‘Congress must still act swiftly and decisively to protect millions of ordinary Americans from a credit crisis that they had no hand in causing — but which threatens to reach into every single household in the country’



WASHINGTON, D.C.— U.S. Senate Republican Leader Mitch McConnell delivered the following remarks on the Senate floor Tuesday regarding the economy and the financial rescue plan:



“Yesterday’s House vote has come and gone. But the threat to our economy has not.



“Congress must still act swiftly and decisively to protect millions of ordinary Americans from a credit crisis that they had no hand in causing — but which threatens to reach into every single household in the country.



“Retirees are worried about their savings. Small business owners are panicked because the banks won’t lend. Homeowners are watching the equity they’ve got in their houses dry up.



“I’m hearing from towns and municipalities throughout Kentucky that can’t find the money to finance new schools and other civic projects, and from farmers and small business owners who are suddenly being told by their banks that a long-term loan is due. Others are being pressured to pay more, or well ahead of schedule. And these are people with good credit.



“I’m hearing from people like the retired school counselor in Anderson County who said she can’t afford to see her small retirement savings vanish. ‘I’ve never written to any senator or congressman before now,’ she wrote. ‘This is so important to our government and its citizens.’



“One small business owner wrote to me about a company he started in his garage that now employs 100 people. He said that because of the credit crisis, the interest rate he’s paying on his building just jumped 400 percent. Speaking on behalf of all the small business owners in his community, he had a simple message: ‘Kentuckians need help now.’



“And here’s what a woman from Central Kentucky wrote to me about the financial rescue plan that the House of Representatives rejected yesterday:



‘I hope you will not lose sight of the vast numbers of innocent Americans who work tirelessly to create a better future for our children and fellow Americans, who could be financially wrecked by plummeting U.S. and overseas markets.’



“If the rescue plan fails, this woman added, she’s afraid she’ll have to sell off part of her family’s farmland.



“The credit crisis is spreading. It’s gotten too big to ignore, and it’s too big for one party to solve on its own. Congressional leaders are assessing the legislative path forward. But one thing is clear: any solution will be a bipartisan solution. Both sides have to work together. And we will stay here until the answer is ‘Yes’.



“There was a lot frustration around here yesterday, which led to a lot of accusations and blame. Today, we must move forward together.



“The voters sent us here to respond to crises, not to ignore them. And if you fail the first time, you get back up, and you work with each other.



“So: We know what we need to do, and that we need to do it quickly. And we know that time is not the ally of the millions of Americans facing a serious threat to their way of life.



“The Majority Leader understands this. And he and I are working together to find a way to get to ‘yes.’



“Working together is the only way to get this rescue plan passed. And we intend to do both.”



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