTGOMERY COUNTIES
05/27/2009 CARDIN ANNOUNCES PRIORITY APPROPRIATIONS REQUESTS FOR MARYLAND, INCLUDING FREDERICK, WASHINGTON, ALLEGANY AND GARRETT COUNTIES
05/27/2009 CARDIN ANNOUNCES PRIORITY APPROPRIATIONS REQUESTS FOR MARYLAND, INCLUDING CARROLL AND HARFORD COUNTIES
05/27/2009 CARDIN ANNOUNCES PRIORITY APPROPRIATIONS REQUESTS FOR MARYLAND, INCLUDING SOUTHERN MARYLAND
05/22/2009 MARYLAND SENATORS ASK TREASURY SECRETARY GEITHNER TO EXPLAIN LOCAL GM AND CHRYSLER DEALERSHIP CLOSINGS
05/21/2009 CARDIN ANNOUNCES PRIORITY APPROPRIATIONS REQUESTS FOR MARYLAND, INCLUDING EASTERN SHORE
05/18/2009 SENATOR CARDIN COMMENDS SBA FOR LAUNCHING NEW 100% GUARANTEE ARC LOAN PROGRAM TO HELP STRUGGLING BUSINESSES
05/11/2009 CARDIN RENEWS CALL FOR INCREASED FUNDING TO FINALIZE FDA CONSOLIDATION AT WHITE OAK
05/07/2009 CARDIN CALLS PASSAGE OF SENATE HOUSING BILL A STEP IN RIGHT DIRECTION IN HELPING PREVENT FORECLOSURES AND PROTECT RENTERS
05/06/2009 CARDIN TESTIFIES BEFORE COMMERCE COMMITTEE ON THE FUTURE OF NEWSPAPERS AND LOCAL JOURNALISM
05/01/2009 CARDIN, MIKULSKI SUBMIT APPROPRIATIONS REQUEST FOR FIRST YEAR OF DEDICATED METRO FUNDING
04/29/2009 CARDIN PRAISES BUDGET AS A BLUEPRINT FOR FIXING OUR ECONOMY AND TACKLING HEALTH CARE
04/29/2009 SENATOR CARDIN PRAISES 25% INCREASE IN FUNDING FOR SBA IN BUDGET RESOLUTION
04/28/2009 MARYLAND SENATORS, CONGRESSMEN ANNOUNCE RECOVERY ACT FUNDING FOR PORT OF BALTIMORE
04/22/2009 CARDIN JOINS VICE PRESIDENT BIDEN FOR EARTH DAY ANNOUNCEMENT OF $300 MILLION IN RECOVERY ACT FUNDS FOR CLEAN CITIES PROGRAM
04/22/2009 SENATORS CARDIN, MIKULSKI APPLAUD ANNOUNCEMENT THAT NPS WILL INVEST MORE THAN $6.6 MILLION IN PROJECTS ACROSS MARYLAND
04/14/2009 MIKULSKI, CARDIN ANNOUNCE FUNDING FOR MARYLAND HOMELAND SECURITY PRIORITIES
04/06/2009 SENATOR CARDIN HOLDS PRESS CONFERENCE TO TALK ABOUT AVAILABILITY OF NEW $8,000 FIRST-TIME HOMEBUYERS TAX CREDIT AND NEED FOR PRE-PURCHASE COUNSELING
04/03/2009 CARDIN CALLS SENATE PASSAGE OF FY2010 BUDGET AN IMPORTANT STEP IN SETTING A NEW DIRECTION FOR OUR NATION
03/27/2009 SENATOR CARDIN SAYS SBA ACTION INCREASING SURETY BOND LIMITS WILL HELP SMALL BUSINESSES GET CONTRACTS
03/26/2009 SENATOR CARDIN PRAISES COMMITTEE PASSAGE OF FY2010 BUDGET
03/25/2009 CARDIN, MIKULSKI ANNOUNCE AMERICAN RECOVERY ACT FUNDS WILL UPDATE VA HEALTH FACILITIES SERVING MARYLAND VETERANS
