Texas Insider Report: WASHINGTON, D.C. – U.S. Sen. Ted Cruz (R-Texas) on Tuesday introduced the Reinvigorating the Economy, Creating Opportunity for every Vocation, Employer, Retiree & Youth (RECOVERY) Act, legislation that would help small businesses re-hire their employees and create jobs, help kids get back to school safely, allow Americans to catch-up on their retirement savings, and help find cures for COVID-19 while increasing testing. This morning, Sen. Cruz appeared on CNBC’s ‘Squawk Box’ to highlight the RECOVERY Act and discuss the next phase of Congress’ response to the pandemic and economic crisis.
WATCH: Cruz on CNBC: RECOVERY Act Is How We Reopen Our Economy, Get Americans Safely Back To Work & School
In his latest op-ed for CNBC, Sen. Cruz outlined the provisions of his RECOVERY Act. Read the full op-ed here.
Upon introducing the RECOVERY Act, Sen. Cruz said:
“For months, we’ve been dealing with two simultaneous crises – a deadly global pandemic and an economic shutdown that has resulted in millions of Americans losing their jobs. To address these crises, Democrats want to keep the economy shut down, keep schools closed, and keep people alone, broke, and unemployed. Instead, what we need to do is get people safely back to work and safely back to school, help small businesses re-hire their employees and create jobs, and expand COVID-19 testing and the search for treatments. We need real recovery, not a cynical plan from the Democrats that will deepen the economic devastation we’ve seen and won’t create a single job.”
To create jobs and get Americans safely back to work, the RECOVERY Act would expand COVID-19 testing, deliver payroll tax relief to employers and employees, bring supply chains back to the United States, and eliminate burdensome regulations that hurt small businesses. It would also give Americans who stopped saving for retirement this year the ability to make “catch-up” contributions and to restore their nest egg if they took a distribution from their retirement plan to cover expenses.
Further, the RECOVERY Act would help find cures for COVID-19 by expediting the FDA approval process for COVID-19 vaccines and treatments approved in other countries, as well as by empowering states to approve and distribute diagnostic tests. The RECOVERY Act would also help get our kids back to school safely by providing parents the choice and flexibility they need to support their child’s learning, and by allowing educators and local leaders to establish guidelines to address the unique needs of their communities.
WATCH: Cruz on Washington Post Live: “Congress’ Priority Needs to Be Getting People Back to Work”
Read the full text of the RECOVERY Act here.
Read more about the RECOVERY Act here.