Senate Democrats

Reid: Shrinking GDP Underscores Urgent Need for Economic Recovery Plan

Washington, DC—Senate Majority Leader Harry Reid made the following statement today in response to the Commerce Department’s announcement that the economy shrank by 3.8 percent in the fourth quarter of 2008, the worst since 1982:

“Today’s news that America’s GDP shrank last quarter by more than it has in a generation underscores the urgency with which we need a plan that not only strengthens our economy now, but will invest in our nation over the long term.  Our plan will focus on the most important priorities – creating good-paying jobs, cutting taxes for working families and making targeted, responsible investments in our future – and it delivers transparency and accountability to guarantee that all taxpayer money is invested responsibly.

“Every day we delay we risk making a historically bad situation even worse.  This is not the time for partisan games.  We are in this crisis together, and only by working together to make the economy work for everyone will we get out of it.”