OFFICE OF THE MAJORITY LEADER

Economic Crisis

Congress continues to work to address the crisis in a responsible, bipartisan manner

Statements from House Leadership

Pelosi, Reid to Bush: ‘We Are Committed to Working With You and Our Republican Colleagues to Enact a Bipartisan Bill Without Further Delay’ (9/30/08)

Hoyer Statement Regarding Schedule of U.S. House of Representatives (9/29/08)

Pelosi: The Legislation Has Failed But the Crisis Has Not Gone Away; We Must Work in a Bipartisan Way to Pass New Legislation (9/29/08)

Hoyer Remarks at Press Conference Following Vote on Financial Recovery Package (9/29/08)

No Matter Who Started it, it Is in Everyone’s Interest to Stop It (Hoyer post on The Hill's Congress Blog, 10/1/08)

Reports

How Did This Happen? Facts on the Core Causes of the Economic Meldown (Media Matters Action Network and the Center for American Progress Action Fund)

"It’s the Credit Market" - the Real Pain of Our Financial Crisis, A report from Rep. Jim Cooper (D-TN), (10/2/08)

A Collection of Editorials Supporting the Bipartisan Plan (10/2/08)

A Collection of Quotes from Prominent Economists Supporting the Economic Recovery Plan (10/2/08)

A Collection of Editorials Supporting the Bipartisan Plan (9/29/08)

Crisis on Wall Street Trickles Down to Main Street, Impact on Taxpayers, Consumers, Homeowners & Businesses

Foreclosure Prevention Resources:

Foreclosure Prevention Guide (10/15/08)

Majority Leader Hoyer Responds on National Television

Addressing Senate Financial Rescue Plan on MSNBC, October 01, 2008 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... [TRANSCRIPT]

Addressing the Press on the Senate Financial Recovery Bill on CSPAN, October 01, 2008 We spent a lot of time working on getting it right. As you know the bill that was presented to us by the administration and asked to pass was not in a position that we thought was appropriate. We added very substantial provisions in terms of transparency, in terms of oversight, in terms of capping compensation so the taxpayers weren't enriching the already rich. And providing for protections for homeowners, trying to make sure that we can provide for some workouts for people so they're not kicked out of their homes. [TRANSCRIPT]

Discussing the Senate Bill for Financial Rescue on CNN, October 01, 2008 The concerns are not so much about the continuing of the tax extenders, that is the benefits research and development tax, the taxes to help solar, wind, other energy sources. Clearly we're for that. What the Blue Dogs are concerned about is paying for these and not making the deficit worse. That's the controversy... [TRANSCRIPT]

Speaking about the Senate Vote on the Financial Recovery Bill on Good Morning America, October 01, 2008 No doubt the tax package is very controversial. The senate, in my opinion, is adding that on because they think that's the only way to get it passed...We'll have to be talking to them. I'm not particularly pleased with that addition myself, very frankly... [TRANSCRIPT]

Discussing Senate's Vote on the Financial Recovery Bill on MSNBC, October 01, 2008 Frankly since Monday's failure there's been a greater appreciation by the american public that this affects them and their families and I think there's going to be a greater understanding and more support, more broad-based support during the consideration bill to the next few days... [TRANSCRIPT]

Discussing the Rejected Financial Recovery Plan on CBS, September 29, 2008 We delivered two-thirds of the democrats for a proposal by the republican president and republican secretary of the treasury. So we think we did our job and we worked very hard at making sure that we had that two-thirds vote... [TRANSCRIPT]

Supporting the Emergency Economic Stabilization Act on the House Floor, September 29, 2008 We swore an oath to protect this country, to protect our constitution and protect our people. Most days in the house of representatives, we make judgments... [TRANSCRIPT]

Statement on Votes for the Recovery Bill on Squawkbox, September 29, 2008 I am very hopeful the votes are there from both sides of the package. You have the president of the united states, all the leaders of congress on both sides of the aisle, and you have senator mccain and senator obama both saying we need to do this. Will it work? I don't think anybody can guarantee that. If we do not act, will we be at greater risk? Most people agree with that... [TRANSCRIPT]

Hoyer Delivers Democratic Radio Address, September 27, 2008 Before we find our way out of this mess we need to understand how we got into it essentially. We're here because much of our financial sector became dependent on the Housing Bill. On the gamble that home values would rise year after year... [TRANSCRIPT]