The credit crisis in our financial markets affects everyone from Wall Street to small businesses. With the U.S. and global economies continuing to falter, I believe more must be done to rebuild our economy, create good-paying jobs, and promote consumer confidence. That is why I am working with my colleagues in Congress to pass an economic recovery package in the near future that will support America’s working families as they struggle to make ends meet with rising food and energy costs. I hope the Bush Administration’s parting gift will be to enact an economic recovery package that puts families first.

Congress needs to work together in a bipartisan way to address the economic crisis impacting American families when we reconvene in November.  Unemployment remains very high in California, with 7.7% of workers out of a job.  In East Los Angeles, unemployment topped 10% during August and September.  Without Congressional action, about 800,000 people would run out of their benefits this month, with that number growing to 1.1 million by the end of the year. Extending unemployment benefits is not only the right thing to do for workers impacted by President Bush’s failed economic policies, but is also a cost-effective and fast-acting economic stimulus.  Every $1 spent generates $1.73 in new economic demand.  We also need to protect working families against health care cuts on the state levels as state and local governments face budget crises.

House Democratic leaders have been working with America’s leading economists to develop effective solutions to our economic slowdown.  These economists recommended an economic recovery plan that focuses on creating jobs and providing real relief to families in need.  This week, the Bush Administration finally showed signs of compromise when Federal Reserve Chairman Bernanke told the House Budget Committee that he thinks a stimulus may be needed.

House Democrats are ready and willing to work together to pass a new economic stimulus package for American families in this time of great need.  In September, the House passed a stimulus bill to create jobs with infrastructure funding, extend Food Stamps nutrition assistance to families living on the edge, prevent healthcare cuts for working families, and extend unemployment benefits to Americans still looking for work and facing a loss of their benefits.  This stimulus package was blocked by Senate Republicans, and had it passed the Senate, President Bush threatened a veto.

As the economic crisis becomes more severe and the strain on our family budgets even greater, Congress and the Bush Administration must act to help out everyday Americans with an economic recovery package.  Unemployment benefits need to be extended.  We need to create jobs now and bolster the safety-net services like Medicaid and food assistance due to the increased need among working families. We must fund workforce training programs, such as green jobs training, so workers have skills for secure, stable employment.

I am working with my colleagues to keep our economy from spiraling further into recession.  I hope that President Bush and the Senate will commit to the same goal of enacting a package that puts families first and strengthens the economy for all Americans.