DeGette Statement On Recovery Package

WASHINGTON – U.S. Rep. Diana DeGette, Vice Chair of the Committee onEnergy and Commerce, today offered the following statement on thebipartisan Emergency Economic Stabilization Act of 2008, which failedto pass the House of Representatives on a vote of 205-228:

"Despite my hesitations, I supported this bill -- not because I wantedto, not because it was the politically easy thing to do, but because itwas the right thing to do. Sadly, only one-third of my Republicancolleagues supported the bill despite the urging of the President,Senator McCain, and their Congressional leadership.

"Our nation faces serious economic challenges that require seriousaction. Doing nothing risks a freeze in our financial markets, furtherexacerbating the economic meltdown while everyday Americans suffer.After the vote today, about a trillion dollars of wealth in our economyevaporated in just a few hours.

"But this is not an abstract concept about Wall Street. Without thislegislation, it will be harder for consumers to get basic car or homeloans, small businesses will have trouble making payroll, pensionscould deteriorate, and credit card rates will soar.

"I will work with the leadership of Congress on both sides of the aisleto bring a new bill to the floor as soon as possible to injectliquidity into the market, allow small businesses and consumers tocontinue to obtain credit, and begin the long process of restoringconfidence in the American financial system."