DeLauro Successfully Presses Fed Chairman Bernanke on Need for Economic Recovery Program

Press Release

DeLauro Successfully Presses Fed Chairman Bernanke on Need for Economic Recovery Program

Congresswoman Rosa L. DeLauro (CT-3), vice-chair of the House Budget Committee, successfully pressed Federal Reserve Chairman Ben S. Bernanke on the need for a recovery package targeted towards Main Street during a Budget Committee hearing: Economic Recovery: Options and Challenges. This hearing is part of a larger set of hearings on economic, finance and regulatory issues, aimed at paving the way for an economic recovery package designed to boost growth. DeLauro will also discuss the issue of a job-creation recovery package at an economic forum she is hosting on Wednesday 22 October in North Haven, CT.

"Chairman Bernanke is an important voice in our efforts to get our economy back on-track. His support for a new economic recovery package, echoes what numerous economists, experts and policymakers have advocated - that a job creating recovery package is the best way to invest in our middle-class, our small businesses and strengthen our economy," said DeLauro. "It was also refreshing to hear Chairman Bernanke's support for an investment, particularly those projects ready-to-go as a good way to quickly infuse dollars into the economy. I would also welcome further guidance from the Chairman on concrete suggestions for other Congressional action.

"Although he made it clear today that a new economic recovery package is critical to boosting our economy, it is frustrating that he refuses to acknowledge, as so many economists have, that we are in a recession. We must understand the scope of our economic challenges, to ensure we are providing the right solution."

Congressional Democrats have announced plans to introduce a fiscally responsible recovery package so that Congress can move rapidly to get our economy moving again and to provide assistance to hard hit middle- and low income American families. This package could include more federal funds for bridges and other transportation projects, improving the power grid, and becoming more energy efficient, as well as additional funds to the states to prevent cuts in critical programs such as healthcare for children and seniors, a permanent tax cut for lower- and middle-income families, an extension of unemployment benefits, and increased money for food stamps.

Continued DeLauro, "People in Connecticut and across the country continue to struggle with rising costs, weakened retirement security, and increased unemployment. I hope the President and Republicans will heed Chairman Bernanke's advice to work with us to enact a targeted, timely, and fiscally responsible economic recovery and job creation package."

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