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Senate Democrats: Leading the Way for Change
October 14, 2008 - After nearly a decade of Republican-controlled government in Washington, Americans have seen their dreams of economic security and homeownership gambled away by deregulation, incompetent fiscal policies, misplaced governmental priorities, lack of Congressional oversight, and un-checked greed on Wall Street and in the financial markets. This month the Democratic controlled 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. As Senate Democrats continue to help our nation recover from the Bush-McCain "perfect storm" of economic and regulatory failures, we call upon our Republican colleagues to acknowledge the harm that Bush-McCain economic philosophies have caused and work with us to do even more to stabilize the economy and restore the American Dream for middle-class families. It is clearer than ever that the American people need more Senators who are committed to change.
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The Senate will convene at 2:00 p.m. and proceed to a period of morning business until 3:00 p.m. with Senators permitted to speak for up to ten minutes each. Following morning business, the Senate will resume consideration of H.R.3590, with Senator Reid, or designee, permitted to offer the first amendment to the Reid substitute; further, that Senator McConnell, or designee, be permitted to offer the next amendment to the substitute with no other amendments in order during Monday's session. There will be no roll call votes during Monday's session.
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