OFFICE OF THE MAJORITY LEADER

TRANSCRIPT

Addressing Senate Financial Rescue Plan on MSNBC
October 1, 2008

... WASHINGTON AND WALL STREET WHO DESERVE IT, ALL OF US NOW HAVE A RESPONSIBILITY TO SOLVE THIS CRISIS BECAUSE IT AFFECTS THE FINANCIAL WELL-BEING OF EVERY SINGLE AMERICAN. THERE WILL BE TIME TO PUNISH THOSE WHO SET THIS FIRE, BUT NOW IS THE TIME FOR US TO COME TOGETHER AND PUT THE FIRE OUT. >> JOINING ME DOWN CONGRESSMAN STENY HOYER OF MARYLAND. THANK YOU SO MUCH FOR JOINING US. >> THANK YOU, NORAH. >> THE SENATE IS EXPECTED TO VOTE FOR THIS BILL TONIGHT. IT THEN GOES TO THE HOUSE ON FRIDAY. CAN YOU ASSURE PEOPLE WATCHING THAT THIS BILL WON'T GO DOWN IN FLAMES LIKE THE ONE ON MONDAY? >> WELL, NORAH, I CAN'T MAKE THAT ASSURANCE. OBVIOUSLY TWO-THIRDS OF THE DEMOCRATS VOTED FOR THIS BILL ON MONDAY. IT WAS THE FAILURE TO GET THE 100-PLUS REPUBLICANS THAT WE EXPECTED TO VOTE FOR THIS PROPOSAL BY THEIR PRESIDENT, BY THE SECRETARY OF TREASURY. SO I CAN'T ASSURE YOU OF THAT BECAUSE I HAVE NOT YET HEARD FROM THE REPUBLICANS WHETHER OR NOT THEY HAVE CONVINCED A NUMBER OF THEIR MEMBERS TO SUPPORT THIS PACKAGE. >> CONGRESSMAN, I THINK THAT'S PRETTY STUNNING. IF THE SENATE IS MOVING FORWARD ON A BILL WHERE THEY'VE LUMPED ON ANOTHER $100 BILLION IN TAX EXTENDERS AND TAX BREAKS AND OTHER SWEETENERS, AND YOU'RE TELLING ME YOU'RE NOT SURE THE HOUSE COULD EVEN PASS THIS ON FRIDAY? >> WELL, VERY FRANKLY, NORAH, I'M NOT PLEASED WITH WHAT THE SENATE HAS DONE AS YOU MAY HAVE HEARD. I THINK PUTTING THE TAX EXTENDER BILL ON THIS BILL PUTS THE HOUSE IN THE POSITION OF TAKE IT OR LEAVE IT ON THE SENATE EXTENDERS BILL, WHICH HAS SIGNIFICANT CONTROVERSY IN IT. I'M FOR MOST OF THE PROVISIONS THAT ARE IN THERE. AS A MATTER OF FACT, THE HOUSE HAS SENT MOST OF THOSE PROVISIONS TO THE SENATE, PAID FOR THEM, AND WOULD HAVE ASKED THEM -- ASKED THE SENATE TO CONSIDER THEM INDIVIDUALLY. THEY CHOSE NOT TO DO THAT IN SENDING IT AS A PACKAGE. NOT ONLY AS A PACKAGE, BUT THEY'RE PUTTING IT ON A BILL THAT I THINK IS CRITICALLY IMPORTANT FOR THE HOUSE TO PASS AND THE CONGRESS TO PASS AND THE PRESIDENT TO SIGN TO STABILIZE THIS ECONOMY TO MAKE SURE THAT AVERAGE WORKING MEN AND WOMEN IN THIS COUNTRY AREN'T HURT BY THIS OBVIOUSLY DETERIORATING SITUATION IN OUR ECONOMY. SO I THINK IT'S A VERY IMPORTANT BILL TO PASS, BUT I CAN'T ASSURE YOU THAT THE REPUBLICANS HAVE THE VOTES. THAT'S WHAT YOU ASKED ME. >> YEAH. >> WE'RE WORKING HARD. WE THINK THIS BILL OUGHT TO PASS. WE THINK IT OUGHT TO PASS, AS I SAID, BECAUSE AVERAGE AMERICANS ARE GOING TO BE HURT IF WE DON'T STABILIZE