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Emergency Economic Stabilization Act of 2008

Date: Sept. 29, 2008
Location: Washington, DC
Issues: K-12 Education


EMERGENCY ECONOMIC STABILIZATION ACT OF 2008 -- (House of Representatives - September 29, 2008)

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Mr. ELLISON. Madam Speaker, a good friend of mine who runs a charter school needed to get a line of credit recently to float her payroll. She couldn't get it. In the past, she had. That puts the teachers, the custodial staff, the people who work in the kitchen, and all of those folks in line for a payless payday, which means that we've got 60 folks who will not be able to make car notes, mortgages or who will not, perhaps, be able to pay credit cards and who knows what.

This kind of problem is bleeding throughout the economy. That's why the unemployment rate is 6.2 percent. We can wait to see the pain, and then we will be motivated to act, but do you really want to see 8 percent or 9 percent unemployment?

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