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Stephanopoulos: Pelosi Offers to Postpone Congress' Adjournment to Address Economic Crisis

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September 18, 2008 6:28 PM

ABC News' George Stephanopoulos reports: In a letter to President Bush, House Speaker Nancy Pelosi offered this afternoon to postpone Congress' planned adjournment next Friday, Sept. 26, to address the ongoing financial crisis.

In the letter, Pelosi says she wants to ensure a consistent approach to the "ongoing market turmoil" by developing a bipartisan recovery effort. 

The speaker's letter signals that Democrats are prepared to accept the president's plan for Wall Street, but also demands a second stimulus package targeted at Main Street. 

Pelosi says such a package must include five components: "Investment in infrastructure for economic growth and job creation here at home, home heating assistance at a time of record energy costs, extended Unemployment Insurance for the growing number of Americans looking for work, Food Stamps that will help ensure we feed hungry families in a time of crisis, and assistance to maintain critical health care coverage jeopardized by state budget cuts."

Pelosi says she wants to "balance accountability to the U.S. taxpayer with protecting American families from the crisis's fallout."

Below is the full text of the letter:

September 18, 2008

Dear Mr. President:

The worsening crisis in our financial markets demands strong solutions and decisive leadership. 

Already, House and Senate committees are investigating both the regulatory lapses and market oversight failures that resulted in this crisis, as well as possible solutions.  This work will continue.

Accordingly, we stand ready beyond the targeted adjournment date of September 26, to permit Congress to consider legislative proposals and conduct necessary investigations.

Going forward, we need to understand how government failed to prevent this financial crisis, and how we can avoid future mismanagement and denial.

Thus far, we have seen a reactive, case-by-case approach to a severe crisis -– a crisis attributable, in part, to a history of indifference to responsible regulation of the financial markets.  We need to hear from you about a comprehensive and effective systemic response to ongoing market turmoil -- one that will restore stability, grow our economy, create jobs, and insulate hardworking, middle-class Americans on Main Street from Wall Street’s crisis.

The worsening economy demands another bipartisan economic recovery effort.  This effort must address:

Investment in infrastructure for economic growth and job creation here at home;
home heating assistance at a time of record energy costs;
extended Unemployment Insurance for the growing number of Americans looking for work;
Food Stamps that will help ensure we feed hungry families in a time of crisis; and
assistance to maintain critical health care coverage jeopardized by state budget cuts.

We stand ready to work with you and your administration to consider constructive solutions that stabilize our financial markets and balance accountability to the U.S. taxpayer with protecting American families from the crisis’s fallout.

Thank you for your willingness to work with us to address these issues, which affect every American family.

Sincerely,

Nancy Pelosi

Speaker of the House

September 18, 2008 | Permalink | User Comments (150)

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So now, Pelosi wants investigations. It's the job of the congress to have oversight over the administrative branch of the government. Where in the hell have they been? The certainly weren't busy - this is one of the grandest do-nothing congresses of all times!


Posted by: dl | Sep 18, 2008 6:43:32 PM

I listened and watch Hillary Clinton today why doesn't anybody take this woman serious she knows what she is talking about for God sake, now she is in a position to do some good and the democrats are getting the blame for the whole nine yards. Her speech today in the senate hit on everything. Mr bird brain Bush should be impeached he has lied so much he wouldn't know the truth if it bit him in the ass.

Posted by: Rose Szymanski | Sep 18, 2008 6:46:16 PM

Rose Szymanski

Just like the shallow one, you spew assertions and avoid facts.


Posted by: dl | Sep 18, 2008 6:48:54 PM

So we can either have an inept congress that favors the President in public and in private. Or an inept congress that claims to stand up to the President but refuses to execute it's oversight in any matter whatsoever. Anybody feel like voting out the incumbents or voting for any other option locally and nationally? Nah, you wanna vote for the "winner" better re-elect these turkeys again. (Those who voted for Bush, what DID you win?) "Change" is always more risky that the current crop of ineptitude that carries a D or an R next to his/her name. And THEN you'll complain as things get even worse. What's the definition of doing the same thing over and over while expecting a different result, oh right INSANITY!!! The only thing more incompetent than our reps. in congress is the people that vote for them. But then again, the reps. know that already. Please WAKE UP!

Posted by: hmn | Sep 18, 2008 6:54:28 PM

dl is Funny!

Have you ever heard of the EXECUTIVE branch of the Federal Government? Yea, it is the one run by the President of the United States.

Do you know what the DUTIES of the EXECUTIVE branch are? To *execute* the laws and regulations of the United States.

