Bush Administration Proposal on Credit Crisis Not Nearly Enough

Floor Speech

Ms. CASTOR. Madam Speaker, in these challenging economic times, Americans everywhere are feeling the negative impact of President Bush's economic policies. More Americans are looking for work, millions have lost their homes or they are at risk, gas prices are at an all-time high, and in Florida property insurance is out of sight.

Now, the House has already taken action to address these issues, the housing crisis, credit, gas prices, but the Bush administration has been silent, or they have been actively opposed. That is until yesterday, when Treasury Secretary Paulson finally offered a proposal. But one bank analyst back home cautioned that the proposal is a political ploy. The Bush administration is just trying to reassure consumers that it has the financial crisis under control. ``All he's doing is moving the deck chairs,'' he said.

Well, I am very concerned as well that the announcement falls short in one key area. It does not address the immediate needs of American homeowners facing imminent foreclosure and the impact on our neighborhoods and communities.

We are going to work over the next few months for real action, as opposed to President Bush's hands-off approach.

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