House Proceeding 02-25-09 on Feb 25th, 2009 :: 1:05:50 to 1:09:00
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1:05:40 to 1:06:00( Edit History Discussion )

David R. Obey: i make no apology for that. because we are trying to fill what is going to be a $3 trillion hole in the economy because of the rising unemployment numbers. i want to use this had chart for what i hope will be the last time. this chart demonstrates what is

1:05:50 to 1:09:00( Edit History Discussion )
Speech By: David R. Obey

1:06:01 to 1:06:23( Edit History Discussion )

David R. Obey: likely to happen in the economy. if we do nothing, the red bars indicate what estimates are in the economic community, what estimates are of what will happen town employment rates if we do nothing -- happen to unemployment rates if we do nothing. b

1:06:24 to 1:06:46( Edit History Discussion )

David R. Obey: red bars indicate that the economics profession expec us to have unemployment around 11%. perhaps even higher. the blue bars representhat we hope will happen if the government passes the $750 billion pa as you can see, unemployment

1:06:47 to 1:07:07( Edit History Discussion )

David R. Obey: even under that scenario is expected to rise through the remainder of this year before it begins to turn down next year. what we have tried to do is simply shave off the worst, most extreme effects of this recession, that's what we've tried to do with the stimulus pack and so what we've r

1:07:08 to 1:07:30( Edit History Discussion )

David R. Obey: had here today is a regurgitation of the debate that occurred two weeks ago on that stimulus package. but the fact is that if you take that stimulus package and add it to this package today, you're still home talking about a package of $1.2 tr counter what is supposed to be

1:07:31 to 1:07:51( Edit History Discussion )

David R. Obey: a $3 trillion hole. i would submit that it is very easy to imagine that we will in fact be back here asking for even more by way of countercyclical funding to counter the deep slide that we see in our recession. poll after poll demonstrates that you have close to 70% of the american people who agree

1:07:52 to 1:08:12( Edit History Discussion )

David R. Obey: with what president obama is trying to do in passi package to produce this moderating effect on the most serious recession since the 1930's. so i make no apo fact that instead of providing billions of dollars for economic recovery in iraq, we're not trying to provide a

1:08:13 to 1:08:34( Edit History Discussion )

David R. Obey: good amount of money to provide economic recovery here at home. i thought that's what our job wa on the needs on the home front. soith that, mr. speaker, i would urge an aye vote for this package and i would point out one other thing in closing, for all of white house have talked and told our constituents that

1:08:35 to 1:08:55( Edit History Discussion )

David R. Obey: at a time of extreme economic distress at home members of congress should not be getting a pay raise next year, if you want to -- if you want to assure that that in fact happens and that we deny that pay raise for the coming year, then you must vote yes on this bill because without this bill

1:08:56 to 1:09:00( Edit History Discussion )

David R. Obey: you do not have the limiting language that was inserted in this bill by the rule that was