Washington, DC—Senate Majority Leader Harry Reid made the following statement today after the Labor Department announced 533,000 Americans lost their jobs in November, marking the largest single-month drop since 1974 and raising unemployment to 6.7 percent:
“A week that began with the official declaration of a year-old recession ends with word of the largest job loss in 34 years and the highest unemployment rate in 15 years. There is simply no more time to waste and no more time for partisan ideology; we must act swiftly and smartly to stop the bleeding.
“Two ideas are already on the table, and both would begin to help American families suffering in this crisis. We must pass 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. And we must send this plan to the White House as soon as possible.
“Second, we must also prevent the auto companies from collapsing, or we risk adding millions of more Americans to the unemployment line. But let me be clear: Any help must include specific requirements that ensure viability and strong oversight of those requirements. “With more than 10 million workers already unemployed and experts predicting that number could climb to 10 percent of all Americans, Congress has an obligation to keep this dangerous situation from getting worse. Inaction is not an option.”