Now the Congress is responsible for writing the laws (even though this president seems to believe that HE is the decider and gets to change them with "signing statements") it is true. But virtually every law instructs the government -- the agencies of the executive branch -- to carry out broadly defined duties.

FOR EXAMPLE TO REGULATE THE FINANCIAL MARKETS!

That is why the RULES and REGULATIONS that the financial markets operate under are determined by the REPUBLICAN administration.

The fact is that we are living with the look-the-other-way Republican policies of the Republican administration.

You should be pleased! Here we have Republicans implementing the asinine Republican policies of UNSUPERVISED MARKETS.

Do you like the results? Then vote for John McCain.

Posted by: John | Sep 18, 2008 6:59:59 PM

Hold on, just a few weeks ago Poloser adjourned the congress and took a 5 week vacation to go on a book tour, now she wants to stay in session to provide more handouts.

Lets see when they went on vaction gas near my home was almost $4 a gallon, while they were on vacation it went back down to 3.50 and now they are back and today it is $4 again.

Poloser please don't do us any favors it is way to painful.

Posted by: Bob | Sep 18, 2008 7:04:21 PM

John

So, you've never taken a civics class. Maybe you're an expert on something and it just isn't showing. Or then, lying might be all you're capable of doing!


Posted by: dl | Sep 18, 2008 7:08:14 PM

Doesn't matter Bush is not interested in working with anyone, but Republicans anyway. If they happen to get some legislation passed Bush would just veto it.

Posted by: Josh Howard | Sep 18, 2008 7:11:00 PM

I have a novel idea for queen nancy & her minions: instead of "offering to postpone" the adjournment, why don't they just do it??? Isn't that what WE, as taxpayers, pay them to do? When I read her letter, I almost died laughing. Instead of worrying about a break, they need to be worrying about fixing the financial mess that they all helped create.

Posted by: Niko_in_Oakland | Sep 18, 2008 7:16:11 PM

dl,
I demonstrated actual knowledge. But if ignorance is virtue, you have me beat!

PS. Did you catch McCain Lying about his Lies on “The View”. Americans are a fair minded people and smart enough to know the difference between teaching sex to kindergartners (a falsehood) and teaching them with “age appropriate” information (actual words from the bill) to protect themselves from predators!

Posted by: John | Sep 18, 2008 7:18:43 PM

In that picture Pelosi looks like she's loooong overdue for a good exorcism...

...well, then again.... she always looks like that.... even when she's shmoozing with her terrorist friends in Syria...

Posted by: theregoesthecountry | Sep 18, 2008 7:21:12 PM

And how do you expect us to pay for this Miss Pelosi?

Posted by: jol | Sep 18, 2008 7:21:53 PM

I made a mistake. I forgot about our vast reserves of golden unicorns.

Posted by: jol | Sep 18, 2008 7:22:42 PM

Nancy Pee-Lousi is a self serving, ignorant wench. She only cares about herself and image. She is the scariest of all politicains, ugly biatch

Posted by: Patricio | Sep 18, 2008 7:24:44 PM

This country is sooooo screwed.... but the Demoncrats are the fast-track to obscurity... and domination

Posted by: Homonauseoushumanfetus | Sep 18, 2008 7:25:11 PM

I'm w/ Niko - what a joke. Where was Barney Fife, er Frank, who is in charge of Congressional oversight over Fannie/Freddie? And dems don't want more oil at cheaper prices, so why should we pay so the northeast gets cheaper heating oil? The liberals they vote for put us into this mess. An inept Congress and the majority party created this situation, now they try to toss the blame everywhere else. Look in the mirror, Nancy, you're the problem.

Posted by: explore | Sep 18, 2008 7:25:19 PM

ABC news needs to change the text underneath the headline. It should read "Speaker offers TO POSTPONE adjournment." This is a typo!!

Posted by: Brian | Sep 18, 2008 7:26:01 PM

Nancy Pelosi has had seven to nine abortions depending on who's information you believe. She is a true hypocrite. And an ugly ugly woman

Posted by: Patricio | Sep 18, 2008 7:26:18 PM

See what a GOP government will do?

Posted by: shalom | Sep 18, 2008 7:26:52 PM

don't blame us, we don't know what to do! quote of the day, thanks in part of mrs.pelosi and mr.reid. worst legislative congress in our history! what else do you expect from stupid monron's! keep on putting blame on bush and the conservatives, but your democratic leader's said it as best they could, if you get my point!

Posted by: timmaaa7 | Sep 18, 2008 7:27:26 PM

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