Washington, DC—Senate Majority Leader Harry Reid made the following statement today in response to President Bush’s plan to help stabilize the U.S. economy:
“After weeks of turmoil in the financial markets, I am pleased that the Administration is now acting more aggressively to address this crisis.
“Less than two weeks ago, after working rapidly and in a bipartisan manner, Congress gave the Administration broad authority to loosen credit markets and aid our weakening economy. The Administration needs to act immediately to hasten this process and help bring stability to markets around the globe. I spoke with Secretary Paulson at length yesterday regarding this matter.
“Congress will review the details of the Administration’s new strategy to address concerns about whether it sufficiently protects taxpayers, avoids unnecessary windfalls for CEO’s, and attacks the underlying causes of the crisis. In any case, it is clear that the Administration’s plan does not go far enough to address the severe challenges facing our economy and America’s middle class. Democrats have worked for months to reinvigorate our economy and provide economic security for families, while Republicans have blocked our efforts. We hope our Republican colleagues now will join us to ensure quick action on such a plan.”