Press Releases
Brendan Daly/Nadeam Elshami
202-226-7616
01/11/2008
Pelosi and Reid to Bush: We Want to Work With You to Immediately Develop a Fiscal Stimulus Package
In their letter, Pelosi and Reid state: “Prominent
economists associated with Republican and Democratic Administrations have
called on us to supplement monetary policy with an immediate fiscal
stimulus. These same economists have
stated that the most effective and responsible stimulus policies adhere to
three simple principles: they must be
timely, targeted and temporary.
“We want to work with you and the Republican leadership of
the Congress to immediately develop a legislative plan based upon these
principles so it can be passed and implemented into law without delay.”
Below is a text of the letter:
January 11, 2008
President George W. Bush
Dear Mr. President:
Millions of Americans share our growing concern about the
deteriorating state of the economy and are looking to their elected
representatives to quickly provide assistance.
Federal Reserve Board Chairman Bernanke warned yesterday that the
economy is weakening and that the Federal Reserve Board would take appropriate
action.
Prominent economists associated with Republican and
Democratic Administrations have called on us to supplement monetary policy with
an immediate fiscal stimulus. These same
economists have stated that the most effective and responsible stimulus
policies adhere to three simple principles:
they must be timely, targeted and temporary.
We want to work with you and the Republican leadership of
the Congress to immediately develop a legislative plan based upon these
principles so it can be passed and implemented into law without delay.
We are requesting a bipartisan meeting of the Congressional
Leadership with you as soon as practical following your return from the
We look forward to working together to develop a sound plan
that injects demand into the economy, restores consumer confidence and
purchasing power, and addresses the severe strains being felt by millions of
our fellow Americans.
Sincerely,
Speaker of the House Senate Majority Leader