February 11, 2009
According to Virginia Senator Mark Warner,"We all can agree that bold action needs to be taken now to restart our struggling economy, to prevent further job losses and home foreclosures, and to try to ease the financial pain felt by families in Virginia and across the nation -- before the situation gets even worse.
"We need a three part plan to get our ailing economy back on track: action to stimulate the economy, action to shore up the financial system, and action to halt the foreclosure crisis.
"[February 10] we took an important first step in what is sure to be a difficult process. The Senate approved a bipartisan plan to revive our economy with a responsible mix of tax cuts and investments that will create jobs.
"The Senate proposal includes more than $360 billion in tax relief to individuals and small businesses and roughly $460 billion to create new jobs through road construction, school improvements and other short term infrastructure projects, as well as additional health care and other temporary assistance for the unemployed.
"The Senate compromise was not perfect. Like any compromise, there was give and take. But doing nothing is not an option.
"The next step will be to repair our banking system and get credit flowing once again to consumers and small businesses. Yesterday, Treasury Secretary Tim Geithner briefed the Senate Banking Committee, on which I serve, about a financial stabilization plan designed to calm our shaky financial system.
"Like you, I am frustrated with how the first investment of $350 billion in TARP funds was spent. I plan to work with the Administration and my Senate colleagues to flesh out the details of this latest plan. Just like we did with the budget process in Virginia, I want to make sure that there is more accountability and transparency with any additional expenditure of taxpayer dollars.
"There will be a lot of tough choices to make in the weeks ahead as we all work together to restart our economy. And I pledge to work to make sure that both sides come together to find responsible solutions."
