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Patrick Murphy Takes Necessary Step On Behalf of Economy, Struggling Families

Press Release

Location: Washington, DC

Today, after the House of Representatives voted in a bipartisan manner to approve a critical economic recovery package, Pennsylvania Congressman Patrick Murphy (D-8th District) called it an imperfect, but necessary step. Murphy voted for the bill in order to help the families and businesses struggling in his district. He joined a bipartisan group of lawmakers, citizens and groups in supporting swift and necessary action. Fellow Pennsylvanian Reps. Charles Dent (R-15th District), Jim Gerlach (R-6th District) and Allyson Schwartz (D-13th District) as well as both Senators Bob Casey (D) and Arlen Specter (R) also voted in favor. More support for the Emergency Economic Stabilization Act is below.

"This bill is neither perfect, nor popular, but swift, bipartisan action was necessary. With Bucks County families unable to pay their bills and businesses unable to make payroll, we could not afford to play ‘Russian Roulette' with the American economy or the future of hard-working families in hopes that everything will be just fine," said Congressman Patrick Murphy. "We have to protect those hurt by the market's collapse and those at risk of losing even more. Our economy is on the brink of disaster - this is no time for bitter partisanship. That's why we needed a plan that will protect middle class families, seniors on fixed incomes and students who want to go to college."

"This necessary step also provides a jump-start to our economy with property tax relief, incentives for alternative energy and help for small businesses to create jobs. The road ahead won't be easy, but we could not afford to wait," added Murphy.

Economic Rescue Endorsed By…

Former 8th District Rep. James Greenwood (R), President and CEO of the Biotechnology Industry Organization: "In order to support and foster creation of the high-wage jobs associated with R&D in the biotechnology industry, as well as other sectors of our economy, BIO strongly supports House passage of a strengthened R&D credit as part of the "Emergency Economic Stabilization Act of 2008." [10/2/08]

The Chamber of Commerce: "The Chamber believes that financial rescue legislation is necessary to successfully remove uncertainty and stem the turmoil that has plagued financial markets in recent weeks. Americans have witnessed what has happened to equity markets over the past week, and clearly the time to act is now." [10/1/08]

AARP: Americans face a potentially historical economic crisis - one that threatens our jobs, homes, and the economic security of future generations…But if Congress fails to come together in a broad bipartisan manner to pass a solution, we will be in even worse shape. Our kids and grandkids will likely lose access to student loans - perhaps costing them the chance to go to college and meet their full potential. Homeowners will likely see their home values plummet, and they can forget about moving or borrowing money to fix their current homes in order to stay there longer. The retirement savings of millions of Americans - including those that did everything right to build up a solid nest egg - could be wiped away…We can be sure that the cost of doing nothing is just too high. This is not about saving another Wall Street investment bank - it's about protecting the financial security of millions of people whose nest eggs are at risk if Washington does nothing. Washington needs to act. Now." [9/29/08]

National Association of Realtors: "The National Association of REALTORS® supports this bipartisan plan that brings an end to the current economic crisis crippling the housing and financial markets. As always, we are focused on protecting homeowners and the American taxpayers, and we are pleased that this plan has appropriate safe guards to accomplish that task… The faster Congress acts to relieve this constraint, the sooner we'll see a broad stabilization in home prices that in turn will help the economy recover." [9/29/08]

Pennsylvania Higher Education Assistance Agency (PHEAA): "PHEAA urges Congress and the President to take swift action to unfreeze the credit markets. Without such action, students and families will find it increasingly difficult to find the loan funds they need to meet the costs of postsecondary education." [10/1/08]

National Education Association

Sierra Club

The Pennsylvania Bankers Association

Business Roundtable

Credit Union National Association

National Association of Manufacturers

Retire Safe

General Electric

National Restaurant Association

The Housing Policy Council

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