03/24/2009 SENATOR CARDIN INTRODUCES BILL THAT WOULD ALLOW AMERICAN NEWSPAPERS TO OPERATE AS NON-PROFITS
03/20/2009 CARDIN EXPRESSES CONCERN ABOUT NEW CBO REPORT ON PRESIDENT OBAMA'S BUDGET
03/19/2009 SENATOR CARDIN SENDS LETTER TO OBAMA URGING THAT EVERY LEGAL AVENUE BE PURSUED TO RESCIND AIG BONUES
03/10/2009 CARDIN SAYS OMNIBUS APPROPRIATIONS BILL IS GOOD FOR MARYLAND AND GOOD FOR AMERICA
03/06/2009 CARDIN SAYS OMNIBUS APPROPRIATIONS BILL IS GOOD FOR MARYLAND AND GOOD FOR AMERICA
03/02/2009 CARDIN, MIKULSKI ANNOUNCE $450,000 FOR MONTGOMERY COUNTY AIRPARK
03/02/2009 CARDIN, MIKULSKI ANNOUNCE MORE THAN $2 MILLION FOR BAY BRIDGE AIRPORT
02/27/2009 SENATOR CARDIN HOLDS PRESS CONFERENCE TO TOUT NEW $8,000 FIRST-TIME HOMEBUYERS TAX CREDIT AS WAY TO BOOST HOMEOWNERSHIP
02/26/2009 CARDIN, MIKULSKI ANNOUNCE $1.6 MILLION FOR MARYLAND AIRPORT
02/26/2009 SENATOR CARDIN APPLAUDS PRESIDENT OBAMA'S FY 2010 BUDGET FOR ITS HONESTY AND FOR RESTORING IMPORTANT NATIONAL PRIORITIES
02/26/2009 CARDIN, MIKULSKI ANNOUNCE CE MORE THAN $165,000 FOR CUMBERLAND AIRPORT
02/26/2009 CARDIN, MIKULSKI ANNOUNCE MORE THAN $4 MILLION FOR THE SALISBURY-OCEAN CITY WICOMICO REGIONAL AIRPORT
02/24/2009 CARDIN CALLS PRESIDENT OBAMA'S SPEECH TO JOINT SESSION OF CONGRESS HONEST AND DIRECT
02/19/2009 THE ECONOMIC RECOVERY BILL GIVES PRESIDENT OBAMA THE TOOLS HE NEEDS TO DEAL WITH OUR ECONOMY
02/14/2009 CARDIN SAYS BOLD HELP FOR FIRST-TIME HOMEBUYERS, SMALL BUSINESSES AND ALL AMERICANS IS ON THE WAY; PRAISES PASSAGE OF ECONOMIC RECOVERY PACKAGE
02/11/2009 CARDIN, MIKULSKI ANNOUNCE $20,000 FOR ALLEGANY COUNTY BOARD OF EDUCATION
02/11/2009 CARDIN, MIKULSKI ANNOUNCE $120,000 FOR CITY OF CUMBERLAND
02/10/2009 CARDIN PRAISES SENATE PASSAGE OF THE AMERICAN RECOVERY AND REINVESTMENT ACT
02/02/2009 CARDIN AMENDMENT TO ECONOMIC RECOVERY PACKAGE WOULD BOOST HOUSING MARKET, EXTENDS FIRST-TIME HOMEBUYERS TAX CREDIT THROUGH 2009
01/27/2009 CARDIN, MIKULSKI ANNOUNCE NEARLY $4 MILLION FOR CAMBRIDGE-DORCHESTER REGIONAL AIRPORT
01/26/2009 CONGRESS AND THE NEW ADMINISTRATION GET TO WORK ON REBUILDING OUR ECONOMY
01/09/2009 SENATOR CARDIN ADDRESSES STATEWIDE HOUSING COALITION ON NEED TO HELP PROVIDE HOUSING FOR LOW-INCOME MARYLANDERS
12/19/2008 CARDIN SUPPORTS BUSH DECISION TO OFFER AUTOMAKERS EMERGENCY LOANS
