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| WOOLSEY STATEMENT ON FINANCIAL BAILOUT PACKAGE | | October 3, 2008 | |
| Washington, DC – Congresswoman Lynn Woolsey (D-CA) today issued the following statement ahead of the vote on the proposed financial bailout package:
“Today’s vote is one of the most difficult that I have faced in my entire time in public office. The American public deserves to know the truth about what’s being proposed – that this is a short-term plug, not a silver bullet. They deserve to know that this package, despite its $700 billion price tag, is the first step, not the last.
“The economic crisis that we face is real, and it demands our immediate attention. The reckless behavior by some on Wall Street and the deregulation so aggressively pushed by President Bush over the past eight years have led to a crisis in the credit markets that have driven consumer confidence into the ground. Americans are worried about the state of our economy, and economists are now saying that the trouble in the financial markets has found its way onto Main Street.
“As a result of this crisis, my own state of California now faces a budgetary situation so perilous that our public services are now threatened. If California is unable to gain access to the credit that it needs it’ll be unable to pay public servants such as teachers, police officers, and firemen. Yesterday I spoke with CA Treasurer Bill Lockyer who reiterated how dangerous the current outlook is to California and to our local communities. Today’s bill alone will not solve this crisis, but I have no doubt of the consequences if we fail to pass it.
“The new proposal includes several important changes to the House version, many of which are critically important to my district, such as providing AMT tax relief to millions of middle class families, extending tax credits to create millions of green jobs, and providing a $1,000 child tax credit. It also raises the FDIC insurance limits from $100,000 to $250,000, which will help small community banks by reassuring their customers that their money is safe and sound. And in response to record unemployment numbers the House today had the opportunity to pass legislation extending unemployment insurance for millions of Americans caught up in this economic downturn.
“Despite these changes, the legislation today isn’t as comprehensive as I’d like. It fails to provide protections for the millions of working families who are facing foreclosure and bankruptcy, and it gives too little oversight to the taxpayers who are being asked to foot the bill for President Bush’s mistake.
“However, despite its flaws, I realize that the passage of this legislation is essential to the short-term economic stability of California, and to stopping the hemorrhaging in our financial markets. While this bill will not solve the crisis we face, if it’s a choice between supporting it and doing nothing, I will err on the side of caution and vote for it.” |
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