Weekly Press Conference With House Speaker Nancy Pelosi (D-CA)
WEEKLY PRESS CONFERENCE WITH HOUSE SPEAKER NANCY PELOSI (D-CA)
SPEAKER PELOSI: Good morning.
Q Good morning.
Q Good morning.
SPEAKER PELOSI: Oh, what a week, huh? On Tuesday, President Obama's inauguration, we saw a great outpouring of the American people to witness that historic event. The president was eloquent in his address, but I think even more eloquent was the size of the audience that weathered the cold, and the silence with which they listened to his remarks -- silence of hundreds of thousands of people to listen to his message of strength, clarity, and of hope.
Very proud of the address. I've asked my colleagues and everyone I've spoken to, and now to you: read this address over and over again. It is a statement of values and principles true to our founders' vision, it is a -- has clarity about the challenges we face, and if offers solutions for the future.
And today -- one of the aspects of the speech, of course, was economic recovery. Today, we are marking up in at least three committees. Yesterday, the Appropriations Committee marked up the bill. Next week, we will bring it to the floor. And we're very proud of the product that is emerging through the legislative process.
The president said in his remarks -- he called for action, bold and swift. And even in the couple of days since the speech we've learned that the new unemployment claims jumped to 589,000 -- that's about 4.6 million Americans who have applied -- and new home construction fell more than 15 percent -- 15 percent -- last month.
As I said, we are marking up the bill, and we're very pleased with the progress that it is making. It's a crucial first step in a concerted effort that we have to jump-start the economy. It will create jobs immediately, and it will also lay the foundation for economic stability as we go forward.
I'm particularly pleased with the outside validation the legislation has received. Some of you've heard me reference the breadth of support that we have had from right to left of economists of every stripe. Yesterday, Mark Zandi, who was the economic adviser to John McCain, put out a statement analyzing it. I believe you have copies of some of the aspects of his statement. But just to say that he said that this proposal that -- as -- the House-written package will create or save 4 million jobs, it will decrease unemployment by 2 percent, all by the year 2010. And he also said if we do not do that, the situation will only worsen.
So we're -- we're very pleased that we're taking action, bold and swift, and pleased to answer any questions you may have.
Q Madame Speaker?
SPEAKER PELOSI: Yes, ma'am.
Q Could you give us your reaction to this tentatively planned meeting between House Republicans and President Obama for next week regarding the economic stimulus package, and the reports that Democrats will not be in the room? How do you feel about --
SPEAKER PELOSI: No, no, that's fine. It's what we had hoped that President Bush would have done, to act in a bipartisan way. As we keep saying, we have to respect every voice and every view.
I think it's important for the president to communicate directly with the Republicans. President Bush came to one of our -- our issues conferences, you may recall, a number of -- I think it was eight years ago, and then he came again a few years ago. He came two times. And it was important for him to do that. In between, however -- (chuckles) -- we had a very little come up -- communication on that level.
I commend the president for reaching out to the Republicans and I look forward to the outcome of that meeting. But it's not just about a meeting, it's about a relationship. It's about increased communication. And I'm perfectly pleased with it.
Q If I could follow, do you have any special concerns about what the president will or will not give on in terms of tax cuts and things that are -- you've already outlined to be in the package?
SPEAKER PELOSI: I do not have an specific concerns --
Q Madame Speaker?
SPEAKER PELOSI: -- in that regard.
Q Just general concerns?
SPEAKER PELOSI: (Laughs.)
Q The Congressional Budget Office just the other day came out with an assessment of the House stimulus package, and it it, it seemed to appear that as little as 7 percent of the outlays for this fiscal year will be spent on so-called shovel-ready transportation projects. What is your reaction to that report?
SPEAKER PELOSI: My reaction is that it -- they did not have the full data when they made that report. Today, the infrastructure and Transportation Committee is having its own hearing on the bill, and they will lay out the facts which were not considered by the CBO. The CBO -- some of the leadership of the Congressional Budget Office met with Mr. Oberstar yesterday and admitted that they did not have the full data on which to base their projection. And it is rejected by almost every other independent analysis of what the bill will do.
