Press Releases
October 3, 2008
Conrad Welcomes House Passage of Plan to Stabilize the Economy
Washington – Senator Kent Conrad released the following statement today after the House of Representatives voted 263-171 to pass the Emergency Economic Stabilization Act of 2008, a bipartisan plan to rescue the nation’s failing economy. The Senate voted 74-25 Wednesday night to adopt the plan. The bill will now be sent to the White House, where the President has indicated he will sign it into law.
“This is a necessary first step, but it may not be sufficient to arrest the slide in our economy. Still, we know that if we don’t implement this rescue plan, the possibility of a painful and prolonged financial meltdown is very real. America’s leading experts are warning of a sharp economic downturn with three to four million people losing their jobs in the next six months if this is not done. We needed to take action to respond to this threat to hard working American families.
“The patient is on the operating table and hemorrhaging. The first requirement is to stop the bleeding. This action simply cannot be postponed.
“The bipartisan bill passed by Congress has many defects, but our hope is that it is strong enough to protect American taxpayers, hardworking families and Main Street businesses from the spreading contagion across America.
“We have overcome great challenges like this in the past. We will do so again.”