12/19/2008 CARDIN JOINS COLLINS AND LANDRIEU IN URGING PRESIDENT-ELECT TO MAKE ROBUST INVESTMENTS IN SHIPBUILDING
12/12/2008 CARDIN URGES PRESIDENT BUSH TO AUTHORIZE TARP FUNDS FOR U.S. AUTO MAKERS WITHOUT DELAY
12/12/2008 U.S. SENATOR CARDIN MEETS WITH WHITE HOUSE BUDGET NOMINEE PETER ORSZAG
11/21/2008 SENATORS CARDIN AND SPECTER APPLAUD FDIC FOR PROTECTING IOLTA ACCOUNTS
11/20/2008 CARDIN CO-SPONSORS BILL TO PROTECT RETIREMENT SAVINGS DURING VOLATILE ECONOMIC TIMES
10/28/2008 SENATOR CARDIN TELLS PRINCE GEORGE'S COUNTY SENIORS THEY WILL NOT BE FORGOTTEN IN THE ECONOMIC RECOVERY
10/01/2008 CARDIN: CONGRESS HAS A RESPONSIBILITY TO ACT TO PROTECT AMERICAN TAXPAYERS AND RESTORE CONFIDENCE IN AMERICA'S ECONOMY
10/01/2008 STATEMENT OF SENATOR BENJAMIN L. CARDIN ON THE EMERGENCY ECONOMIC STABILIZATION ACT OF 2008
09/29/2008 SENATOR CARDIN SAYS MARYLAND AND OUR NATIONAL ECONOMY WILL BENEFIT FROM UNINTERRUPTED GOVERNMENT OPERATIONS
09/26/2008 CARDIN SAYS HELP CANNOT WAIT FOR AMERICANS HIT HARDEST BY THE ECONOMIC CRISIS
09/24/2008 VOLUNTEERS CLOSER TO RELIEF FROM HIGH GAS PRICES AS CARDIN AND SNOWE JOIN WITH SCHUMER AND ENSIGN TO REINTRODUCE BILL TO ALLOW CHANGES TO CHARITABLE MILEAGE DEDUCTION RATE
09/24/2008 STATEMENT BY SENATOR BENJAMIN L. CARDIN ON THE PROPOSED ECONOMIC BAILOUT PACKAGE
09/19/2008 SENATOR CARDIN'S STATEMENT ON EFFORTS TO STEM FINANCIAL CRISIS
09/10/2008 CARDIN URGES CONGRESS TO TAKE RESPONSIBILITY FOR THE NATION'S ROADS AND BRIDGES; COMMENDS GOVERNOR O'MALLEY'S CAREFUL CUTS
09/08/2008 SENATOR CARDIN AND IRS COMMISSIONER SHULMAN REMIND SENIORS AND VETERANS THAT THERE IS STILL TIME TO FILE FOR THEIR STIMULUS REBATE CHECKS
09/02/2008 CARDIN, MIKULSKI ANNOUNCE $100,000 FOR GREAT ALLEGANY PASSAGE ECONOMIC DEVELOPMENT PROGRAM
08/22/2008 IT'S NOT TOO LATE TO FILE FOR YOUR STIMULUS REBATE
08/05/2008 CARDIN REJECTS BUSH PROPOSAL TO CUT CHESAPEAKE BAY WATERSHED FUNDING
08/01/2008 CARDIN, SNOWE, HARKIN ASK GAO TO INVESTIGATE CREDIT CARD INTERCHANGE FEES
07/31/2008 THE HOUSING BILL WILL PROVIDE HELP TO AMERICANS WHO ARE FIGHTING TO KEEP THEIR HOMES
07/29/2008 CARDIN, MIKULSKI, WEBB DENOUNCE CONTINUED BLOCKAGE OF DEDICATED METRO FUNDING
07/26/2008 THE HOUSING AND ECONOMIC RECOVERY ACT OF 2008
07/14/2008 STATEMENT BY SENATOR BENJAMIN L. CARDIN (D-MD) ON FANNIE MAE, FREDDIE MAC AND THE NEED FOR SWIFT ACTION TO HELP AMERICAN HOMEOWNERS
