Blog Post

Speaker Pelosi and Leader Harry Reid today sent the following letter to the Big Three U.S. auto executives, calling on them to "submit a credible restructuring plan that results in a viable industry, with quality jobs, and economic opportunity for the 21st century while protecting taxpayer investments" by December 2nd:

November 21, 2008

Dear Messrs Wagoner, Mulally, and Nardelli:

From Rep. Diana DeGette:

Today the Senate passed H.R. 6867, the Unemployment Compensation Extension Act, which the House passed on October 3rd. The bill provides an additional 7 weeks of extended unemployment benefits for workers who have exhausted their unemployment benefits (providing 20 total weeks of extended benefits when combined with the 13 weeks provided earlier this year). The bill now goes to President Bush, who is expected to sign into law this week.

Speaker Pelosi on signing the bill:

Financial Services Committee Chairman Barney Frank sent a letter today to Treasury Secretary Paulson, following up on issues raised at Tuesday's House Financial Services Committee oversight hearing on the Troubled Assets Relief Program (TARP). In the letter, Chairman Frank continues his call for Secretary Paulson to immediately use funds authorized by TARP legislation to help stem foreclosures.

The full text of the letter:

The Honorable Henry M. Paulson. Jr.

Secretary

Department of the Treasury

Speaker Pelosi, Leader Harry Reid, and House and Senate Democratic leaders held a news conference this afternoon in the Capitol to discuss aid to the domestic auto industry.

The Associated Press reports:

Dems demand business plan from Big Three

Democratic leaders in Congress sidetracked legislation to bail out the auto industry Thursday and demanded the Big Three develop a plan assuring the money would make them economically viable.

With more Americans filing for jobless claims than at any time since the 1992 recession, Congress and the President must act to extend unemployment benefits for workers. I am pleased that President Bush has today joined the New Direction Congress in supporting this critical step.

Today, the House Financial Services Committee held a legislative hearing on extending the Department of Treasury's Troubled Asset Relief Program (TARP) to the U.S. auto industry. The draft legislation will extend the recently passed TARP program to help the financial stability of the American car industry.

Watch the archived webcast>>

Read prepared testimony>>

Today, Congresswoman Marcia Fudge was sworn in on the House floor to fill the 11th district seat of Ohio vacated by the passing of Congresswoman Stephanie Tubbs Jones: