Speaker Pelosi issued the following statement on Federal Reserve Chairman Ben Bernanke's testimony this morning before the House Budget Committee and his support of an economic recovery package. The House had passed an economic recovery and job creation package in September, but it was blocked by Republicans in the Senate and opposed by the President.
Chairman Bernanke made it clear that a new economic recovery package is critical to boost our weakening economy. In testimony today before the House Budget Committee, Chairman Bernanke added his voice to the chorus of economists, experts and policymakers who insist that America needs a job-creating recovery package to get our economy back on track and to restore consumer and investor confidence.
At a time when Americans are struggling with rising costs and weakened retirement security, and a growing number of workers are losing their jobs, I call on President Bush and Congressional Republicans to once again heed Chairman Bernanke's advice and as they did in January, work with Democrats in Congress to enact a targeted, timely, and fiscally responsible economic recovery and job creation package.
Testifying today before the House Budget Committee, Federal Reserve Chairman Ben Bernanke voiced his support for an economic recovery package. 'Consideration of a fiscal package by the Congress at this juncture seems appropriate,' Bernanke said. Subsequent White House comments indicate President Bush is moving towards Democrats' position on this vital issue as well.
With millions of jobs and homes at risk, and retirement savings endangered, passing a recovery package should be at the top of Congress's agenda. Such a package would aim to create jobs, restore consumer confidence, and help those who are being hit hardest in this recession. I urge President Bush and Congressional Republicans to work with Democrats to make a targeted, fiscally-responsible recovery a reality.
I am pleased that Chairman Bernanke agrees with congressional Democrats about the value of an economic recovery package to help create jobs and increase economic growth. I hope his testimony will convince President Bush and congressional Republicans that it is time to stand up for hard-working Americans who continue to struggle throughout the nation, not just bankers on Wall Street. Given the serious economic problems we face, much more must be done to revive our economy and strengthen the middle class.