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American Jobs And Economy At Risk

Floor Speech

Date: Oct. 2, 2008
Location: Washington, DC
Issues: Finance and Banking Government Budget and Spending

Mr. CAMPBELL of California. Mr. Speaker, on Monday afternoon after this House rejected and defeated the economic recovery bill, Americans lost over $1 trillion in the stock market. They lost over $1 trillion in their savings and in their investment and in their retirement accounts. If we do not act, that will be just the beginning. Why, they would have been better off if we had taken the $700 billion in that bill and thrown it in the Potomac. But that is not what this bill will do.

This bill takes that $700 billion and buys assets which have three different backstops to make sure that the taxpayers not only get all of their money back, but could perhaps actually make a profit.

Mr. Speaker, American jobs are at risk, the economy is at risk, their retirements are at risk. We must act. I hope we follow the Senate's lead tomorrow and pass this bill.


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