Washington, D.C. -- Speaker Nancy Pelosi issued the following statement today after House Democratic leaders held a conference call with economic experts, many of whom met with the congressional leaders on October 13. The House passed an economic recovery and job creation package in September, but it was blocked by Republicans in the Senate and opposed by the President.
“Our Main Street Recovery initiative will address the economic crisis in the short-term and the long-term, creating good-paying jobs here at home and making us more competitive in the 21st century global economy. We must create millions of green jobs pursuing energy independence, educate a skilled work force to make American innovation the engine for economic growth, and build a high-tech infrastructure that brings the power of renewable energy and broadband to every small business and home in America.
“As we pursue the priorities of a vibrant new economy, the best way to restore the confidence of both consumers and investors is to pair this vision with fiscal discipline, which will prevent future generations' prosperity from being undermined.
“Since the House passed an economic recovery and job creation plan on September 26, conditions have worsened both in the U.S. and in the global economy. Leading economists told us again today that we must pass an economic recovery package soon to give another boost to the economy, create jobs, and lessen the length and severity of a recession. If we don't, the economy will only get worse.
“After Federal Reserve Chairman Ben Bernanke announced last week his support for economic recovery legislation, I spoke with President Bush and we agreed to strive to find bipartisan agreement on an economic recovery package. Now we must find what is both fiscally responsible and politically possible, and the House-passed legislation is a strong starting point, which the Senate could pass next month and send to the President.
“The New Direction Congress will continue to ensure that the rescue of our financial system protects the interests of American taxpayers, as we work in a bipartisan way to take the next steps to help Main Street America recover.”
The House passed an economic recovery and job creation package on September 26. The legislation creates and saves jobs by rebuilding our nation's infrastructure for long-term economic growth, extends unemployment benefits, expands food assistance to ensure American families who are struggling have access to nutritious meals, and helps states struggling with budget shortfalls meet the health care and education needs of millions of Americans.