OFFICE OF THE MAJORITY LEADER

TRANSCRIPT

Discussing the Senate Bill for Financial Rescue on CNN
October 1, 2008

... GUARANTEE COMPANIES' TROUBLED ASSETS. THE SENATE BILL ADDS THESE PROVISIONS, AN INCREASE IN THE FEDERAL INSURANCE BANK DEPOSITS FROM A CAP OF $100,000 TO $250,000 AND A PACKAGE OF TAX BREAKS INCLUDING RELIEF FROM THE ALTERNATIVE MINIMUM TAX FOR MORE THAN 20 MILLION AMERICANS. JOINING US NOW IS THE HOUSE MAJORITY LEADER STENY HEIR ON CAPITOL HILL. WHAT'S THE STATUS OF THIS SENATE BILL IN TERMS OF HOW IT WILL BE LOOKED AT BY THE HOUSE. IT'S SPEBTSED TO PASSION TONIGHT. WHAT DO YOU BELIEVE THE HOUSE WILL DO WITH IT? >> WE'RE OBVIOUSLY CONSIDERING THE BILL, THE CHANGES THAT HAVE BEEN MADE TO THE BILL. SOME PEOPLE SUPPORT PART OF IT. THE FDIC I THINK IS BROADLY SUPPORTED. THE TAX EXTENDER PACKAGE, THE A.M.T. IS MORE CONTROVERSIAL. CLEARLY WE BELIEVE THIS IS A CRITICALLY IMPORTANT PIECE OF LEGISLATION FOR MAIN STREET, FOR WORKING FAMILIES TO STABILIZE THIS ECONOMY AND STOP US GOING DEEPER INTO RECESSION. I THINK THERE'S GOING TO BE A STRONG EFFORT TO SEE THAT WE CAN PASS THIS BILL, HOPEFULLY ON FRIDAY. >> IF YOU HAVE BIPARTISAN SUPPORT, YOU PLAN TO BRING THE BILL TO THE FLOOR ON MONDAY. ON MONDAY, THERE WEREN'T THE VOTES TO PASS IT. IT WENT DOWNTOWN DEFEAT, 206 TO 226. WOULD YOU RISK THAT AGAIN OR ONLY BRING IT TO THE FLOOR IF YOU KNOW YOU HAVE THE VOTES? >> WE HAD TWO-THIRDS OF THE DEMOCRATS VOTING FOR THE BILL PROPOSED BY THE PRESIDENT AND SECRETARY PAULSON. UNFORTUNATELY, WE WERE HOPING AND EXPECTING TO GET 100 REPUBLICANS. WE ONLY GOT 65 AND THE BILL WENT DOWN. I'M GOING TO BE TALKING TO THE REPUBLICAN LEADERSHIP, MR. BOEHNER, MR. BLUNT TO SEE WHERE THEY ARE ON VOTES BEFORE WE BRING IT TO THE FLOOR. >> SORRY. I BELIEVE I MADE A MISTAKE IN THE TALLY. I THINK IT WAS 206 TO 228 AGAINST. THERE'S A CHANCE AS YOU MENTIONED, BECAUSE SOME OF THE TAX PROVISIONS ARE A LITTLE BIT CONTROVERSIAL WITH SOME MEMBERS OF CONGRESS. THE BLUE DOG DEMOCRATS, CONSERVATIVE DEMOCRATS BECAUSE THE TAX EXTENSIONS ON RENEWABLES, NOT FULLY PAID FOR, SOME OF THE BUSINESS TAX EXTENSIONS NOT FULLY PAID FOR, BAUGH DOG DEMOCRATS ARE SAYING WE WANT TO MAKE SURE THERE ARE OFFSETS IN LEGISLATION TO PAY FOR ALL OF THESE. ARE YOU CONCERNED YOU MIGHT LOSE SOME DEMOCRATS ON THIS BILL? ? >> CERTAINLY THAT'S A POSSIBILITY. JOHN, THE CONCERNS ARE NOT SO MUCH ABOUT THE