OFFICE OF THE MAJORITY LEADER

TRANSCRIPT

Addressing the Press on the Senate Financial Recovery Bill on CSPAN
October 1, 2008

... FORECLOSURE. FIVE MILLION HOMEOWNERS, ALMOST ONE IN EVERY 11 HOMES ARE EITHER IN DEFAULT OR FORECLOSURE. THAT'S THE HIGHEST LEVEL SINCE 1979. THIS LEGISLATION THAT WE'RE GOING TO PASS TONIGHT IS GOING TO HELP TO KEEP THE MORTGAGE SEE WHAT THE SENATE DOES TONIGHT. WHEN WE DETERMINE WHAT THEY HAVE DONE, WE KNOW WHAT THEY'RE PLANNING TO DO, I'M ASSUMING THEY'RE GOING TO DO IT. WE WILL BE TALKING TO OUR MEMBERS ABOUT WHAT THEIR VIEW IS ON THAT ALTERNATIVE. AND IN MY EXPECTATION IS WE'LL BRING THE MEMBERS BACK AND WE'VE TOLD THEM TO COME BACK AND TOMORROW WE'LL HAVE VOTES SOMETIME AFTER 5:00 AND THEN MY EXPECTATION IS, ASSUMING WE HAVE THE VOTES, WE'LL CONSIDER THE RECOVERY BILL, THE REFORM BILL ON FRIDAY. SO THAT'S OUR PRESENT PLAN. >> [INAUDIBLE] >> WHEN ASKED IS THE HOUSE BEING JAMMED, I'M PERSONALLY DISAPPOINTED THAT THE SENATE HAS DECIDED TO ADD THE SO-CALLED EXTENDERS BILL, THE TAX EX TENDERS BILL TO THIS RECOVERY PACKAGE. THIS RECOVERY PACKAGE IS CRITICAL. WE'VE BEEN NEGOTIATING THE EXTENDER PACKAGE. THE SENATE HAS NOT MOVED OFF ITS POSITION. I THINK THAT'S UNFORTUNATE AND IN EFFECT WE'VE BEEN TOLD ON THE EXTENDER PACKAGE, TAKE IT OR LEAVE IT. TO THAT EXTENT WE HAVEN'T HAD A REAL ABILITY TO WORK, TO COME TO AN AGREEMENT. IT HAS BEEN PRETTY MUCH GIVEN TO US AS A -- [INAUDIBLE] [INAUDIBLE] BUT LET ME SAY THAT THE IMPORTANT THING IS FOR TO US FOCUS ON THE RECOVERY PACKAGE. THE RECOVERY PACKAGE, AS I SAID, ON MONDAY WAS CRITICAL FOR WORKING MEN AND WOMEN IN OUR COUNTRY. TO STABILIZE THE ECONOMY, PROTECT THEIR 401-Q PROGRAMS, TO PROVIDE THEY STILL HAVE CREDIT IF THEIR WASHING MACHINE GETS BROKEN OR SEND THEIR KID TO COLLEGE SO THAT I'M STILL FOE DOESED -- THE LEADERSHIP IS FOCUSED ON THE RECOVERY PACKAGE ITSELF. LET'S GO -- >> BECAUSE -- [INAUDIBLE] >> WELL, CERTAINLY THERE ARE PEOPLE WHO ARE UPSET WITH THE FACT THAT WE ARE MAKING THE DEFICIT WORSE AS WE'RE TRYING TO STABILIZE THE ECONOMY BY PASSING THINGS THAT ARE NOT PAID FOR. YES, THERE ARE PEOPLE CONCERNED ABOUT. THAT I'M CONCERNED ABOUT THAT. BUT AGAIN I THINK THEY'RE FOCUSED ON THE RECOVERY PACKAGE, ON STABILIZING THE ECONOMY, ON REASSERTING CONFIDENCE IN THE MARKETS SO THAT THE RECESSION CAN BE -- AND WE CAN MAKE SURE THAT THE AVERAGE WORKING MEN AND WOMEN AREN'T MORED A RERS HAVE -- ADVERSARY AFFECTED THAN THEY ALREADY ARE. >> YOU START TO GET INDICATIONS FROM REPUBLICANS AND -- [INAUDIBLE] AFTER THE SENATE HAS MOVED THAT YOU MIGHT WANT TO DO THIS LATE THURSDAY NIGHT, AFTER MIDNIGHT, FRIDAY MORNING. >> AGAIN, DISCUSSIONS ARE GOING ON WITH THE REPUBLICAN LEADERSHIP AND THOSE DISCUSSIONS HAVE NOT EVOLVED TO THAT POINT BUT THERE HAVE BEEN DISCUSSIONS THAT IF WE COULD DO IT EARLIER, WE MIGHT DO IT EARLIER. BUT RIGHT NOW MY PLAN IS TO BRING UP A RULE ON FRIDAY MORNING AND TO CONSIDER THE BILL ON FRIDAY LATE MORNING, EARLY AFTERNOON. >> [INAUDIBLE] HOUSE AND SENATE ON THIS BILL, THAT YOU WANTED TO HAVE AT IT -- THOUGHT >> THERE ARE OBVIOUSLY MEMBERS TALKING ABOUT ALTERNATIVES. NONE HAVE BEEN AGREED TO AT THIS POINT IN TIME AND CLEARLY WE HAVE SAID ALL ALONG THAT PASSING THIS BILL SOON IS BETTER THAN PASSING IT LATER. CERTAINLY WE WANT TO GET RIGHT. WE SPENT A LOT OF TIME WORKING ON GETTING IT RIGHT. AS YOU KNOW THE BILL THAT WAS PRESENTED TO US BY THE ADMINISTRATION AND ASKED TO PASS WAS NOT IN A POSITION THAT WE THOUGHT WAS APPROPRIATE. WE ADDED VERY SUBSTANTIAL PROVISIONS IN TERMS OF TRANSPARENCY, IN TERMS OF OVERSIGHT, IN TERMS OF CAPPING COMPENSATION SO THE TAXPAYERS WEREN'T ENRICHING THE ALREADY RICH. AND PROVIDING FOR PROTECTIONS FOR HOMEOWNERS, TRYING TO MAKE SURE THAT WE CAN PROVIDE FOR SOME WORKOUTS FOR PEOPLE SO THEY'RE NOT KICKED OUT OF THEIR HOMES. BUT THERE ARE OTHER CONTROLS ON THE TABLE. IT WE'RE NOT NECESSARILY MOVING ON THOSE. WE'LL SEE WHAT THE SENATE PASSES. THEN MY VIEW IS WE'RE GOING TO BE LOOKING CAREFULLY AT WHAT WE CAN GET PAST. IF THE SENATE PACKAGE CAN GET PASSED WE MAY PUT THAT ON THE FLOOR ON FRIDAY. >> WHAT ARE YOU HEARING FROM MR. BLUNT AND OTHER REPUBLICANS ABOUT HOW MANY -- ...