So when all the facts are present -- and by the way, they were talking about one aspect of the bill, and they really didn't have it right on that. But as they turn to other aspects of the bill and the job creation that is in the package, of course that increases the number of jobs. But on your question of infrastructure, I think today will set the record straight.
Next week we'll be naming a new -- I think it's -- hopefully, by next week we'll be naming a new director of the Office of Management and Budget. You know who it is. We've already signaled who it would be. But the budget committees will vote on that and we'll have an announcement next week, and we'll be proceeding then with objective data on which to measure the impact of our actions. We don't think they acted with full information.
Q Madame Speaker, do you have any reaction to rumblings over in the Senate that the economic recovery package is going too fast and maybe it won't be ready by the President's Day recess?
SPEAKER PELOSI: Every month that we do not have an economic recovery package, 500 million (sic/thousand) Americans lose their jobs. I don't think we can go fast enough to stop that. The president asked for action, swift and bold. That is what we are doing.
Q Madame Speaker?
SPEAKER PELOSI: And these are no -- there's nothing really new in this. We have been asking for this for over one year of President Bush. Much of what is in the package has been part of what President Obama has been talking about and where we are in full partnership and support of reaching out to the Republicans.
The American people are in a desperate situation. They -- they expect and demand action to relieve the economic crisis that they're experiencing in their own families. I don't think we're going too fast.
Q Do you stand by your deadline of the President's Day recess?
SPEAKER PELOSI: Absolutely. Well, we won't leave here without an economic recovery package.
Q Madame Speaker, there's a hearing in Judiciary today on the bill that would let bankruptcy judges alter mortgages. Where does that fit into your priority scheme? And would you plan to move that anytime soon?
SPEAKER PELOSI: Very high. The -- enacting bankruptcy legislation is a very high priority, and we will have it either free- standing or in some piece of legislation that will become law soon.
Q What about the stimulus?
Q Timetable? Any timetable?
SPEAKER PELOSI: Well, in my view, as soon as possible, because I never supported the original bankruptcy bill. But in terms of building the consensus to win the vote to have a bill signed into law, as I say, we'll either put it forth free-standing or as part of another engine that is leaving the station.
Q This year?
Q Do you support putting it in the stimulus?
SPEAKER PELOSI: This year. Yes, this year, in answer to your question.
The gentleman was asking does that mean this year. Yes, this year, because, again, the more time that goes by, the more people lose the opportunity to stay in their homes. It's urgent.
Q Do you support putting it in the stimulus?
SPEAKER PELOSI: I would be very open to that. I'd like to get it passed as soon as possible, but there are several other options. So -- but I support getting it done and getting it done in a timely fashion.
Q Are you worried that it could cause problems for the stimulus, either here or in the Senate?
SPEAKER PELOSI: No. No, I'm not. But we have a lot of work to do, and as has been indicated, we have a deadline and a sense of urgency that we -- we need to get the job creation part of this done.
We will have a housing bill, we will have other legislations -- legislation or a free-standing bill, but we will get it done.
Q Madame Speaker?
SPEAKER PELOSI: Ma'am.
Q Geithner is telling the Senate Finance Committee that the Obama administration believes that China manipulates its currency. You've spoken about this issue before. What actions do you think this administration and this Congress might take this session to --
SPEAKER PELOSI: Well, let me say that right now our priority is the economic recovery package, and that is where we are focusing our attention. When we have a secretary of the Treasury, we'll be talking to him about -- well, he stated what he believed was the situation. Now let's consider what the options are. But I'm not announcing any of them today.
Q Madame Speaker, the -- on the CBO report again, Peter Orszag said yesterday that 75 percent of the spending plan -- of the entire stimulus -- should go out in the first 18 months. Is that a -- is that an accomplishable goal?
And also, you're having -- you're -- you're getting some party- line votes on -- in these -- in these markups yesterday and in Appropriations. Can you avoid that?
SPEAKER PELOSI: Well, I think there were more Republican amendments than Democratic amendments, as far as I can tell. But I haven't had a full report on it. But --
Q (Off mike.)
SPEAKER PELOSI: Hmm? Hmm?
