Ed Perlmutter

Mr. PERLMUTTER

Mr. PERLMUTTER. That's a great question because, in Colorado, we sort of went into the downturn of the economy before the rest of the country, and we've been climbing out. We had a much smaller drop in property values, our employment rate has been higher, but if the job layoffs were to continue, we would be falling into the same ditch as the rest of the country. So for somebody from Colorado, the ability to maintain and build jobs--good energy jobs, health care jobs, jobs in rebuilding our highways, our transit, our electric grid--that will keep my State from driving into the ditch. So we're focused more on the jobs piece, but obviously having a strong and healthy financial system, as well as a housing market, is key as well. So this affects all of us, and we've seen it kind of roll across the country. So even if in Colorado we have it better off today, we want to keep it that way. We don't want it to fall farther behind. So all of us are in this together.

Mr. PERLMUTTER. Would the gentleman yield?

Mr. PERLMUTTER. Thank you, Mr. Yarmuth. It's a pleasure to be here with all of you tonight to talk about what's going on in Congress and about a change that's coming in this country--a needed change, a change from the direction that was taken in the prior 8 years. I don't have to tell anybody in this room or anywhere else across the country that somebody drove the car into the ditch, and we've got to get that car out of the ditch in terms of the economy--in terms of the financial and housing systems across this country. We are grappling with an economy that's struggling at best and with a deficit that we've inherited from the Bush administration of well over $1 trillion. What are we going to do about it? The first thing you have got to do is stabilize the financial and housing markets. Those two things are being done through recapitalizing the banks and by giving them the ability to stay on their feet. The housing market we need to stabilize, and the administration has a complete program as to how to do that: One in terms of interest rates that good and creditworthy borrowers can take advantage of like they haven't been able to take advantage of in years and years and years. I mean solid loans that aren't fly-by- night, phony baloney types of loans but 5 percent interest rates available to good and creditworthy customers. Second, for people who find themselves in markets that are difficult, where the prices of the houses have dropped but they're paying their way and they're struggling, there is an ability for them under the administration's proposal to refinance so that they, too, can take advantage of low mortgage rates that are available today. For those who have been laid off or who are otherwise having trouble with their homes and their mortgages, there are other avenues available to them. So, first, we have got to stabilize the marketplace. That's happening. Second and more important is rejuvenating and invigorating the economy. We did that 2 weeks ago with the President's major recovery act. There are components in that of investing in America like we've never done before or we haven't done for years and years and years. And that investment costs money. There is no question about it. Whether you're a family or a business or a country, there are times you have to invest. And we have invested, and those returns we're going to see in a new energy economy, in a change in how we deal with our health care system and rebuilding our infrastructure. Those returns are going to be long term, but they are jobs today. Jobs in America today. Jobs that we need desperately from coast to coast. The third piece in getting this country back on track and changing its direction, and getting that car out of the ditch is to restore confidence in both the economy and the financial systems. And we are working to see which regulations, which laws that were eliminated that should be reinstated, and which laws or regulations have compounded the problem and should be eliminated so that we can restore confidence, reinvigorate the economy and stabilize the markets. All of this is going to be done starting with a tremendous deficit in this country but reducing it by half over the next 4 years in a fiscally responsible fashion. There is a lot of hard work for us here in Congress, but even more hard work for people all across this country. But this country is capable of doing it, has done it time and time and time again, and we will get the car out of the ditch. We've got an administration and a Congress that is dedicated to doing that. And so we will change the direction of this Nation and get it back on track. With that, to my friend from Kentucky, I yield back.

Mr. PERLMUTTER. Would the gentleman yield?

Mr. PERLMUTTER

Mr. PERLMUTTER. Madam Speaker, on that I demand the yeas and nays.

Mr. PERLMUTTER

Mr. PERLMUTTER. Madam Speaker, on rollcall No. 92, I was unavoidably detained; otherwise I would have voted ``yes'' on the Civil War Battlefield Preservation Act.

Mr. PERLMUTTER

Mr. PERLMUTTER. I yield the back the balance of my time, and I move the previous question on the resolution.

Mr. PERLMUTTER. Madam Speaker, for purposes of debate only, I yield the customary 30 minutes to the gentleman from California (Mr. Dreier). All time yielded for consideration of the rule is for debate only. And I yield myself such time as I may consume. General Leave

Mr. PERLMUTTER. Madam Speaker, by direction of the Committee on Rules, I call up House Resolution 168 and ask for its immediate consideration.

