Media Stakeout with Senate Majority Leader Harry Reid (D-NV); Senator Susan Collins (R-ME); Senator Daniel Inouye (D-HI); Senator Arlen Specter (R-PA); Senator Max Baucus (D-MT); Senator Olympia Snowe (R-ME); Senator Joseph Lieberman (Id-CT); Senator Ben

MEDIA STAKEOUT WITH SENATE MAJORITY LEADER HARRY REID (D-NV); SENATOR SUSAN COLLINS (R-ME); SENATOR DANIEL INOUYE (D-HI); SENATOR ARLEN SPECTER (R-PA); SENATOR MAX BAUCUS (D-MT); SENATOR OLYMPIA SNOWE (R-ME); SENATOR JOSEPH LIEBERMAN (ID-CT); SENATOR BEN NELSON (D-NE)

SUBJECT: ECONOMIC STIMULUS PLAN NEGOTIATIONS

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SEN. REID: We said this morning that -- (inaudible) -- must adhere to certain fundamental principles. We need to create millions of jobs, including investments in renewable energy; we must have tax relief for middle-class families, vitally important; and it must be something that we do to invest in America's future. Every economic indicator and every passing day reminds us how we must act, and act robustly and quickly.

The difference between the Senate and House versions we've resolved. The bills were really quite similar. And I'm pleased to announce that we've been able to bridge those differences.

Like any negotiation, this involved give and take. And if you don't mind my saying so, that's an understatement. But the agreement we've reached stays faithful to the principles I've outlined.

I'm really at a lack of words how to express my admiration/respect for the love of our country, the patriotism and the courage of three brave senators: Specter from Pennsylvania, Snowe and Collins from Maine. I don't think I need to say more than that.

The middle ground we've reached creates more jobs than the original Senate bill and spends less than the original House bill. This bill creates three-and-a-half million jobs. More than one-third of this bill is dedicated to providing tax relief for middle-class families, cutting taxes for 95 percent of American workers. We all agreed we cannot shortchange our future, which is why we're giving states the critical help they need to strengthen education and invest in our communities.

This has been a give and take. The House is part of this arrangement. We met with them late into the evening -- actually, into the morning. The president has been, as I think a president should be, recognizing with his experience here in the Senate, his experience in the state legislature, that legislation is the art of compromise, consensus building, and that's what we did.

So it's my hope that when this conference report comes to the floor -- and it'll come within the next few days, maybe as early as tomorrow; we don't know for sure -- more -- I'm hopeful that more senators and congressmen will recognize the importance not just of creating jobs for today, but putting our country back on a step -- first step into a glorious future for our wonderful country.

Susan Collins.

SEN. COLLINS: Thank you. Thank you.

First, I want to thank all of my colleagues who have worked so hard. I particularly want to thank my colleagues on the Republican side of the aisle, Senator Snowe and Senator Specter, without whose support we would not have reached this agreement. And I want to thank Senator Ben Nelson and Senator Joe Lieberman, who helped bring together a bipartisan group.

Today, we have shown that, working together, we can address the enormous economic crisis facing our country. I'm particularly pleased that we have produced an agreement that has a top line of $789 billion. That is less than either the House- or the Senate-passed bills. It is a fiscally responsible number that reflects our efforts to truly focus this bill on programs and policies and tax relief that will help turn our economy around, create jobs and provide relief to the families of our country.

I'm also very pleased that we were able to increase the amount of funding for infrastructure. That is the most powerful component in this bill to create jobs. Overall, there is about $150 billion in infrastructure in this bill when you add together transportation, environmental, broadband and other projects.

We've also provided significant tax relief. More than 35 percent of the funding of this bill goes for tax relief.

And we were able to come up with a stabilization fund that will help the states close holes in their budgets.

Again, I want to thank all of my colleagues for their hard work. This was a good-faith effort on both the House and the Senate's part, and it shows that, working together, we can indeed accomplish great things.

