Press Release

I appreciate Chairman Greenspan’s candor, and I hope to see similar candor from conservatives in the days to come. It is clear that knee-jerk Republican deregulation has failed.

In this time of great economic crisis, millions of American families are struggling to support their most basic needs and worry that access to higher education for their children is in jeopardy.

Testifying today before the House Budget Committee, Federal Reserve Chairman Ben Bernanke voiced his support for an economic recovery package. Subsequent White House comments indicate President Bush is moving towards Democrats’ position on this vital issue as well.

Republicans’ eight years in the White House, and six years at all the levers of power, have resulted in a faltering economy, a failing energy policy, record deficits and debt, numerous cases of corruption, and an America overstretched and weakened in the world.

Let me assure you: No one here underestimates the gravity of our economic crisis. But I left today's meeting confident that the Emergency Economic Stabilization legislation Congress passed early this month gives the Treasury Department the authority and flexibility it needs to respond to this crisis.

Today's budget numbers are another sad reminder of the Bush Administration's historic fiscal recklessness.

I was disappointed by the Senate’s failure to pass H.R.7112, the Iran Sanctions, Accountability and Divestment Act of 2008, due to Republican opposition.

In an ongoing effort to ensure a successful 2010 Decennial Census, leaders in the House of Representatives sent a letter to Senators Barack Obama and John McCain today emphasizing the need for the next Administration to make the census a top priority.