Senate Democrats

Reid: Confirmation That U.S. Economy Is In Recession Is Hardly News To American Families

Washington, DC—Senate Majority Leader Harry Reid made the following statement today after the National Bureau of Economic Research announced the American economy has been in recession since December 2007:

“To American families struggling every day, today’s announcement that we have been in a recession for the past year is hardly news.  The announcement simply makes official what we have long known – with rising costs of living, rising unemployment, record foreclosures and depleted savings, we must do more to help families make ends meet.  Those efforts must include a substantial economic recovery package that creates good-paying jobs here in America, cuts taxes for the middle class and instills confidence to stabilize a volatile market.  With the cooperation of our Republican colleagues, we intend to send a plan to the White House as soon as possible following President-elect Obama’s inauguration next month.”