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Senator John Warner Statement on the Emergency Economic Stabilization Plan

Mr. President - I rise today to share my views on the economic stabilization plan, as now amended by the Senate, and the precarious state of our economy.

The instability in the housing market, the soaring energy prices, and, more recently, the institutional failures within our credit and financial markets have all been serious blows to our economy.

We must decide between the risks of doing nothing, thereby subjecting the free market to the extraordinary level of unknowns of this critical situation, or the value of seeking legislation in the hopes to reduce the severity of serious consequences to almost every single aspect of our economy.

The bill before us contains several improvements to the House bill, improvements that have strengthened the measure.  And, in my view, without some form of Congressional action now, the credit markets could freeze up.  Without money flowing through our economy, car loans, student loans, mortgage lines of credit, could become inadequate.  Job losses could follow and with it an increase in the number of Americans without health insurance.  I could go on and on.

Mr. President, my careful deliberations on this legislation and my understanding of the economic problems facing our nation lead me to believe that the consequences of not taking this action poses an ever greater threat to our economy and to all Americans.

For this reason, Mr. President, I intend to vote AYE in support of the bill as amended.