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Statement from Congressman Tom Allen on the Economic Recovery Package

Press Release

Location: Portland, ME

U.S. Representative Tom Allen issued the statement below in response to tonight's Senate action on the economic recovery package.

"Tonight's action by the Senate is a critical step in addressing the economic crisis facing America. It is imperative that Congress act responsibly to prevent any further deterioration to the financial underpinnings of our economy. The economic security of families in Maine and across America is at risk along with their retirement plans and ability to borrow to send their kids to college and buy a new home or car. Further damage to the credit market will also make it even more difficult for small businesses to get the loans they need not just to expand but to survive in the current harsh economic circumstances.

"The plan the House rejected on Monday was not perfect, but it was a vast improvement over the proposal President Bush submitted. It limited taxpayer exposure, assured that participating companies and their executives won't profit from their mistakes and risky investments, and provided homeowners at risk of foreclosure with the chance to keep their homes. I support the changes that the Senate has made to the proposal, many of which are similar to measures I have voted for in recent weeks. These additions will help stimulate our weakened economy. I will continue to work with members of Congress from both parties to build consensus and pass this critically important legislation."

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