LARSON: RECOVERY PACKAGE IS A FIRST STEP IN A LONG CLIMB TO ECONOMIC STABILITY
FOR IMMEDIATE RELEASE CONTACT:
January 28, 2009 Emily Barocas/202-225-7295
LARSON: RECOVERY PACKAGE IS A FIRST STEP IN A LONG CLIMB TO ECONOMICSTABILITY
Washington, DC - Today, the House of Representativeswill vote on America's Recovery and Reinvestment Act. Congressman John B. Larson (CT-01), Chairman of the HouseDemocratic Caucus, said:
"Last weekPresident Obama stood on our nation's front lawn in front of 2 millionAmericans and delivered a message that was clear and realistic but hopeful.
"We face arendezvous with reality. The Bush Administration left us with the worstfinancial crisis this country has seen since the Great Depression. Nearly every component of our economy hasdeteriorated. Our budget deficits, trade deficits and debt have reached recordlevel. Unemployment has reached the highest level in fifteen years- nearly 4million manufacturing jobs have been lost. On Monday of this week alone companies cut 71,000 jobs. Inflation is on the rise and householdsavings are down. States are facingenormous budget shortfalls and are being forced to cut services - my home stateof Connecticut is facing a $1 billion deficit this year.
"MostAmericans don't need to see these statistics to know how serious this problemis. They feel it in their homes and communities as their neighbors lose theirjobs, health care and homes. Our economyis in a deep, cavernous hole. Our climb out will be steep and steady and itwill take the hard work, innovation and sacrifice of the American people.
"Therecovery package we will vote on today will not solve all of our problems, butit is a first and necessary step. It will provide short term help to those whohave been hurt most by the economic downturn and long term solutions to put oureconomy back on solid footing.
"Thispackage brings recovery, investment and hope."
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