WASHINGTON, DC - U.S. Senator Jack Reed (D-RI) released the following statement regarding the President's speech today outlining major initiatives to spur job creation:

"Eight years of economic mismanagement by the Bush Administration caused unemployment to spike, our deficit to skyrocket, and created one of the worst recessions in our nation's history. We need to stay focused on the most critical problem facing our country and Rhode Island in particular - jobs. Although recovery won't happen overnight, today, President Obama offered a balanced plan to spur job growth and get our economy back on track.

"Small business is the key engine of employment growth in Rhode Island. The President's jobs plan will help struggling businesses and accelerate job growth by offering a tax cut to companies that bring on new hires and allowing businesses to expense capital investments so they can free up more resources on their balance sheets.

"In Rhode Island we have significant infrastructure challenges. The President also called for an increased infrastructure program, which will put people directly to work and serve our economic interests. Repairing Rhode Island's crumbling infrastructure means jobs in the near term and better movement of goods and people in the long term.

"And finally, the President called for something I've long fought for - initiatives that improve the energy efficiency of our homes, which will help Rhode Islanders save on their oil and gas bills and reduce our dependency on imports from overseas.

"President Obama's jobs plan is an important step in the right direction, but we must do more. In order to stabilize our economy and address the impacts of the Bush recession, we need to extend benefits for jobless Americans so they can feed their families and stay in their homes. We must also enact proven, cost-effective measures to save jobs, such as my work share proposal. I am focused on pushing these policies and creating jobs."