Pelosi: 'Democrats Want to Work in a Bipartisan Way with the President to Stimulate the Economy'

'Democrats want to work in a bipartisan way with the President to stimulate the economy, restore consumer confidence, and strengthen the middle class.  But in his speech today, President Bush made clear he wants to maintain the status quo, one that experts from across the political spectrum agree has failed millions of America's working families.  I hope that the President will reconsider this course and join us in our bipartisan efforts to address our nation's economic security.

'The economy needs a new direction that empowers the middle class and those affected by the economic slowdown.  We will continue our bipartisan efforts to address the subprime mortgage crisis, provide middle-class tax relief, increase access to health care, raise confidence by bolstering consumer safety, reduce energy costs and spur innovation and increase America's competitiveness.  We will propose pro-middle-class, pro-growth, and pro-job creation initiatives that ensure our economy works for all Americans, not just the privileged few.

'In early December, the House Democratic leadership met with top leaders in the financial community to discuss the state of the economy.  The New Direction Congress is determined to take measures that will provide a new direction for our economic security today and for our children in the future.'

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BUSH ECONOMIC POLICIES FAILING AMERICA'S FAMILIES:

Working Americans Struggling to Make Ends Meet - Families Need a New Direction

PRESIDENT BUSH:

'And [my economic] plan worked. If you think about where we were coming out of 2001 and where we are today, you can't help but say the plan worked; cutting taxes helped stimulate economic growth.' [12/17/07]

WHITE HOUSE SPOKESPERSON TONY FRATTO:

'I don't know of anyone predicting a recession.' [1/7/08]

COMMERCE SECRETARY CARLOS M. GUTIERREZ:

'Whenever someone loses a job, it is tough on them and their family. So we are not complacent and firmly believe it's important that we continue to promote pro-growth policies such as making the tax cuts permanent...' [1/4/08]

FROM THE EXPERTS

Martin Feldstein, Harvard University economist:

'We are now talking about more likely than not [for a recession]...I have been saying about 50 percent. This now pushes it up a bit above that.'  [1/7/08]

Mark Zandi, chief economist of Moody's Economy.com:

'This is unambiguously negative...The economy is on the edge of recession, if we're not already engulfed in one.' [1/5/08]

Neal Soss, chief economist at Credit Suisse Group, Inc.:

'There's nothing heartwarming about this report...It confirms what economists have been worried about, which is a broad-based economic slowdown.' [1/5/08]

Russ Koesterich, senior fund manager at Barclays Global Investors: 'The odds of a recession have gone up dramatically.' [1/5/08]

Nigel Gault, economist at Global Insight:

'If there's going to be a recession, it's entirely possible that we are in it -- or just beginning it now.' [1/4/07]

Victor Shum, energy analyst with Purvin & Gertz:

'Many economists in the U.S. have talked about the potential of the U.S. getting into a recession...This latest government report ... has added to the concerns about the economy.' [1/7/08]