SEN. REID: I'm going to call on Senator Inouye now, but I just want to say one thing. Not at this meeting we're holding with you is a person that had tremendous presence during all these proceedings, and it could not have been done without her guidance and leadership: that's the speaker of the House. I finished talking to her the last time just a couple minutes before coming here. She has been terrific on this, and I will always -- I mean, our working relationship is very, very close, and I have such appreciation for her kindness to me and her working with me. But this last few days has been remarkable, her ability to legislate.

Chairman Inouye.

SEN. INOUYE: We do not have the luxury of time. We must expeditiously face the facts and pass this measure. To delay this any further would lead to consequences that could be horrendous. And if we delay this, it could lead to a crisis worse than the Great Depression because today we're much more than just a nation, we're a superpower. If we go down, there will be chaos in this globe.

Thank you.

SEN. REID: Senator Arlen Specter.

SEN. SPECTER: This is obviously a very difficult vote in view of the large deficit and national debt which we have, but I believe it is indispensable that strong action be taken because the serious economic conditions, with millions of jobs lost and millions of people being foreclosed from their houses, poses a threat that cannot be ignored.

The economists are virtually uniform in their prediction that if we do not act, we face the potential consequence of a catastrophe and a depression the likes of 1929. My preference would have been Senator McCain's bill of $450 billion in tax cuts. But in a legislature, you don't get everything you want. This bill has a very substantial component of tax cuts. The Republican moderates were able to see to it that more than a hundred billion dollars was cut from this program.

Now, there are people who would like to spend less. Some would like to spend nothing. I believe the position of the United States Chamber of Commerce is a solid position from a very conservative organization at a Republican group very concerned with fiscal restraint, and they have endorsed this legislation enthusiastically because of the seriousness of the economic situation and because of what it will mean on highways and bridges and dams, and putting so many people to work.

Lots of naysayers on all side(s), but the Republican moderates struck a(n) agreement for 870 -- $780 billion -- $780 billion. And the fact is that we hung tough, and it was modified only in the case of absolute necessity to go to ($)789 (billion).

And as I said, unless the bill remained virtually intact from what the agreement was last Friday, my support would be conditioned on that. And we got there. And I think it is an important component of putting America back on its feet.

SEN. REID: Thank you, Arlen. Good job.

Chairman Baucus.

SEN. BAUCUS: Thank you, Leader.

Bottom line, given the -- the millions of jobs lost, millions of Americans in foreclosure, the recession in this country and the world, this is the right thing to do.

It's written in scriptures that much is expected from those to whom much is given. All of us who seek public office, all of us serving, whether it's the president, member of the Senate or House, are expected by the people we represent to do the right thing, to work for them -- work together for them. And I am very proud of all the give and take, and how much all of us have worked together to produce legislation which I think will go a long, long way to meet the needs here to turn the recession around.

This bill will create about 3.5 million jobs. We're showing to them, the people who've lost jobs, that we care. We're showing the people who may lose jobs that we care. We're showing to the world that the United States government is standing up, it's leading -- not only in our country, but in the world. And I'm very proud of the mutual effort here that we've all undertaken. There's been a lot of give and take here -- a lot -- to accomplish the one objective, just pass good legislation to -- meets America's concerns.

SEN. REID: Olympia Snowe.

SEN. SNOWE: Well, first of all, I want to thank the Senate majority leader for bringing us all together and all of my colleagues, and most especially my colleagues Senator Collins from Maine and Senator Specter.

These aren't easy times, obviously, for America. It's a critical time. And given the gravity of the circumstances economically, I thought it was important to be part of a process that could yield a consensus-based solution to achieving an approach at this most critical time in our nation's history.

I said at the outset it wasn't a matter of what constituted spending provisions or what was tax relief; the question is, what works for this country? And the key to this economic stimulus plan is to ensure that there is job creation, to assisting people who are displaced by the loss of jobs, and at the same time to make investments in the jobs for the future.

