Economic Rescue

Floor Speech

Date: Oct. 1, 2008
Location: Washington, DC

ECONOMIC RESCUE -- (Senate - October 01, 2008)

Mr. McCONNELL. Mr. President, after Monday's vote in the House, the question is not how we got here but how we get out and how to get our economy back on its feet. So after extensive consultation between the majority leader and myself and the leaders in both parties here in the Senate, we believe we have crafted a way to go forward and to get us back on track. This is the only way to get the right kind of solution for the American people. Both Senator Obama and Senator McCain are coming back tonight to embrace this effort and to help us reassure the American people that we are going to fix this problem.

No one is happy with the situation we are in, but it is a situation that we have. And the American people didn't send us here just to do easy things; they expect us to rise to big challenges and to put aside differences and to work on their behalf. So tonight the Senate will vote on an economic rescue plan designed to shield millions of Americans from shockwaves of a problem they didn't create.

We have two problems. We have the equity markets and we have the credit markets, and a way of thinking of it is like this: You could think of our whole economy as the human body, but the credit markets are the circulatory system. Right now, as the distinguished majority leader pointed out, the credit markets are frozen, so the circulatory system is not working as it should. If the circulatory system doesn't work, it begins to choke off the body--the economy. With the step we take tonight, we are confident we will be able to restore the circulatory system, if you will, and regain health for the economy--the body, if you will--and get the problem fixed for the American people.

I said yesterday that we are going to fix this problem this week. The Senate will speak tonight. We will send to the House a package that, if passed, will address the issue.

We will have demonstrated to the American people that we can deal with the crisis in the most difficult of times--right before an election, when the tendency to be the most partisan is the greatest. But we are in the process of setting that aside, rising to the challenge--both Democrats and Republicans--and doing what is right for the American people.

I yield the floor.