Recession

March 17, 2008 -- Responding to the Federal Reserve’s emergency action on the sale of Bear Stearns, John Irons, Research and Policy Director of the Economic Policy Institute, issued this statement:

“Emergency actions by the Federal Reserve over the weekend to back and coordinate the fire-sale of the investment bank Bear Stearns were necessary to ensure the stability of the financial market, but underlying instabilities remain unaddressed.    » read more »

17 March 2008 -- Asian stocks opened sharply lower and the dollar fell Monday morning despite steps taken by the U.S. Central Bank to avert a credit crisis that threatens to plunge the U.S. economy into recession.

Late Sunday, the Federal Reserve cut its lending rate to banks, about the same time U.S. banking giant JPMorgan Chase agreed to buy cash-strapped rival Bear Stearns.    » read more »

Largest Monthly Decline in Five Years

March 7, 2008 -- Washington, D.C. – Speaker Nancy Pelosi issued the following statement today on the troubling jobs report from the Labor Department, which showed that the U.S. economy lost 63,000 jobs in February, the largest monthly job decline in nearly five years:    » read more »

2/8/2008 -- "Our economy is sliding into recession and the strain on working families – from stagnant wages, rising energy costs, looming foreclosures, and skyrocketing tuition – is growing. Yet, the Bush Administration has acted once again to tilt the balance of power towards corporations instead of hardworking Americans. I believe we should expand the FMLA so that all workers have the time they need to care for themselves, their children, or sick family members, and be responsible employees.    » read more »

February 8, 2008 -- "Madam President, for too long the federal government has stood idle as Michigan’s unemployment rate has soared, three million manufacturing jobs have been lost, and working families have felt the squeeze of the rising costs of energy, health care and food. I am glad that we are moving today on these short-term measures to stimulate our lagging economy - heaven knows we can’t afford not to. But there is more we must do to fight for American jobs, and I am disappointed that the Republican Leadership blocked our attempt to significantly improve this package.    » read more »

February 7, 2008 -- Washington, DC: Last night one vote prevented the Senate from advancing an economic stimulus package that included important clean energy incentives--a key addition to the package passed by the House last week. Despite being in Washington, John McCain was the only Senator who missed the vote, thus insuring its defeat. This latest move against more clean energy comes at a time when McCain's speeches are full of pledges to increase America's use of clean energy to fight global warming.    » read more »

February 7, 2008 -- WASHINGTON, D.C. – The following is a statement from Change to Win executive director Greg Tarpinian on the United States Senate’s failure to pass the economic stimulus package.

“Yesterday the obstructionist Republican minority blocked a much needed stimulus plan that would have brought help to millions of Americans struggling to make ends meet. With the economy spiraling downward and America’s working families hurting, now is not the time to short change them or the economic future.    » read more »

WASHINGTON, February 7 – The Senate late this afternoon voted 81 to 16 for an economic stimulus package that adds tax rebates for retirees and disabled veterans to a House-passed version of the bill.

“I am glad the stimulus package was substantially improved by adding help for 20 million seniors on Social Security and 250,000 veterans living on disability benefits. Including seniors and veterans will help people truly in need, and it will help the economy overall. It’s the right thing to do,” Senator Bernie Sanders said.    » read more »

Kerry Pushed for Rebate to Seniors, Women and Veterans

02/07/2008 -- WASHINGTON — Senator John Kerry (D-Mass.) welcomed the Senate passage of the Senate Finance Committee’s Economic Stimulus Package today. The bill is a strong response to America’s recent economic downturn, and will strengthen America’s economy by keeping more Americans in their homes, delivering relief to 20 million seniors and lending support to 250,000 disabled veterans.    » read more »

WASHINGTON, DC-Following Senate passage of the economic stimulus package, U.S. Senator Bob Casey (D-PA) released the following statement:

“The plan passed today includes key improvements over the House-passed bill. Pennsylvania’s senior citizens and disabled veterans will benefit from the compromise worked out today.    » read more »

February 7, 2008 -- WASHINGTON, DC— Today, Senator Edward M. Kennedy, Chairman of the Health, Education, Labor and Pensions Committee, released the following statement on the passage of the Senate economic stimulus package.

“Today’s vote is a victory for working families, and a vital first step to get our economy back on track.    » read more »

February 7, 2008 -- WASHINGTON, D.C. - U.S. Senator Barack Obama (D-IL) today released the following statement after the Senate's passage of the Recovery Rebates and Economic Stimulus for the American People Act of 2008, H.R. 5140, which passed by a vote of 81 to 16. Yesterday, Senator Obama voted in favor of the economic stimulus package, which was initially blocked by Senate Republicans.    » read more »

February 7, 2008 -- Washington, DC — Nevada Senator Harry Reid made the following statement today announcing a bipartisan agreement on the economic stimulus plan:

“Two weeks ago most Senate Republicans were quick to endorse the House stimulus bill without any revisions, even though they knew it was inadequate. I said back then that the Senate had two obligations: to improve the bill and to deliver a timely, temporary and targeted bill by Presidents’ Day Weekend. Senate Democrats have kept those promises.    » read more »

Disappointed Republicans Refused to Extend Unemployment Assistance and Help Low-Income Americans with High Heating Costs

February 7, 2008 -- Washington, DC – U.S. Senator Barbara Boxer (D-CA) today stated that she was pleased that Senate Republicans agreed to add senior citizens and disabled veterans to the economic stimulus package, meaning that in addition to millions of Americans they will receive rebate checks.

However, she expressed deep disappointment that the rest of the Democratic measures were not included in the bill.    » read more »

07 February 2008 -- The U.S. Senate Thursday passed a package of tax rebates for millions of Americans and business tax cuts aimed at reviving the sluggish economy. The measure was quickly approved later by the House of Representatives by a vote of 380 to 34. President Bush is expected to sign the bill shortly.

The 81 to 16 vote came after Senate Democrats and Republicans reached a deal to include rebate checks to disabled veterans and retired Americans who receive social security - two groups who were left out of an economic stimulus package approved by the House last week.    » read more »