Working To Stabilize America's Economy

October 2, 2008 - This week the U.S. Senate came together in a bipartisan fashion to address one of the most critical economic challenges we have faced in generations, as it passed the Emergency Economic Stabilization Act of 2008/Energy Improvement and Extension Act of 2008/Tax Extenders and Alternative Minimum Tax Relief Act of 2008. The bill improved upon the President's initial proposal, which used taxpayer dollars to subsidize CEOs' golden parachutes, had no oversight, and simply handed one man $700 billion and gave him unfettered power to use it as he saw fit. The legislation, while not perfect, will help stabilize our economy and protect Main Street from the crisis on Wall Street. It also invests in clean renewable energy and extends important tax cuts for middle-class families struggling in the weakening Bush-McCain economy.

"The American people have a right to be frustrated with the situation we face. But inaction is not an option - which is why we have worked expeditiously and in a bipartisan manner to stop a bad situation from getting worse," said Senate Majority Leader Harry Reid after the Senate passed the legislation. Democrats will continue to work on putting taxpayers first, ensuring oversight and accountability, and helping prevent foreclosures.

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