Senate Democrats

Reid And Pelosi To Bush: We Want To Work With You To Immediately Develop A Fiscal Stimulus Package

Washington, D.C.—Senate Majority Leader Harry Reid of Nevada and Speaker Nancy Pelosi sent the following letter today to President Bush requesting a bipartisan meeting of the Congressional Leadership as soon as the President returns from the Middle East to discuss a possible economic stimulus package. 

In their letter, Reid and Pelosi state: “Prominent economists associated with Republican and Democratic Administrations have called on us to supplement monetary policy with an immediate fiscal stimulus.  These same economists have stated that the most effective and responsible stimulus policies adhere to three simple principles: they must be timely, targeted and temporary.   

“We want to work with you and the Republican leadership of the Congress to immediately develop a legislative plan based upon these principles so it can be passed and implemented into law without delay.” 

Below is a text of the letter:

January 11, 2008

President George W. Bush
The White House
Washington, D.C. 20500

Dear Mr. President:

Millions of Americans share our growing concern about the deteriorating state of the economy and are looking to their elected representatives to quickly provide assistance.   Federal Reserve Board Chairman Bernanke warned yesterday that the economy is weakening and that the Federal Reserve Board would take appropriate action. 

Prominent economists associated with Republican and Democratic Administrations have called on us to supplement monetary policy with an immediate fiscal stimulus.  These same economists have stated that the most effective and responsible stimulus policies adhere to three simple principles: they must be timely, targeted and temporary. 

We want to work with you and the Republican leadership of the Congress to immediately develop a legislative plan based upon these principles so it can be passed and implemented into law without delay.

We are requesting a bipartisan meeting of the Congressional Leadership with you as soon as practical following your return from the Middle East so that this discussion can begin and a responsible economic stimulus package finalized.  We would strongly urge that this meeting take place before any economic packages are announced by either the Administration or Congressional leaders. 

We look forward to working together to develop a sound plan that injects demand into the economy, restores consumer confidence and purchasing power, and addresses the severe strains being felt by millions of our fellow Americans.

Sincerely,

Nancy Pelosi                                                          Harry Reid
Speaker of the House                                             Senate Majority Leader

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