OFFICE OF THE MAJORITY LEADER

TRANSCRIPT

Statement on Votes for the Recovery Bill on Squawkbox
September 29, 2008

... WIPEOUT WITH LEHMAN. WE ARE GOING TO KNOW, I WOULD THINK, IN THE NEXT COUPLE OF HOURS. >> THANK YOU, CHARLIE. SHE IS GOING TO BE MONITORING THE SITUATION. WE WILL, TOO. MORE ON THIS STORY AS DEVELOPMENTS COME. >>> THE HOUSE MAJORITY LEADER IS JOINING US TO TALK MORE ABOUT HOW THE DAY MAY BE SHAPING UP. MR. MAJORITY LEADER, GOD TO HAVE YOU BACK ON THE PROGRAM. HOW IS IT GOING TO WORK TODAY? >> WELL, WE ARE GOING TO PUT THE BILL ON THE FLOOR THIS MORNING. WE NEED TO GET OUT OF HERE ABOUT 12:30 OR 1:00 IN CONSIDERATION OF THE JEWISH MEMBERS WHO HAVE TO BE HOME WITH THEIR FAMILIES BY SUN DOWN FOR THEIR RELIGIOUS OBSERVANCE. WE'LL PUT THE BILL ON HOLD. WE'LL GO INTO SESSION AT 8:00, WHICH IS USUAL, AND WE'LL WORK THROUGH THE WEEKEND. THE PRESIDENT SPOKE AT 7:30 THIS MORNING. THE BILL HAS BEEN SOMETHING WE HAVE WORKED HARD ON. I HEARD YOUR DEBATE EARLIER ON. THIS WAS POSED BY THE BUSH ADMINISTRATION. LAST THURSDAY, SOME TEN DAYS AGO, NINE DAYS AGO, WE HAVE BEEN WORKING VERY HARD. EVERYBODY BELIEVES THERE'S A REAL CRISIS. YOU ARE REPORTING TODAY AND THAT CONTINUES TO INDICATE THE FINANCIAL CRISIS. THE PRESIDENT, DEMOCRATS, REPUBLICANS, ALL BELIEVE THAT REALLY WHAT WE ARE TALKING ABOUT IS TRYING TO STABILIZE THE ECONOMY SO THAT AVERAGE WORKING PEOPLE IN AMERICA DO NOT SEE THEMSELVES FALL DEEPER INTO A RECESSION, FIND THEIR CREDIT DRYING UP, UNABLE TO BUY A WASH MAGAZINE WHEN IT IS BREAKING DOWN AND UNTABLE TO SEND THEIR KIDS TO COLLEGE AT RISK OF LOSING THEIR JOBS. WHEN HE BELIEVE THAT'S WHAT IS AT STAKE. IT HAS BEEN WORKED ON. IT IS NOT A LIBERAL OR CONSERVATIVE IDEA AS YOUR SPEAKER MAY HAVE TRIED TO SAY. IT IS AN ATTEMPT TO EXTEND THE CRIES IS AND PROVIDE FOR VERY SUBSTANTIAL OVERSIGHT, TAXPAYER PROTECTION AND PROVIDE THE MECHANISM WITH THE TAXPAYER WON'T BE REQUIRED TO PAY ANY MONEY. THEN TO MOVE FORWARD TO REFORM THIS SYSTEM, TO LIMIT COMPENSATION, SO THAT THE TAXPAYER IS STEPPING UP AND IT WON'T BE A GREAT BENEFIT TO EXECUTIVES WORKING THERE AND HAVING HUGE SALARIES OR LEAVING AND GETTING GREAT BAILOUTS. >> UNDERSTOOD. WITH THE VOTE JUST HOURS AWAY, YOU BELIEVE YOU HAVE THE VOTES AT THIS POINT? >> I THINK -- I AM VERY HOPEFUL THE VOTES ARE THERE FROM BOTH SIDES OF THE PACKAGE. YOU HAVE THE PRESIDENT OF THE UNITED STATES, ALL