ACT DECISIVELY AND IN A BIPARTISAN FASHION -- (House of Representatives - October 03, 2008)
Mr. PALLONE. Madam Speaker, today the House must act decisively and in a bipartisan fashion to begin the process of rescuing an economy that has been spiraling downward for some time. Without action, we are warned the credit markets will freeze up, preventing families from getting car and home loans, students from qualifying for college loans, and small businesses from being able to pay their employees or purchase new products.
Over the last couple of days, we have heard that traffic in automobile dealerships is down 50 percent in the last month because people can't get the credit to purchase a new car. We have heard about college students not being able to pay for their classes or their books because they can't get the loan to attend school.
If we don't act today, credit markets will freeze and Main Street will suffer. Families living from paycheck to paycheck will see their credit card limits slashed and interest rates increased. This is something we simply can't allow to happen. I hope that we can come together in strong bipartisan fashion to pass this economic rescue package today.