‘This stabilization plan gives us an opportunity to prevent long-term damage to Americans’ savings, home values and livelihoods — to contain the problem from spreading to Main Street’



WASHINGTON, D.C.-- U.S. Senate Republican Leader Mitch McConnell delivered the following remarks on the Senate floor Monday regarding the proposed Main Street Rescue Plan:



“When there’s a fire in your kitchen threatening to burn down your home, you don’t want someone stopping the firefighters on the way and demanding they hand out smoke detectors first or lecturing you about the hazards of keeping paint in the basement. You want them to put out the fire before it burns down your home and everything you’ve saved for your whole life.



“The same is true of our current economic situation. We know that there is a serious threat to our economy, and we know that we must take action to try and head off a serious blow to Main Street.



“Over the weekend, Congress received a straightforward, four-page Main Street Rescue Plan aimed at protecting millions of American families and small businesses from the potentially devastating effects of a credit meltdown.



“We’re told that inaction could make it impossible for ordinary Americans to take out loans for college tuition, cars, new homes, and everything else — triggering a corresponding collapse in manufacturing and services that could wipe out savings and lead to massive job losses. The final cost of the Plan is unclear, but the potential consequences of inaction are not.



“This proposal was designed to contain a spreading crisis, and urgent action is needed. That’s why Republicans have resisted the impulse to add permanent tax relief and other aid to families and businesses that we believe is critical to the long-term health of our nation’s economy. And we ask our colleagues across the aisle to show similar restraint so that whatever action we take can be done quickly and in time to make a real difference.



“This stabilization plan gives us an opportunity to prevent long-term damage to Americans’ savings, home values and livelihoods — to contain the problem from spreading to Main Street. Surely we can all agree to work with each other and stand up for the American people — instead of using this bill as fly-paper for partisan add-ons.



“Republicans have many serious questions about this plan. But this is the only concrete plan we have seen so far that aims to protect Americans on Main Street — to protect their homes, their savings, their retirement plans, to protect endangered jobs and small businesses. And we shouldn’t jeopardize that effort by delaying urgent action or playing partisan politics.



“Americans want to know that their savings and retirement accounts are safe. They want the security of knowing that the problems on Wall Street are not going to spread to Main Street. The only way we can give them that security and that assurance is by putting partisan interests aside.



“There will be more questions about this plan. I have many myself. But we owe it to the American people to do our due diligence quickly and to act swiftly, Democrats and Republicans alike, to contain this crisis before it’s too late.”



“I’m confident that we can work together. The American people are counting on us. Let’s not disappoint.”



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