I happen to think that this approach that we have established here creates an equilibrium on those goals that are so essential for the future of our country. It's right-sized because the president is right: if we're losing $2 trillion in demand between this year and next year, then we have to back-fill this economy with a fiscal stimulus approach.

Secondly, it is important to make sure that every provision that is included in this stimulus package will be designed and geared towards creating jobs and making those necessary investments so that we have the tax relief that's so critical to low-income and middle- income America. We've preserved the president's signature item, make work tax credit; the alternative minimum tax; preserving jobs and investments in small business that are going to be the lifeline to our economic reversal.

So those are the kinds of issues that are going to be important to making sure that we can jump-start this economy. The key is making sure that we provide everything in this legislation that isn't just a matter of spending federal dollars, but that every dollar is spent efficiently and effectively, and that it is geared for stimulus.

As I've said at the outset, not any spending is stimulus. So you really have to consider every measure to ensure that it's going to be designed and targeted to the purposes of this legislation that is so key to the future of our economy.

So I'm very pleased to have been a part of this. I know that there is a lot of differences, both sides of the aisle, both the House and the Senate, and even with the president. But the time has come to bring everybody together so that we can move forward, and that most of all that the American people have the assurance that we can develop a solution that can make a profound difference at this very grave moment in time.

SEN. REID: Senator Lieberman.

SEN. LIEBERMAN: Thanks, Senator Reid.

Working together under Harry Reid's patient, usually soft but occasionally quite tough leadership, we came a long way in a relatively short time to achieve something big and urgently necessary for our country and our people. And when I say "we," I mean the president, the House, the Senate, members of both political parties.

Everybody gave something in these negotiations to achieve something bigger for our country and our people.

I personally am confident that this economic Recovery and Reinvestment Act will put a floor under this economy of ours. It will be the beginning of the turnaround for the American economy. It will protect or create millions of jobs. It will put billions of dollars into the pockets of hardworking American people so that they can go out and spend it and grow the economy.

This, in my opinion, is a turning point. We're not going to get back to where our economy was overnight, but I think this represents the beginning of turning our economy around and leading to better day full of opportunity for the American people.

I was proud to work with this group, proud to be part of it. Without the three Republican colleagues, the Senate could not have come to the table. Without a great spirit of compromise from the White House, the House and the Senate, we would not be able to announce this agreement today.

Thank you.

SEN. REID: One of the assets we had during all these negotiations was Governor Nelson. His experience as a governor was a tremendous help. Senator Nelson.

SEN. NELSON: Thank you. Thank you, Mr. Leader.

When you began to see the numbers -- the staggering numbers of unemployment and the bottom caving in in the economy, there are people who will act like there's a choice as to whether or not you do something. And some people would tell you that you do nothing; this boat that is beginning to sink will right itself on its own. Well, I have to say that most of us wish that that would be the case, but I think we all know from the economists and from the experience of others, not in similar situations this deep, but if there are expectations of turning around an economy, that you have to do something.

There's no choice as to what you do -- whether you do something, but there are choices as to what you do. We, I think, have made the right choices in this legislation. Bringing people together to work together to work together for the common good, to make the kinds of changes and the kinds of opportunities for what this job really represents. It's a jobs bill. And today, you might call us the "jobs squad" because that's what we're attempting to do, to make sure that people will have the opportunity to hang onto their jobs that they have today, and they'll be able to get jobs if they lose their jobs as many, unfortunately, have.

So, as we look and we go forward, there will have to be adjustments along the way. But one of the most important things that we have to recognize is that the people want us to work together here in Washington; they don't want us unnecessarily divided, working against one another and working against the will of the people and the common good of our country.

So I'm proud to be here today, and I want to say thank you to my Republican colleagues for the opportunity to work so closely with them. And to all my colleagues here, I say thank you for the experience. I now know, in working through a conference why Nebraska has a unicameral. (Laughter.)

Thank you very much.

SEN. REID: We're not going to take questions. You heard enough from us already. We got a conference. We're going to do a conference.

END.

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