WASHINGTON, DC - House Majority Leader Steny H. Hoyer (MD) spoke at a press conference today following the vote on the financial recovery package. Below are his remarks as prepared for delivery:
"As I said on the House floor, today was a very consequential day. We are facing a severe economic downturn, and it was crucial for Democrats and Republicans to come together to support the financial rescue plan put forward by President Bush and Secretary Paulson. Both Democrats and Republicans had a responsibility to help pass this bill. Democrats met our responsibility: 60% of House Democrats voted for the rescue plan, notwithstanding the great reservations many of us had about the bill. We kept our responsibility because Secretary Paulson, Chairman Bernanke, and economists on the left and right all told us that failure to act would bring grave consequences.
"An essential bill failed today, but our economic crisis has not gone away. We will continue to work in a bipartisan fashion to forge a solution to a serious threat confronting the economic security of millions of American families."