Washington, DC—Senate Majority Leader Harry Reid made the following statement today after Republicans blocked the Foreclosure Prevention Act from coming to the floor:
“The bankers on Wall Street and the big lenders are high-fiving tonight. They won again, with the help of Bush Republicans – and at the expense of millions of Americans whose homes are going into foreclosure and millions of their neighbors whose property values are plummeting.
“By blocking Democrats’ efforts to address the housing crisis, it is becoming increasingly clear that Bush Republicans either have no interest in turning around our sinking economy, or no ideas on how to do so.
“The President and Bush Republicans are content to do nothing as this crisis gets worse. Their posture: Let’s wait and see. Democrats know that things won’t just get better with time; the wait-and-see approach is not working in Iraq, and it will not work for our economy. We will return to this debate as soon as we can because every day of inaction is another day homeowners, their communities and our economy suffer.”