Press Releases
Brendan Daly/Nadeam Elshami
202-226-7616
04/23/2008
Pelosi Letter to Boehner Urging Bipartisan Cooperation on a New Economic Recovery Package
Washington, D.C. - Speaker Nancy Pelosi sent the following letter today to House Republican Leader John Boehner on the worsening economic conditions and the need to work together “on an economic recovery package that will be enacted swiftly.”
The Speaker, in her response to Boehner’s earlier correspondence about the Colombia Free Trade Agreement, added that “until we pass a legislative package for jobs and economic growth here at home, it will be extremely difficult to approve any trade legislation.”
Below is a text of the letter:
April 23, 2008
The Honorable John A. Boehner
House Republican Leader
H-204, The Capitol
Washington, D.C. 20515
Dear Leader Boehner:
Thank you for your letter concerning the need for continued bipartisan efforts to address the serious state of the national economy as well as the Colombia Free Trade Agreement. As I said to the President, until we pass a legislative package for jobs and economic growth here at home, it will be extremely difficult to approve any trade legislation.
Working together to pass the economic stimulus legislation earlier this year – a law that will soon begin delivering billions of dollars in Recovery Rebates to 130 million Americans – was a signature accomplishment for the 110th Congress, one that will begin the process of revitalizing our economy and improving the economic security of the American people.
This stimulus effort was necessitated by the failed economic policies of the last several years – including a failure in regulation of the banking and mortgage industries that led to the subprime crisis and a 53% increase in foreclosures in just the last year. Additional policies created record budget and trade deficits, stagnant incomes, inflation at nearly triple the anticipated rate (led by rising costs of food and gas prices), and most importantly, a severe decline in the number of jobs.
Just last week, it was announced that applications for unemployment benefits rose again to 372,000, an increase of 17,000 from the previous week, following a steady pattern of job loss since January. Today, there are 7.8 million Americans looking for work, nearly 1 million more than a year ago. As you know, both the current chairman of the Federal Reserve Board, Ben Bernanke, and his predecessor, Alan Greenspan, has confirmed the serious weakening of the economy since January.
During consideration of the first stimulus package, I advocated enactment of several provisions to assist America’s working families who were enduring difficult economic circumstances. We agreed on the Recovery Rebate approach in January, but as you know, I pledged to revisit those earlier initiatives that were set aside in January if conditions worsened and necessitated additional legislation. That deterioration in the economy has occurred, and a bipartisan congressional response is now necessary. We must also review trade policies that have contributed to the loss of domestic jobs in light of changed economic circumstances at home.
As in January, the best process for developing economic recovery legislation is through face to face discussions rather than by laying out a list of options. I have already had several conversations with Secretary Paulson on this subject, and look forward to continuing those discussions soon. At that time, we will consider all available options for securing enactment and funding of significant legislation to revive the economy and promote the creation of jobs. I look forward to working with you, the Bush Administration, and our congressional colleagues on an economic recovery package that will be enacted swiftly.
Thank you for your letter, and I look forward to working together on behalf of America’s working families.
best regards,
NANCY PELOSI
Speaker of the House