[Congressional Record Volume 155, Number 44 (Thursday, March 12, 2009)]
[House]
[Page H3340]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




             A COMPREHENSIVE APPROACH TO ECONOMIC RECOVERY

  (Mr. CONNOLLY of Virginia asked and was given permission to address 
the House for 1 minute and to revise and extend his remarks.)
  Mr. CONNOLLY of Virginia. Mr. Speaker, I rise to address our current 
economic crisis and the careful and responsible investments in America 
that President Obama and this Congress have made. The Federal Reserve 
has predicted that without action, our economy will contract by $2 
trillion over the next 2 years. With a recession that has persisted 
since December of 2007, we cannot expect an overnight cure. However we 
are cushioning the fall.
  There was no one cause for the economic collapse. Instead, we have 
taken a number of positive steps in various areas to address the 
various facets of this economic decline. The second half of the TARP 
funding will help stabilize the financial sector. The American Recovery 
and Reinvestment Act will create millions of jobs, including 9,300 in 
my district. The Help Families Save Their Homes Act will keep millions 
of honest, hardworking Americans from foreclosure and help stabilize 
the housing values of their neighbors not currently in crisis. The 
Fiscal Year 2009 Omnibus Act the House recently passed adds crucial 
investments in public safety, energy efficiency, clean water and mass 
transit.
  Mr. Speaker, I'm proud of the fact that this Congress has joined with 
the President in responding to the financial crisis.

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