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MSNBC Interview - Transcript


Location: Unknown

MS. O'DONNELL: Congressman John Larson is a Democrat from Connecticut. Congressman, thank you so much for joining us.

REP. LARSON: Happy to be with you, Norah.

MS. O'DONNELL: Why didn't more Democrats vote for this bill?

REP. LARSON: Well, actually, two-thirds of our caucus voted for the bill, and -- because I think they felt the urgency and the importance to the American people, and placed this issue in the forefront based on the urgency of the credit crunch the previous speaker just alluded to, and also what was impacting their 401(k)s and what was going on. I think it's been miscategorized. I think Laura Tyson stated it best yesterday: this is a credit contraction that has concerned the nation, and so many small businesses, as were alluded to, are impacted. But why we proceeded to --

MS. O'DONNELL: Congressman, I know there are a lot of members in the Speaker's Lobby who, after the bill failed, were watching what happened on the market and yelling out loud, you know, "Wow, look, the market's plunging!" et cetera. A lot of people said yesterday, "You know what? Maybe the reaction on Wall Street will send a signal to members of Congress to get this done, do not screw around any more -- to get together, figure something out." If the market is rebounding today, do you think that removes some of the impetus from some of these members to get to work and come together.

REP. LARSON: No, I don't, Norah. I think you're right. I think that members were concerned. I think they were concerned beforehand. But Speaker Pelosi, Steny Hoyer have been working. We've been in meetings around the clock and again today, and tomorrow. We'll be back engaged on Thursday, and I believe that we'll have a bill that will pass. I think the suggestions by Barack Obama and John McCain with respect to the FDIC are important in helping bringing people together, but I don't think that this was lost on anyone, what happened. And finally I think, too, you hear from people -- this bill was not popular with anyone by any stretch of the imagination, but the urgency that was created in the aftermath of yesterday I think has people rethinking. And now, individual members of Congress are hearing the other side of the story.

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