Senate Democrats

Democratic Senators, Economic Expert Hold Conference Call on Economic Recovery Package

Washington, DC—Democratic Senators Charles Schumer and Jack Reed held a press conference call today with Mark Zandi, Chief Economist at Moody’s, to discuss the urgent need to pass an economic recovery package that will create new jobs, save those that are on the line, cut taxes for the middle class, invest in America’s future, and demand transparency and accountability to guarantee taxpayer money is used properly.

“The American people want Washington to work together to get this recovery package passed. President Obama has shown great leadership in managing this process and Democrats have extended an open hand, indicating a willingness to compromise,” Schumer said. “We hope Senate Republicans will be willing to meet us half way.”

Said Reed: “We are in the midst of a financial crisis that evolved over several years through inaction and bad choices. What we need now is a smart, coordinated effort.  This federal aid will not solve all of our economic problems, but it will immediately inject billions of dollars into our economy and lay the foundation for future economic growth.  It is a first step, a smart and much needed step, towards restoring confidence in the economy, creating jobs, and making a down payment on our future.”

“Quick passage of a fiscal stimulus plan is vital to bringing to an end what will be the most severe economic downturn since the Great Depression,” Zandi said. “Economists debate how large a stimulus plan should be and what should be included in such a plan, but most do not debate the need for such a plan. Policymakers have much more work to do to stabilize the sliding economy, but nothing is more important at this time than passage of fiscal stimulus legislation.”