Chief Deputy Whip Diana DeGette (D-C0) today issued the following statement today after the Federal Reserve Board issued an emergency rate cut of a key interest rate by 3/4 of a percentage point:
"As our economic outlook worsens, consumers are struggling with skyrocketing gas and home heating costs, increases in college tuition, and rising health care costs. The emergency interest rate cut was a necessary step in the right direction to restore public confidence in the market and revitalize our economy.
"The Democratic Congress is working in a bipartisan way with the Bush Administration to develop a timely, targeted, and temporary fiscal stimulus plan that will provide relief to the American consumer by putting more money into their hands. This stimulus package will help strengthen our economy by encouraging low to middle-class families to reinvest in the economy providing a much needed boost."