Mr. PERLMUTTER. I also ask unanimous consent that all Members be given 5 legislative days in which to revise and extend their remarks on House Resolution 168.

Mr. PERLMUTTER. Will the gentleman yield?

Mr. PERLMUTTER. Yes, the plane crash is why she is not here today. And it is a tragedy that we all feel this morning.

Mr. PERLMUTTER. Madam Speaker, I yield myself such time as I might consume. Technically, this point of order is about whether or not to consider the rule and ultimately the underlying bill. But we know what it is really about, and that is about trying to block the bill without any opportunity for debate and without any opportunity for an up-or-down vote on the legislation itself. And that is just plain wrong. I sincerely hope my colleagues will vote ``yes'' so we can consider this critical legislation today on its merits and not kill it on a procedural motion. We have a long day ahead. Let's not waste any more time on trying to stop this legislation from being debated or enacted. Those who oppose the bill can vote against it on final passage. That is their prerogative. We must consider this rule, and we must pass this conference report for the American Recovery and Reinvestment Act today. I have the right to close. But in the end, I will urge my colleagues to vote ``yes'' to consider the rule. And with that, Madam Speaker, I reserve the balance of my time.

Mr. PERLMUTTER. Madam Speaker, again I want to urge a ``yes'' vote so that we can consider this rule and consider the legislation today. It is not a time for delay. It is not a time for inaction. For 8 years, we've had continued deferred maintenance, we've had continued problems in the economy to the point we are now required to move forward and move forward in a bold way. That is the purpose of the American Recovery and Reinvestment Act. It has been discussed and debated over the course of the last month in full view of the American people. And it is time to take it up here in the Congress and pass it. And with that I urge a ``yes'' on the consideration of the rule.

Mr. PERLMUTTER. Madam Speaker, America is in a tough spot today. Today we face one of the greatest economic challenges we've seen in the history of this Nation. With this great economic crisis comes great responsibility for this body which is vested to represent the best interests of the American people. Madam Speaker, the Bush administration left us with the worst economy we've faced since World War II. Like President Franklin D. Roosevelt did over 75 years ago, we must build a floor under our economic downward spiral and set America on a new, more prosperous course. Since this recession began, 3.6 million Americans have lost their jobs. Last month alone, the country lost nearly 600,000 jobs, the equivalent of losing every job in the State of Maine. Even more troubling is the news that our Nation is expected to lose another 3 to 5 million jobs within the next year if we don't take action now. And it must be taken now. In fact, 2008 was the worst year for job loss since 1945, while unemployment has skyrocketed to the highest level in 26 years. Madam Speaker, Americans are worried. Nothing is on the minds of American workers and families more than the troubled state of our economy. At dinner tables across this Nation, American families are concerned, not only about our country's economy, but about their own futures and their own well-being. Will they have a job next week? Will they be able to retire when they plan to? Will they be able to afford their mortgage? Can they sell their house? What about the rent and the child's education? We must act now to turn things around. If nothing is done, our economy will continue its downward spiral, jeopardizing the futures of all Americans. As President Roosevelt once said, ``In our seeking for economic and political progress, we all go up, or else we all go down.'' And, Madam Speaker, I join my colleagues here today determined to make sure that all Americans go up, each and every one of us. We are here to take swift, bold action to boost our economy and put Americans back to work. Our actions today may determine the prosperity and well- being of Americans for generations to come. This compromise of the American Recovery and Reinvestment Act is a major victory for the American people. It will help strengthen our economy and help Americans hurt by this recession today, as well as investing in our shared future. This bill will create and save nearly 4 million jobs, jump-start our economy, and bring the process of transforming it for the 21st century with carefully targeted priority investments. We will also provide immediate direct tax relief to over 95 percent of all Americans. Madam Speaker, for our future, we will significantly increase clean, renewable energy production, invest in a new smart power grid, put people to work in the short-term, while freeing us from our dependence on foreign oil in the long run. We'll renovate buildings and homes to make them more energy efficient, and create jobs that can't be sent overseas, while helping to curb global warming at the same time. We will rebuild our crumbling infrastructure and improve our roads, bridges, and schools, and in doing so, we will strengthen our path forward. We will invest in our health care system, cutting red tape and ensuring broader coverage, while saving countless lives and dollars. Finally, this legislation will assist those who have been impacted most by this crisis, by increasing food stamp and unemployment benefits, and making it easier for those who lose their jobs to keep their health insurance. These are just a few highlights of this comprehensive bill. Madam Speaker, the American people are hurting and they demand action. But they are also justifiably concerned about government spending in such difficult times. I want them to know that this bill contains strict transparency and accountability measures. It is open and visible and will be for people to look on the Web for each dollar that is spent. Americans will be able to go on-line to see how their tax dollars are being spent and provide comment. The bill contains no earmarks, and provides important protections to State whistleblowers who report fraud and abuse. Furthermore, this legislation does not waste any time. It will immediately help put people to work, maintain their jobs, and begin to stabilize our economy. Just this week the CEO of Google said his company would ``absolutely'' hire new people if we pass this bill. Additionally, economists and elected officials from across the ideological spectrum have broadly endorsed this bill, and beseech us to pass it, because they agree we need bold action to turn our economy around. President Roosevelt told us that ``One thing is sure, we have to do something. We have to do the best we know how at the moment. If it doesn't turn out right, we can modify it as we go along.'' Madam Speaker, it took us many years to get into this situation. We know this bill alone will not solve all of our economic woes overnight. We know that the road back to economic stability and prosperity will require hard work over time. But this bill is the right size and scope necessary to truly help us turn things around. I'm proud to say that America has faced great challenges before and turned crisis into opportunity. This legislation gives us the means to address this crisis immediately, and the opportunity to build the foundation for long-term prosperity. Like it has in the past, the ingenuity of American workers will be the engine of growth and prosperity if we just give them a chance to get back on the job. I urge my colleagues to support the conference report on the American Recovery and Reinvestment Act and, by doing so, restore confidence, strengthen our economy, and ensure a brighter future for our citizens from coast to coast. I now reserve the balance of my time.

