Tuesday, October 21, 2008

Bernanke Goes to the Hill for more Money

Responding to Federal Reserve Chairman Ben Bernanke's testimony before the House Budget Committee, Speaker of the House Nancy Pelosi said, “Chairman Bernanke made it clear that a new economic recovery package is critical to boost our weakening economy." 

" In testimony today before the House Budget Committee, Chairman Bernanke added his voice to the chorus of economists, experts and policymakers who insist that America needs a job-creating recovery package to get our economy back on track and to restore consumer and investor confidence," said Pelosi.

“At a time when Americans are struggling with rising costs and weakened retirement security, and a growing number of workers are losing their jobs, I call on President Bush and Congressional Republicans to once again heed Chairman Bernanke’s advice and as they did in January, work with Democrats in Congress to enact a targeted, timely, and fiscally responsible economic recovery and job creation package.”

Republican House Leader John Boehner

Republican House Leader John Boehner, however, responded differently.

“House Republicans agree with Chairman Bernanke that action to strengthen our economy is needed, and it should come in the form of pro-growth policies that create new jobs, lower energy costs, and protect taxpayers – not hundreds of billions in new government spending masquerading as ‘economic stimulus," said Boehner.

He said, "I’m particularly pleased that Chairman Bernanke today repeated his past warnings that tax increases are the wrong approach during times of economic uncertainty."

"I call on Speaker Pelosi to work with House Republicans to stop the massive tax hike Democrats have set in motion and enact pro-growth reforms that allow Americans to keep more of their own paychecks and will help get our economy back on track," said Boehner.

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