CONTINUING THE TAX EXTENDERS, THAT IS THE BENEFITS RESEARCH AND DEVELOPMENT TAX, THE TAXES TO HELP SOLAR, WIND, OTHER ENERGY SOURCES. CLEARLY WE'RE FOR THAT. WHAT THE BLUE DOGS ARE CONCERNED ABOUT IS PAYING FOR THESE AND NOT MAKING THE DEFICIT WORSE. THAT'S THE CONTROVERSY. THE EMT WAS SUPPORTED STRONGLY BY THE HOUSE AND THE SENATE IN AN UNPAID FOR FASHION. I DIDN'T VOTE FOR IT BUT THE HOUSE AND SENATE WERE STRONGLY FOR IT. BUT I THINK THAT FRANKLY AN AWFUL LOT OF PEOPLE WILL LOOK AT THIS BILL AND NOT BE PLEASES WITH WHAT THE SENATE HAS DONE AND ADDING PRO VISES THAT MAKE THE DEBT WORSE BUT BELIEVE STRONGLY THAT PASSING THIS BILL TO STABILIZE THE ECONOMY REINSTATE CONFIDENCE IN THE MARKETS IS CRITICALLY IMPORTANT FOR THEIR CONSTITUENTS AND THEIR HOMETOWNS. >> WHAT ABOUT SENATOR OBAMA? SHOULD HE BE INVOLVED? IS HE INVOLVED HERE? IS HE CALLING DEMOCRATS PERHAPS SOME OF THE 95 THAT VOTED AGAINST THIS BILL, IS HE CALLING THE BLUE DOGS TO SAY WE'VE GOT TO GET THIS PASSED? >> I THINK SENATOR OBAMA HAS MADE IT VERY CLEAR HE IS FOR THIS FOR THE SAME REASON, HE WANTS TO MAKE SURE THAT AVERAGE WORKING AMERICANS AREN'T HURT BY DEEPER RECESSION WHICH MAY WELL RESULT IF CONFIDENCE IS NOT REINSTATED IN THE MARKETPLACE. SENATOR OBAMA'S PLAYING HIS ROLE, BUT FRANKLY IT, WASN'T DEMOCRATS THAT DIDN'T PERFORM AS EXPECTED. AS A MATTER OF FACT, I INDICATED TO THE REPUBLICANS WE GET BETWEEN 125 AND 130 VOTES AND WE IN FACT GOT 140 VOTES. THE REAL FAILURE CAME IN NOT GETTING 100 REPUBLICAN VOTES, NOTWITHSTANDING THE FACT THAT THE PRESIDENT CALLED THE TEXANS. MR. BOEHNER ONLY GOT HIS OWN VOTE FROM THE STATE OF OHIO. AMONG THE REPUBLICANS. SO THE FACT IS, WE'RE GOING TO HAVE TO WAIT AND SEE WHAT THE REPUBLICANS DO, WHETHER THEY THINK THIS IS IMPORTANT, IF SO, WHETHER THEY'RE GOING TO VOTE FOR IT. >> WHAT ARE YOU HEARING AT THIS POINT? >> WELL, THEY'RE WORKING AT IT. WE'VE WORKED IN A BIPARTISAN FASHION FOR THE LAST TWO WEEKS, WORKED AROUND THE CLOCK, WORKED LAST WEEKEND TO TRY TO PUT THIS BILL INTO SHAPE THAT WE COULD SUPPORT IT. WE MADE IT MUCH STRONGER. WE PUT IN OVERSIGHT. WE PUT LIMITATIONS ON COMPENSATION. WE PUT ASSISTANCE FOR THOSE WHOSE MORTGAGES WERE AT RISK. WE MADE REAL IMPROVEMENTS IN THE BILL. BUT WE NEED TO HAVE REPUBLICANS STEP UP TO THE PLATE AND SUPPORT THIS BILL. >> AND CONGRESSMAN HOYER, ON THIS ISSUE OF BIPARTISANSHIP, SHOULD THE BILL COME TO THE ...