WASHINGTON, DC - House Majority Leader Steny H. Hoyer (MD) released the following statement today following President-Elect Obama's speech on the economy:
“President-elect Obama was right when he pinpointed the prime cause of our economic crisis. The same irresponsibility led Wall Street to take on unmanageable risk, borrowers to take on loans they could not afford, and the Bush Administration to inflate our deficits and debt to record levels. All of those causes have combined to endanger the jobs, savings, and futures of millions. But we can be optimistic that when our next President is sworn in, we will also be inaugurating a new era of responsibility in Washington.
“The least responsible thing we can do is sit passively in the face of this crisis. That is why we must quickly pass a recovery plan designed to create jobs and strengthen our economy for the 21st century. As the President-elect made clear, the recovery plan should draw on good ideas from both parties, and it should be free of wasteful spending and pet projects.
“But as essential as it is that we enact recovery legislation quickly, it is equally important that we put America back on the course to fiscal sanity and begin to undo the deep damage brought on by years of reckless borrowing as soon as possible. We will face difficult decisions on future spending—especially when it comes to entitlement reform. That is why I welcome the President-elect’s recent comments that entitlement reform will be a key part of America’s return to fiscal responsibility. Our choices will not be easy, but I look forward to working with President-elect Obama as we begin the work of turning our economy around.”