OFFICE OF THE MAJORITY LEADER

TRANSCRIPT

Discussing Senate's Vote on the Financial Recovery Bill on MSNBC
October 1, 2008

... DEAL BY DEAL. WHEREVER IDEAS AND INDUSTRY COME TOGETHER. WHEREVER MONEY IS BEING MADE. CHANCES ARE WE'RE THERE. AND SO ARE OUR CLIENTS. MORGAN STANLEY. WORLD WISE. >>> WITH US NOW, HOYER. >> THE HOUSE IS STILL DISCUSSING WHAT IT WANTS TO DO. WE HAVE MEMBERS COMING BACK ON THURSDAY AFTER THE JEWISH HOLIDAYS. SO WE'LL SEE. >> DO YOU HAVE THE PROBLEM OF POSSIBLY GAINING REPUBLICANS THROUGH TAX BREAKS AND THROUGH CORPORATIONS THAT COULD MAKE YOUR JOB MORE DIFFICULT ON THE MAJORITY SIDE. >> I THINK THAT'S CORRECT AND THAT'S BEEN A DISCUSSION BETWEEN THE SENATE AND OURSELVES FOR SOME TIME. THAT'S A CONTENTIOUS MATTER AND THE SENATE HAS MADE A DECISION TO ADD THAT TO THIS BILL, WHICH IS ALREADY A VERY DIFFICULT BILL TO PASS AS WE'VE SEEN. >> ARE WE LOOKING AT THE POSSIBILITY OF MAYBE THE DEMOCRATS GETTING THOSE EXTENSIONS OF UNEMPLOYMENT BENEFITS AND REPUBLICANS GETTING THE TAX CUTS, AGAIN TO ADD FIVE MORE ON EACH SIDE? OR DO YOU FEEL YOU'VE DONE YOUR JOB AND UP TO THE REPUBLICANS TO GET THE REMAINING TEN? >> WE HAVE 140 VOTES AND INDICATED WE NEED TO GET 120 ON OUR SIDE AND THEY FELL SHORT. JOHN MCCAIN AND REPUBLICAN LEADERS ON BOTH SIDE OF THE CAPITOL, WE THINK WE'VE DONE OUR JOB, BUT THE JOB THAT NEEDS TO BE DONE IS TO STABILIZE THE ECONOMY AND PROTECT THE AMERICAN PEOPLE. I THINK WHAT'S HAPPENED SINCE THE FAILURE OF THE BILL TO PASS IS THE AMERICAN PUBLIC HAS BECOME VERY AWARE THAT THIS AFFECTS THEM IN THEIR HOMES, 401(K) ASSETS WENT DOWN VERY SUBSTANTIALLY ON MONDAY. I THINK THERE'S A GREATER SENSE THAT THIS IS NOT JUST A PROBLEM IN MANHATTAN AND WALL STREET, THIS IS A PROBLEM FOR MAIN STREET AND AMERICANS THROUGHOUT THE COUNTRY. >> WHY CAN'T WE BE MORE FORWARD THINKING LIKE IRELAND AND FRANCE, WHICH BASICALLY SAID WE'LL GUARANTEE ALL INDIVIDUALS DEPARTMENTS, WHERE DO WE COME UP WITH THE $250,000? PEOPLE ARE PUTTING MONEY OUT OF BANKS AND PUTTING THEM IN STERNS AND FOSTER. HOW DO WE GET PEOPLE TO UNDERSTAND THAT THEIR MONEY IS SAFE? AND THAT THE FDIC IS BIGGER THAN $250,000. >> I THINK THIS AN AGREEMENT BETWEEN THE PARTIES THAT RAISING THE LIMIT, YOU CAN HAVE THAT DISCUSS THAT YOU JUST RAISED. BUT THERE IS GOING TO BE GENERAL AGREEMENT ON RAISING THE LIMIT DOES IN FACT MAKE SENSE. YOUR PROPOSITION IS TAKE THE LIMIT OFF ALL TOGETHER. I THINK ONE OF REACTIONS TO THAT IS SIMPLY THAT YOU'RE NOT HELPING PEOPLE WHO ARE FRANKLY LOSING THEIR HOMES BUT GUARANTEEING PEOPLE WHO HAVE A LOT OF MONEY IN BANKS. HOWEVER, HAVING SAID THAT, THERE IS I THINK BIPARTISAN SUPPORT FOR WHAT HAS BEEN DISCUSSED ON THE HOUSE SIDE AS WELL. >> WHY IS IT MR. PAULSON NEVER ONCE MENTIONED THAT THIS IS ABOUT KEEPING PEOPLE IN THEIR HOMES, HARD WORKING PEOPLE THAT ARE OVERSTRETCHED THAT DON'T WANT TO BE FORECLOSED? IT ALWAYS SEEMS TO BE ABOUT THE CREDIT MARKETS UNFREEZING, WHICH AMERICANS DON'T UNDERSTAND. >> I THINK YOU'RE ABSOLUTELY RIGHT ON THAT, JIM. THAT WAS A REAL FAILING OF THE ADMINISTRATION AND SECRETARY PAULSON'S PRESENTATION OF THEIR PROPOSAL. WE TALKED ON THE FLOOR PRETTY REGULARLY ABOUT -- AND TALKED DURING THE COURSE OF NEGOTIATIONS THAT THIS WAS A MAIN STREET PROBLEM. THAT'S WHY WE NEED TO ACT ON IT. IT WAS A SMALL BUSINESS PROBLEM. IT WAS A 401(K) PROBLEM. IT WAS A JOBS PROBLEM. YOU'RE ABSOLUTELY RIGHT. WE SHOULD HAVE TALKED ABOUT IT MORE. I THINK FRANKLY SINCE MONDAY'S FAILURE THERE'S BEEN A GREATER APPRECIATION BY THE AMERICAN PUBLIC THAT THIS AFFECTS THEM AND THEIR FAMILIES AND I THINK THERE'S GOING TO BE A GREATER UNDERSTANDING AND MORE SUPPORT, MORE BROAD-BASED SUPPORT DURING THE CONSIDERATION BILL TO THE NEXT FEW DAYS. >> I WORKED WITH YOU FOR SEVERAL YEARS. >> WE HAD A GOOD RELATIONSHIP, JOE. >> WE DID. >> WHAT HAPPENED? >> WE DID. >> WE STILL HAVE A GOOD RELATIONSHIP. >> I'LL RUIN IT WITH THIS QUESTION. YOU WERE FROM A MODERATE DISTRICT AND YOU WORKED IN A BIPARTISAN WAY TO BRING PEOPLE TOGETHER. FORGET WHAT THE REPUBLICANS SAID, FORGET THE EXCUSES ME MADE, DON'T YOU THINK IT WAS A MISTAKE FOR NANCY TO GET ON THE FLOOR AND LAUNCH INTO A PARTISAN ATTACK AT A TIME WHEN AMERICA ...