06/27/2008 CARDIN, MIKULSKI ANNOUNCE $54,000 FOR CAMBRIDGE ECONOMIC DEVELOPMENT DEPARTMENT
06/26/2008 CARDIN LAUDS IMMINENT SENATE PASSAGE OF FIRST-TIME HOMEBUYERS TAX CREDIT AND HELP FOR STRUGGLING HOMEOWNERS
06/04/2008 IN SUPPORT OF THE BUDGET CONFERENCE AGREEMENT
04/09/2008 CARDIN REMINDS MARYLANDERS TO FILE TAX RETURNS EARLY TO RECEIVE STIMULUS REBATES
04/04/2008 CARDIN, ENSIGN ANNOUNCES DETAILS OF FIRST-TIME HOME BUYERS TAX CREDIT
04/03/2008 CARDIN VOTES TO PROTECT HOMEOWNERS FACING BANKRUPTCY; FULL SENATE BLOCKS ACTION
04/03/2008 CARDIN URGES QUICK ACTION ON FORECLOSURE PREVENTION BILL; ANNOUNCES TAX CREDIT PROPOSAL FOR FIRST-TIME HOME BUYERS
03/14/2008 CARDIN AMENDMENTS TO SENATE BUDGET RESOLUTION PRIORITIZE THE HEALTH AND SAFETY OF FAMILIES AND CHILDREN
03/14/2008 CARDIN RESPONSE TO PASSAGE OF SENATE BUDGET RESOLUTION
03/11/2008 STATEMENT ON THE FY2009 BUDGET RESOLUTION
02/28/2008 CARDIN CRITICIZES SENATE FOR FAILURE TO CONSIDER BILL THAT WOULD HELP MIDDLE-CLASS FAMILIES FACING FORECLOSURE
02/15/2008 SENATOR CARDIN DISCUSSES MORTGAGE CRISIS WITH MORE THAN TWO DOZEN MARYLAND HOUSING COUNSELORS
02/13/2008 STIMULUS PACKAGE WILL PROVIDE RELIEF
02/07/2008 SENATOR CARDIN PRAISES SENATE PASSAGE OF ECONOMIC STIMULUS PACKAGE
02/06/2008 SENATOR CARDIN CALLS FOR QUICK PASSAGE OF SENATE ECONOMIC STIMULUS PACKAGE
02/04/2008 SENATOR CARDIN: PRESIDENT BUSH'S BUDGET SHORT-CHANGES MARYLANDERS
01/29/2008 SENATOR CARDIN RESPONDS TO PRESIDENT BUSH'S LAST STATE OF THE UNION ADDRESS
12/20/2007 CARDIN, MIKULSKI ANNOUNCE OMNIBUS BILL FUNDS CRITICAL MARYLAND PRIORITIES DESPITE BUSH-MANDATED CUTS
12/14/2007 CARDIN APPLAUDS SENATE PASSAGE OF FHA MODERNIZATION AS A FIRST STEP TOWARD HELPING HOMEOWNERS AVOID FORECLOSURES
09/12/2007 THE TRANSPORTATION AND HOUSING BILL, H.R. 3074
05/17/2007 CARDIN PRAISES SENATE PASSAGE OF BUDGET RESOLUTION
03/23/2007 CARDIN: FY08 BUDGET RESOLUTION MAKES HEALTH CARE A PRIORITY, BRINGS BACK FISCAL DISCIPLINE
03/15/2007 CARDIN FIGHTS TO BOLSTER LONG-TERM HEALTH CARE IN BUDGET RESOLUTION
02/06/2007 STATEMENT BY SENATOR BENJAMIN L. CARDIN ON PRESIDENT BUSH'S FY08 BUDGET
02/05/2007 CARDIN EXPRESSES CONCERN THAT PRESIDENT’S FY 2008 BUDGET WILL HURT CHESAPEAKE BAY
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