OFFICE OF THE MAJORITY LEADER

TRANSCRIPT

On Fox News Speaking about the Auto Industry and Challenges Facing the New Congress
November 20, 2008

... THE ROADWAY. AND NORTHBOUND ON I-95, SLOW OUT OF DALE CITY ACROSS THE OCCUQUAN AND HEADING UP TO 395. IN THE WEST OFF OF THE DULLES TOLL ROAD, DELAYS AT HUNTER MILL ROAD AND WOLF TRAP. THAT'S A CHECK OF YOUR FOX 5 ON- TIME TRAFFIC. >>> THE INCOMING 111TH CONGRESS FACES MANY CHALLENGES IN THE CAPITAL CHANGE COMING IN JANUARY D JOINING US NOW IS STENY HOYER. GOOD MORNING TO YOU. >> GOOD MORNING, STEVE. >> AFTER THIS ELECTION, YOU SAID, OW CHALLENGE IS ENSURING WE LIVE UP TO THE POSSIBILITY OF THAT DAY AND THIS MOMENT IN HISTORY. DOES THIS PUT EXTRA PRESSURE ON YOU AND YOUR COLLEAGUES. >> THERE'S NO QUESTION WE HAVE PRESSURE. WE'VE BEEN GIVEN SUBSTANTIAL MAJORITY IN THE HOUSE AND SENATE AND WE HAVE A DEMOCRATIC PRESIDENT, BARACK OBAMA AND THE PUBLIC IS EXPECTING THE CHANGE THEY WANT TO SEE IN THEIR COUNTRY AND AS A RESULT I THINK WE HAVE A HEAVY RESPONSIBILITY AND WE'LL WORK HARD TO MEET THAT RESPONSIBILITY. THE CHALLENGES ARE DAUNTING. THE ECONOMY IS AT ONE OF THE LOWEST TIMES IT'S BEEN SINCE THE GREAT DEPRESSION. THE FISCAL POLICIES THAT HAVE BEEN PERCEIVED BY THIS ADMINISTRATION HAVE CREATED ENORMOUS DEBT AND WE HAVE CHALLENGED IN TERMS OF EDUCATION, DEBT, GLOBAL WARMING SO WE HAVE VERY BIG PROBLEMS TO SOLVE. WE HAVE A LOT TO SOLVE AND HOPEFULLY WE CAN DO THAT IN A BIPARTISAN WAY BECAUSE AMERICA NEEDS AT TENSION. >> WE SAW CONGRESS ON THE HILL FOR ORIENTATION. FOR ORIENTATION. EVERYONE WANTS TO HIT THE GROUND RUNNING. WHAT IS THE FIRST ORDER OF BUSINESS? >> THE PRESENT ORDER OF BUSINESS IS ADDRESSING THIS ECONOMY. WE'VE LOST A QUARTER OF A MILLION JOBS LAST MONTH, A MILLION JOBS THIS YEAR. PEOPLE ARE HURTING. THE AUTOMOBILE INDUSTRY IS ON ITS BACK. CREDIT IS LOCKED UP. PRODUCTS AREN'T SELLING, CONSUMERS AREN'T BUYING. MORTGAGES ARE BEING FORECLOSED UPON. OUR FIRST FOCUS IS GETTING THE ECONOMY MOVING AND STABILIZING FAMILY LIVES. >> WHEN THE BIG BAILOUT WAS FIRST ANNOUNCED THE MARKETS SHOWED A BIT OF A SPIKE AND ENTHUSIASM THAT PERHAPS THINGS HAVE COME BACK AND EVER SINCE THEN EVERYTHING HAS BECOME DISMAL. WHAT CAN BE DONE TO SPARK THE ECONOMY. >> TO TRY TO GET THIS ECONOMY MOVING FROM THE TROUBLED ASSETS PROGRAM THAT WE ADOPTED. THE SECRETARY OF THE TREASURY AND BEN BERNANKE MET WITH US ON MONDAY. THEY THINK THE RESCUE PACKAGE HAS STEMMED AN EVEN WORSE DECLINE. BUT IT'S AWFULLY HARD TO SELL TO PEOPLE THAT IT WOULD HAVE BEEN WORSE IF WE WOULDN'T HAVE DONE WHAT WE HAVE DONE. THE AUTOMOBILE INDUSTRY FAILING WOULD HAVE RAMIFICATIONS THROUGHOUT OUR ECONOMY, NOT JUST FOR AUTO WORKERS BUT FOR THE ENTIRE ECONOMY. WE WERE HOPEFUL TO TAKE ACTION THIS WEEK TO DO SOMETHING. WE HAVE NOT YET GOTTEN THE KIND OF SUPPORT NECESSARY TO DO THAT. ALTHOUGH WE'RE GOING TO CONTINUE TO FOCUS ON THAT. WE BELIEVE AND TOLD SECRETARY PAULSON AND BEN BERNANKE VERY POIGNANTLY AND VERY FORCEFULLY, WE NEED TO DO MUCH MORE TO STEM THE RISING TIDE OF FORECLOSURES IN THIS COUNTRY. >> LET ME TRY TO GET SOME INSIDE PERSPECTIVE WHEN WE TALK ABOUT THE AUTO INDUSTRY AND THE HEARINGS THE LAST TWO DAYS. A LOT OF PEOPLE IN THE MEDIA MADE A BIG DEAL ABOUT THE CEOS ARRIVING ON PRIVATE PLANES. FROM A CONGRESSIONAL STANDPOINT, DID IT MAKE THAT MUCH OF A DIFFERENCE IN THE WORLD TODAY? >> I THINK IT WAS BAD JUDGMENT ON THE EXECUTIVES' PART. IT IS AN EXAMPLE OF WHAT THE PUBLIC BELIEVES IS EXCESS SPENDING THAT THEY DON'T WANT TO SUBSIDIZE. THAT'S UNDERSTANDABLE. BUT AT THE POINT IS THAT CARS BUT AT THE POINT IS THAT CARS AREN'T SELLING AND PEOPLE AREN'T BUYING. PEOPLE DON'T HAVE THE CREDIT TO DO THAT. CAR SALES ARE DOWN ABOUT 45% AND LITERALLY MILLIONS OF PEOPLES JOBS ARE AT RISK ON TOP OF THE MILLION THAT WE'VE LOST THIS YEAR. SO THAT IT'S A MUCH BROADER QUESTION. I THINK THE EXECUTIVES USED BAD JUDGMENT. BUT HAVING SAID THAT, THE REAL ISSUE IS ARE WE GOING TO HAVE A VIABLE AUTOMOBILE INDUSTRIAL CAPABILITY IN THIS COUNTRY OR ARE WE GOING TO LOSE IT AND THAT'S THE ISSUE WE NEED TO CONFRONT AND THE MUCH BIGGER PICTURE. >> CONGRESSMAN, THANK YOU. IT'S ALWAYS A PLEASURE. >> THANK YOU. >>> IT IS NOW 7:40. ASK ANYBODY YOU KNOW ABOUT HOLIDAY SHOPPING AND THEIR LISTS, AND THE ODDS ARE THEY'RE SPENDING LESS. BUT THIS YEAR FROM TOYS TO ...