Q But that's no measure. I mean, the Democrats wrote the bill. I mean --
SPEAKER PELOSI: I understand that. But nonetheless, the -- what -- it did have Republican amendments that were passed in the committee, and I'm --
Q But are you going to end up with a -- is this going to inevitably be a partisan vote in the end?
SPEAKER PELOSI: Just depends on how the Republicans vote. I think that the president -- we're going to have a meeting tomorrow at the White House. I don't know if that's -- (inaudible). (Laughs.) We'll meet in a bipartisan --
Let me just say from the start, before we were sworn in as a new Congress, President Obama -- then-President-elect Obama -- invited bipartisan, bicameral, House and Senate leadership to meet with him. He was very clear about the need for action and action now. He was also very clear that he wanted to act in a bipartisan way, and invited the views of both Democrats and Republicans on the package.
He had his own, shall we say, priorities and agenda. The House Democrats and Republicans had some additions to that -- have some additions to that. He is going to be meeting with the Republican Caucus this Friday. We'll be meeting again tomorrow in a bipartisan way, House and Senate. Next week he'll be meeting -- I don't know when he's meeting with the Republicans -- Is it next week that he's meeting with the Republicans? -- before they go to their issues conference.
So we -- you know, we have a statement of priorities that we think will create jobs. Yes, we wrote the bill. Yes, we won the election. But that doesn't mean we don't want it to have sustainability and bipartisan support, and the president is working hard to get that done, because it just comes down to one thing.
It doesn't come down to Democrats or Republicans; it comes down to jobs, 4 million jobs created or saved. It comes down to addressing the challenges that we face because of the downturn in the economy. And we're doing something different. We're going in a new direction because the direction that the Republicans had taken us in has taken us into this -- to this brink. And now we are reversing that, and we hope to have the thinking of the Republicans and -- and their votes, as well.
(Cross talk.)
SPEAKER PELOSI: And this is going to be last because I have to go work.
Q What do you make of Republican --
Q Madame Speaker, on a different note -- on a different note, what are your thoughts on President Obama's executive orders closing Guantanamo Bay, halting the trials?
SPEAKER PELOSI: Have they been released yet today? They haven't? No.
I've been briefed yesterday that today they will be releasing it. I very much support what the president's doing. It's -- it's orderly, it's -- it's in the interest of our national security, and I think it will be well-received. But --
Q (Off mike.) Is it just --
SPEAKER PELOSI: The president's meeting. You'll have to ask him what the agenda will be. But I -- I know, because the order of the day is passing the recovery package, that we will be focusing on that and whatever other subject the president wants to introduce. And of course, he invites us to speak up, too, as to what we want to talk about.
Q Madame Speaker, what are your --
SPEAKER PELOSI: David, did you have a question? David? One more, last. Did you have a question?
Q Hmm?
SPEAKER PELOSI: I thought you had a question.
Q (Off mike) -- go ahead, sir.
SPEAKER PELOSI: Apparently.
Q Can you discuss what you're willing to do on long-term fiscal imbalance? The Blue Dogs have talked about a commission. You haven't seemed very warm to that idea.
SPEAKER PELOSI: No.
Q Is another idea statutory PAYGO, a constitutional budget amendment, something you might --
SPEAKER PELOSI: Well, I support -- I work with the Blue Dogs on a -- the statutory PAYGO. I think it's very important for us to have the fiscal discipline that the American people want us to have as we go forward.
So we want to make judgments about the investments that we make. For example, an investment in education brings more money to the Treasury than any other incentive -- tax incentive or any other initiative you can name. So we want to choose our priorities in how they create jobs, grow the economy, return money to the Treasury, so that we can reduce the deficit.
In addition to that, we want to -- I -- I fully support statutory PAYGO. I have for a long time. And I salute the Blue Dogs for their initiative. They have really made PAYGO a mantra of the Democrats in the Congress.
And as to how we go about it, I would rather start with the elected representatives of the people coming together to put all of the challenges that we have of the table and see where we go from there. And obviously we want the benefit of outside thinking on it, and what form that takes remains to be seen. But I think we have to start where we are accountable, and that is with -- in the Congress of the United States.
Thank you all very much.
Q Thank you.
END.
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