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Pelosi: Interest Rate Cut a Critical Step, But More Must Be Done to Boost Our Economy and Create Jobs

October 8, 2008

Contact:Brendan Daly/Nadeam Elshami, 202-226-7616

Washington, D.C. – Speaker Nancy Pelosi issued the following statement today on the Federal Reserve and central banks around the world cutting short-term interest rates, saying that is a critical step but that urgent action is also needed to bring relief to Americans affected by the worsening economy:

"The Federal Reserve's half-point interest rate cut, announced in coordination with European central banks, is a critical response to the economic downturn and comes on the heels of an economic rescue package passed into law last week designed to help bring stability to the financial markets. But much more must be done – urgently – to boost our economy, create jobs, and bring relief to American families affected by the faltering economy.

"Last month, the House passed an economic recovery and stimulus package that creates jobs by rebuilding our roads, bridges and highways, prevents cuts to health care coverage resulting from state budget crises, extends unemployment benefits, and helps families afford rising food costs. While Senate Republicans blocked our plan, the growing evidence of the spreading harm of the current economic crisis on Americans should persuade the President and those Members of Congress who have opposed our efforts of the need for immediate, bipartisan action.

"Once again, the New Direction Congress calls on President Bush to work with us to pass an economic recovery and job creation stimulus plan."