THE ECONOMY. IN FACT, THEY ARE BEING HURT. SO I'M CERTAINLY HOPEFUL WE WILL PASS IT ON FRIDAY. >> I MEAN, CONGRESSMAN, I WAS STRUCK THAT SENATOR HARRY REID, AS YOU KNOW, AFTER THEIR LUNCH ON TUESDAY THEY COME OUT AND ADDRESS THE CAMERAS, AND HE SAID WE'RE NOT TRYING TO JAM ANYBODY, BUT I KNOW AND I THINK FROM WHAT YOU JUST SAID, YOU THINK A LOT OF HOUSE MEMBERS FEEL LIKE THEY'RE BEING JAMMED ON THIS, LIKE THIS MIGHT BE BEING SHOVED DOWN THEIR THROATS. THE QUESTION IS WHETHER THIS GETS MORE VOTES OR THEY END UP LOSING VOTES BECAUSE OF THE ADDITIONAL WHAT SOME ARE CALLING SWEETENERS BUT OTHERS MAY OBJECT TO. >> THE ENERGY EXTENDERS BILL WAS ADDED AS A SWEETENER. IT MAY BE A SWEETENER FOR SOME, AND IN PARTICULAR I THINK REPUBLICANS ARE GOING TO LIKE THE FACT THAT A TAX EXTENDERS ARE BEING DONE WITHOUT PAYING FOR THEM. WE THINK THAT'S BAD POLICY. MORE DEBT, I DON'T THINK THAT'S GOOD, BUT HAVING SAID THAT, I THINK THERE ARE A NUMBER OF REPUBLICANS WHO WILL THINK THIS IS A BETTER BILL BECAUSE OF THAT. I THINK THERE ARE A LOT OF REPUBLICANS WHO AREN'T GOING TO WANT TO VOTE AGAINST THE AMT, WHICH IS NOT PAID FOR. $62 BILLION IN ADDITIONAL DEBT, BUT I THINK THAT CLEARLY THE INSURANCE BEING INCREASED ON DEPOSITS WE THINK IS GOOD. I THINK THE REPUBLICANS THINK THAT'S GOOD. THAT IS SOMETHING THAT I THINK WILL GARNER SOME SUPPORT ON BOTH SIDES OF THE AISLE, BUT YOU ASKED ME CAN I ASSURE YOU THAT UNTIL I KNOW WHETHER THE REPUBLICANS WHO OVERWHELMINGLY OPPOSED THE PRESIDENT'S PLAN HAVE DECIDED THAT THIS IS A BILL WHICH THEY CAN SUPPORT, I CAN'T ASSURE YOU THAT IT WILL BE PASSED. WHAT I CAN ASSURE YOU -- >> QUICKLY, YOU'RE NOT TELLING ME YOU GOT ANY MORE DEMOCRATS THEN AT THIS HOUR? >> WE DON'T HAVE ANY MORE DEMOCRATS AT THIS HOUR. THAT DOESN'T MEAN WE WON'T GET MORE. I CAN ASSURE YOU OF THIS, WE ARE WORKING TO SEE THAT THIS BILL BECOMES LAW. >> CONGRESSMAN STENY HOYER, WE GREATLY APPRECIATE YOUR TIME. >> THANKS A LOT. >> AND WHILE THE ECONOMY IS LIKELY TO TAKE CENTRAL STAGE AT THE VICE PRESIDENTIAL DEBATE TOMORROW NIGHT, THE CANDIDATES WILL ALSO BE PRESSED ON FOREIGN POLICY. ONE OF THE ONGOING DIPLOMATIC TENSIONS THAT THE NEXT ADMINISTRATION WILL HAVE TO FACE IS IRAN AND THEIR PURPORTED NUCLEAR AMBITION. JOINING ME BOB BEAR, AUTHOR OF THE NEW BOOK, ""THE DEVIL WE KNOW, DEALING WITH THE NEW IRANIAN SUPER POWER."" GOOD TO SEE YOU. THANKS FOR JOINING US. >> THANKS, NORAH. >> FIRST QUESTION ON IRAN, WHAT CHALLENGES ARE BARACK OBAMA AND JOHN MCCAIN, WHICHEVER IS ELECTED PRESIDENT, GOING TO FACE REGARDING IRAN. >> I THINK NEW ADMINISTRATION ...