Mr. PERLMUTTER. Madam Speaker, just two points and then I would like to recognize my friend from Massachusetts (Mr. McGovern). But I think the really sad story, Mr. Dreier, that you related about the suicide underscores the urgency of this bill and the reason that it needs to be handled without delay. The second point I wanted to respond to is Christina Romer said that the Republican House analysis is flat wrong in its claim that the House Republican stimulus is much more effective. ``No matter what your analytical assumption,'' she says, ``the plan that the President supports would result in substantially greater job creation than the House Republican plan.'' And with that I would yield 3 minutes to my friend from Massachusetts (Mr. McGovern).

Mr. PERLMUTTER. I yield the gentleman an additional 30 seconds.

Mr. PERLMUTTER. Madam Speaker, I would like to yield 3 minutes to the gentlewoman from California (Ms. Matsui), a member of the Committee on Rules.

Mr. PERLMUTTER. Madam Speaker, how much time remains on both sides?

Mr. PERLMUTTER. Madam Speaker, I would like to yield 2 minutes to the gentleman from Colorado (Mr. Polis), a member of the Committee on Rules.

Mr. PERLMUTTER. I yield the gentleman an additional 15 seconds.

Mr. PERLMUTTER. Madam Speaker, I would like to yield to the chairman of the Transportation Committee, the gentleman from Minnesota (Mr. Oberstar), 3 minutes. (Mr. OBERSTAR asked and was given permission to revise and extend his remarks.)

Mr. PERLMUTTER. Madam Speaker, at this time I would yield 4 minutes to the gentleman from California, the chairman of Education and Labor, Mr. Miller. (Mr. GEORGE MILLER of California asked and was given permission to revise and extend his remarks.)

Mr. PERLMUTTER. Madam Speaker, I yield the gentleman 30 seconds.

Mr. PERLMUTTER

Mr. PERLMUTTER. Madam Speaker, we just can't ignore the facts. The facts are, we lost 600,000 jobs last month and the prior month and the prior month, and some 3.6 million jobs last year. Banks have failed. We have had a real contraction in the economy. My friends on the Republican side of the aisle, their position is, ``Just say no. We like the status quo.'' We can't afford the status quo anymore, ladies and gentlemen. We must act. This is a time for bold action, and in the Recovery and Reinvestment Act we will maintain or create somewhere between 3 million and 4 million jobs in the construction industry and the energy industry; we will maintain jobs of teachers and firefighters and policemen. We will pass this bill today in the House of Representatives, and I am glad, because in Colorado we need this effort, we need these jobs, and so does the rest of the Nation.