Democratic Leaders Speak with Experts on Possible Economic Recovery Plan

For Immediate Release:

October 27, 2008

Contact:Stacey Farnen Bernards
(202) 225 - 3130

WASHINGTON, DC - House Majority Leader Steny H. Hoyer (MD) released the following statement today after House Democratic leaders spoke with economic experts on a possible economic recovery plan:
 
“Earlier today, House Democratic leaders spoke with top economists about a new economic recovery package for Main Street.
 
“While the financial rescue legislation is beginning to un-thaw credit, there is widespread agreement that a fiscally responsible job-creating recovery package is urgently necessary to prevent a deep recession.
 
“Today’s discussion comes on the heels of more bad economic news.  The Commerce Department reported that new home sales increased last month, but experts say a housing market recovery is a long way off. With hundreds of thousands more Americans out of work this year, and an estimated 775,000 workers expected to exhaust their unemployment benefits by the end of this month, many will find themselves unable to make mortgage or credit card payments. And with banks still feeling the effects of the credit freeze, they will remain cautious about lending. Democrats will continue to focus on how to help create jobs and get our economy working again as soon as possible.”
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