Pelosi Statement on Fiscally Responsible Recovery Package to Lift Economy and Help the Middle Class

Oct 15, 2008
Press Release

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

Washington, D.C. — Speaker Nancy Pelosi today issued the following statement on the need for an economic recovery package. In keeping with the Speaker’s request, the House Budget Committee, Ways and Means Committee, Education and Labor Committee, Joint Economic Committee and others will conduct hearings on a new economic recovery package:

"On Monday, several of America’s most respected economists told House Democratic leaders that our economy faces serious challenges and that we must pass a new economic recovery plan. Now their views on the difficulties facing our economy are being echoed by Federal Reserve Chairman Bernanke, former Federal Reserve Chairman Paul Volcker, and current San Francisco Federal Reserve Bank President Janet Yellen. While Chairman Volcker stated that we face a recession, President Yellen went as far as to say our economy is already in a recession.

"In September, the House passed an economic recovery package that would create and save jobs by building a 21st century infrastructure, extend unemployment assistance and protect health care services for working families. Unfortunately, President Bush threatened to veto the recovery legislation and Senate Republicans blocked it.

"Congress must try again. That is why I have asked the chairs of relevant committees to schedule hearings in the coming weeks on the key provisions of a fiscally responsible recovery package to get our economy moving again.

"With Americans worried about losing their jobs, their savings, their homes and their chance at the American Dream, the New Direction Congress will work in a bipartisan way to lift our economy and help America’s middle class."