[Congressional Record (Bound Edition), Volume 154 (2008), Part 14]
[Senate]
[Pages 19879-19880]
[From the U.S. Government Publishing Office, www.gpo.gov]




                        MAIN STREET RESCUE PLAN

  Mr. McCONNELL. Mr. President, when there is a fire in your kitchen 
threatening to burn down your home, you don't want someone stopping the 
firefighters on the way and demanding they hand out smoke detectors 
first or lecturing you about the hazards of keeping paint in the 
basement. You want them to put out the fire before it burns down your 
home and everything you have saved for your whole life.
  The same is true of our current economic situation. We know there is 
a serious threat to our economy. We know we must take action to try to 
head off a serious blow to Main Street.
  Over the weekend, Congress received a straightforward four-page Main 
Street rescue plan aimed at protecting millions of American families 
and small businesses from the potentially devastating effects of a 
credit meltdown. We are told that inaction could make it impossible for 
ordinary Americans to take out loans for college tuition, cars, new 
homes, and everything else, triggering a corresponding collapse in 
manufacturing and services that could wipe out savings and lead to 
massive job losses. The final cost of the plan is unclear, but the 
potential consequences of inaction are not.
  This proposal was designed to contain a spreading crisis, and urgent 
action is needed. That is why Republicans have resisted the impulse to 
try to add permanent tax relief and other aid to families and 
businesses that we believe is critical to the long-term health of our 
Nation's economy. And we ask our colleagues across the aisle

[[Page 19880]]

to show similar restraint so that whatever action we take can be done 
quickly and in time to make a real difference.
  This stabilization plan gives us an opportunity to prevent long-term 
damage to Americans' savings, home values, and livelihoods--to contain 
the problem from spreading to Main Street. Surely we can all agree to 
work with each other and stand up for the American people instead of 
using the bill as fly paper for partisan add-ons.
  Republicans have many serious questions about this plan, but this is 
the only concrete plan we have seen so far that aims to protect 
Americans on Main Street--to protect their homes, their savings, their 
retirement plans, protect endangered jobs and small businesses--and we 
shouldn't jeopardize that effort by delaying urgent action or playing 
partisan politics.
  Americans want to know their savings and retirement accounts are 
safe. They want the security of knowing the problems on Wall Street are 
not going to spread to Main Street. The only way we can give them that 
security and that assurance is by putting partisan interests aside.
  There will be many more questions about this plan. I have many 
myself. But we owe it to the American people to do our due diligence 
quickly and act swiftly, Democrats and Republicans alike, to contain 
this crisis before it is too late.
  I am confident that we can work together. The American people are 
counting on us. Let's not disappoint them.

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