THE LEADERS OF CONGRESS ON BOTH SIDES OF THE AISLE, AND YOU HAVE SENATOR MCCAIN AND SENATOR OBAMA BOTH SAYING WE NEED TO DO THIS. WILL IT WORK? I DON'T THINK ANYBODY CAN GUARANTEE THAT. IF WE DO NOT ACT, WILL WE BE AT GREATER RISK? MOST PEOPLE AGREE WITH THAT. MEMBERS HAVE A VERY TOUGH DECISION TO MAKE. THE TAXPAYERS ARE VERY SKEPTICAL. RIGHTFULLY SO. THEY HAVE SEEN AN ADMINISTRATION WHOSE ECONOMIC PROGRAM WAS TO BUILD UP THE ECONOMY, NOW FACING THE WORST ECONOMY AND WORST CHALLENGE TO OUR ECONOMY SINCE THE GREAT DEPRESSION. MY OWN VIEW THE FISCAL IRRESPONSIBILITY OF THE ADMINISTRATION AND THE REGULATORY NEGLECT HAS LED US TO THIS POINT, BUT THAT'S NOT -- POINTING BLAME IS NOT THE ANSWER NOW. STABILIZING AND MOVING FORWARD IS THE ANSWER TO STABILIZE THE ECONOMY FOR ALL OUR PEOPLE. >> THE MARKETS THIS MORNING, AS I'M SURE YOU KNOW, ARE LOOKING FOR CLARITY HERE. YOU ARE HOPEFUL YOU HAVE THE VOTES, BUT YOU ARE NOT SURE. YOU WOULD KNOW BETTER THAN MOST. >> WELL, I THINK THAT'S RIGHT. WE HAVE BEEN WORKING HARD ON IT AND THINK WE ARE GOING TO HAVE THE VOTES, BUT THIS IS A TOUGH VOTE FOR MEMBERS. THE PUBLIC IS VERY CONCERNED, RIGHTFULLY SO, ABOUT WHAT'S HAPPENING. THEY ARE NOT SURE THAT THIS IS THE RIGHT WAY TO GO. WE DO HAVE A BROAD CONSENSUS THAT THIS IS THE BEST WAY TO GO AT THIS POINT IN TIME TO STABILIZE MARKETS AND TRY TO MAKE SURE THAT THE RECESSION DOESN'T GET DEEPER AND THAT WE DON'T FALL INTO A DEPRESSION. >> IS IT A BETTER BILL BECAUSE THE HOUSE REPUBLICANS HAD THEIR SAY? >> I THINK IT IS A BETTER BILL BECAUSE THE CONGRESS WORKED ON IT. THE REPUBLICANS HAD IDEAS, WE HAD IDEAS, IN TERMS OF OVERSIGHT, WE WERE NOT PREPARED TO GIVE A BLANK CHECK TO THE SECRETARY TREASURY OR ANYBODY ELSE OF THIS MAGNITUDE. WE NOW SAY IT WILL BE PAID IN INSTALLMENTS. CONGRESS HAS TO LOOK AT IT AGAIN. WE HAVE SAID THERE HAVE TO BE VERY SUBSTANTIAL OVERSIGHT AND PAY TAX AND BAILOUT CAPS FOR EXECUTIVES. WE HAVE TO TRY TO HELP HOMEOWNERS AT RISK OF LOSING THEIR HOMES. NOT ONLY FOR THEM, BUT FOR THEIR NEIGHBORS AND COMMUNITIES. STABLE COMMUNITIES ARE IMPORTANT FOR THE COUNTRY AND FOR NEIGHBORHOODS. IF THE GUY NEXT TO YOU, HIS HOUSE IS FORECLOSED UPON, THE VALUE OF YOUR HOUSE GOES DOWN. IT IS IMPORTANT WE DO THAT AS WELL. IN ADDITION, WE PUT IN A PROPOSAL THE DEMOCRATS PUT IN AND IT HAS BEEN AGREED UPON. FIVE YEARS FROM NOW WE'LL ASSESS WHAT THE COSTS HAVE BEEN AND ...