WASHINGTON, DC - House Majority Leader Steny H. Hoyer (MD) released the following statement today in response to President Obama's address on the economy:
“This morning, President Obama explained the recklessness that led us into this recession, as well as the essential steps it will take to get us out. Many of those steps—such as the Recovery Act, the tax cut for 95% of Americans, and the Administration’s plans to restore the flow of small business and mortgage lending—have already begun to take effect, creating jobs across America. None of the steps toward economic recovery can be judged in isolation, and even working together, they will not prevent 2009 from being a difficult year for our economy. But Democrats’ recovery efforts are cushioning the blow of this recession and preparing us for a return to prosperity.
“President Obama also spoke about the long-term foundation we can build, so that our recovery is long-lasting and widely shared. It will include a sensible set of financial regulations to prevent a recurrence of the kind of collapse we have just experienced, as well as intelligent investments in the education of our workforce, cutting-edge energy technologies, and access to affordable healthcare. Finally, we have an opportunity to end the fiscally reckless ways of the past by reducing our deficit, taking on spiraling healthcare costs, and finding the bipartisan will to confront the problem of entitlement reform. In fact, I was very pleased that the President identified fiscal responsibility as one of the key pillars of recovery.
“This month, the House passed a budget that starts work on many of the goals outlined by President Obama, making important long-term investments while cutting our deficit by nearly two-thirds by 2013. I look forward to working with the Senate to finalize the budget, a document that will lay the strong foundation of which the President spoke today.”