Media Stakeout with Senate Majority Leader Harry Reid (D-NV) and House Speaker Nancy Pelosi (D-CA)
Press Conference
MEDIA STAKEOUT WITH SENATE MAJORITY LEADER HARRY REID (D-NV) AND HOUSE SPEAKER NANCY PELOSI (D-CA)
SPEAKER PELOSI: (In progress.) We have just completed two days of hearings in which they've had a chance to offer their amendments, some of which were accepted into the package. So we're on schedule for our time table to have a bill on the president's desk to sign before the Presidents Day recess. Again, if not, there will be no recess. But I feel certain that we will succeed.
This was a working meeting, and it was very encouraging because the president listened to the suggestions of all there, especially the proposals made by our Republican colleagues. And I -- I have good feelings about -- coming out of the meeting, that we will be able to reach more bipartisanship as we go forward.
I yield to the distinguished majority leader, Senator Reid.
SEN. REID: There wasn't a single member of Congress, or anyone in that room, that didn't agree that we have an economic problem in the country, lots of economic difficulties; but at the conclusion of the meeting, there wasn't a single person who felt we couldn't work our way out of the problems we had.
It was a bipartisan discussion. And truly, the president was leading us to be united, not divided. He listened to all the suggestions, whether it was from us or the Republicans.
I was very impressed with the meeting. I look forward to our having a bill on his desk before the Presidents Day recess, a bill that will have the input of Democrats and Republicans and one that has the mark on it to bring this country out of the economic distress we're in.
Q What were the interesting ideas -- (off mike) -- leader?
Q (Off mike) -- about the CBO analysis that the House bill so far does not have a -- (off mike) -- on it?
SEN. REID: There was a significant discussion about the CBO numbers. And Peter Orszag was there, and he explained in some detail how they only analyzed 40 percent of the bill; that he said he would guarantee that at least 75 percent of the bill would go directly into the economy within the first 18 months.
Q What Republican ideas did you try?
Q Could you and Speaker Pelosi give us specifics on -- (off mike) -- what the Republicans are asking for, what you're putting in?
SEN. REID: I think the main thing that the Republicans (have asked ?) for, and they're getting, is to be involved in the process. And that's what --
Q But they want tax cuts (in the bill ?).
SEN. REID: That's what's -- this bill has -- 40, 41 percent of the bill, as we have (it in the ?) House, has -- involves tax cuts. So I think that's what they're asking us, is to be involved, stay involved. And we're going to let them do that.
SPEAKER PELOSI: But many of the tax cuts that are in the bill were some of the suggestions made by the Republicans already: net operating loss, the tax credits for jobs. A number of those are in there now.
So they had -- in the course of these conversations we've had already, they have had their voices heard and their provisions in the legislation. So it is -- this isn't starting from scratch. But there are some additional suggestions that will be reviewed as to their ability to help our economy turn around and create jobs or save jobs, 3 or 4 million jobs over the next two years.
Q What did the --
Q Madame Speaker --
SPEAKER PELOSI: They've probably shared some of their suggestions with you.
Q (Off mike) -- more tax relief?
Q Madame Speaker, many economists now believe that the economy is contracting so rapidly, now, that a bigger package is needed. Was that discussed? And do you believe a bigger package -- (inaudible) --
SPEAKER PELOSI: Well, this is the bigger package. This is a bigger package.
Q Even bigger.
SPEAKER PELOSI: Well, I believe that the standard that must be met is are the initiatives in the bigger package able to create jobs in the near, near -- in other words, some kind of a time-release, that it creates jobs now and then it continues a foundation of economic stability as we go forward. And so it's not just about how big the package is. It's about how fast jobs are created and how those initiatives that were added in the spending will contribute to long- term stabilization of our economy.
And we have to keep in mind the impact of the spending in terms of our deficit. So the package will be as big as it can be successful, on the tax side and on the investment side. It has grown -- when we started, 61 (billion dollars), 130 (billion dollars), 600 billion (dollars); we're at 8-1/4 (hundred billion dollars). It's still in the process. But what we do must work, and it cannot -- and it must be justified, and it cannot unnecessarily contribute to the growth of the deficit, which will not be helpful to us.
Q So Leader Reid, are -- you're not worried about Republican blocking of this?
SEN. REID: No.
END.
Source