U.S. Representative Tom Allen, a senior member of the House Budget Committee, issued the statement below today in response to the failure of the House to pass the proposed Emergency Economic Stabilization Act.
"It is unconscionable that the House failed to reach consensus on legislation to stabilize financial markets as America stands on the brink of the worst economic crisis since the 1930s. The jobs, the savings, the homes, the educational opportunities and the retirement security of millions of Americans are at risk. People are angry about the lax regulation and lack of oversight that allowed this situation to develop. I share their outrage and understand that it will grow even more if Congress allows the economic situation to deteriorate even further."