Press Conference

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Transcript of=20 Today=92s Pelosi, Boehner, Paulson Press Conference on Economic Stimulus = Package

=20

Washington,=20 D.C. =96 Speaker Nancy Pelosi, House Republican Leader John Boehner, and = Treasury=20 Secretary Henry Paulson held a news conference in the Capitol this = afternoon to=20 announce an agreement on a bipartisan economic stimulus=20 package. Below is a transcript of their remarks:=20

=20

Pelosi on=20 Bipartisan Economic Stimulus Package: =

=93First and=20 foremost, the stimulus package will put money in the hands of = hardworking=20 Americans. This is a middle-class initiative to strengthen the = middle=20 class and those who aspire to be in the middle class.=94=20

=20

Boehner on=20 Bipartisan Economic Stimulus Package: =

=93This agreement=20 is a big win for the American people. It will stimulate our = economy in the=20 most direct and effective way possible by putting money in the hands of=20 middle-income American families and by giving businesses incentives to = create=20 and build new jobs in our country.=94 =20

=20

=20

Thursday, January 24, = 2008=20

1:50 p.m.=20

=20

Ms. = Pelosi. =20 Good afternoon. Today, the leadership of the House of = Representatives, on=20 a bipartisan basis, is responding to the weakening economy and the = urgent=20 economic needs of the American people. The American people have = known for=20 a long time that they were coming on hard times. Living paycheck = to=20 paycheck, they knew that something needed to be done to strengthen our=20 economy.

=20

We were very pleased = last Friday,=20 in a conference call with the Republican and Democratic leadership of = the House=20 and Senate and with Secretary Paulson, that the President expressed the = need for=20 a stimulus package. We went to work right away in a bipartisan way = to meet=20 the criteria of being timely, targeted, and temporary to turn the = economy=20 around. That was our standard. The agreements that Mr. = Boehner and I=20 in our respective caucuses have meet those criteria. =20

=20

I want to commend = Secretary=20 Paulson for his extraordinary leadership, his boundless, it seems, = patience, and=20 I hope he has more, because there's more to come. =20

=20

I believe that the = package that we=20 are putting forth deserves the support of Members of Congress, and we = will bring=20 it to the floor at the earliest date so that those rebate checks can be = in the=20 mail.

=20

First and foremost, the = stimulus=20 package will put money in the hands of hardworking Americans. This = is a=20 middle-class initiative to strengthen the middle class and those who = aspire to=20 be in the middle class. It will be in the form of tax rebates and = a child=20 tax credit, the benefits going to the middle class and the working and = those,=20 again, who aspire to that and who need the money and will spend the = money. =20 I've always said that what we needed to do was to put money in the hands = of=20 those who will spend it right away to inject demand into the economy to = help=20 create jobs to help turn around the economy. =

=20

We also have included = immediate=20 relief for homeowners who are at the risk of losing their homes because = of the=20 subprime crisis. There are other initiatives that relate to = helping the=20 business community in a targeted way and in a timely way and in a = temporary way=20 to help spur the economy. This bipartisan package should be acted = upon=20 rapidly and can help alleviate the economic pain felt by millions of=20 Americans.

=20

On a phone call we just = had with=20 the President, I told the President that I hope that we can use this = model of=20 bipartisanship to work together on unemployment insurance and Medicaid = and other=20 issues that spring from a weakened economy. And should that = economy, our=20 economy, continue to worsen, we will not hesitate to advance additional=20 legislation, speaking for myself, to respond to the economic pressures = affecting=20 the American people.

=20

Again, I thank Leader = Boehner for=20 the bipartisan spirit that he brought to the table. I can't say = that I'm=20 totally pleased with the package, but I do know that it will help = stimulate the=20 economy, and if it does not then there will be more to come. =20

=20

I want to also commend = my Members=20 of the House Democratic Caucus, the Chairman of the Ways and Means = Committee,=20 Mr. Rangel, who again is not totally pleased with the package as well, = over his=20 extraordinary leadership in making this compromise possible. = Chairman=20 Barney Frank of the Financial Services Committee also was very = instrumental, and=20 with his leadership we were able to include in the package GSE and FHA = changes=20 that give some comfort, I hope, to America 's = homeowners. =20

=20

With that, I'm very = pleased to=20 yield the floor with gratitude and appreciation to the Republican leader = of the=20 House, Mr. Boehner.

=20

Mr.=20 Boehner. Well, Madam = Speaker, thank=20 you.

=20

This agreement is a big = win for=20 the American people. It will stimulate our economy in the most = direct and=20 effective way possible by putting money in the hands of middle-income = American=20 families and by giving businesses incentives to create and build new = jobs in our=20 country.

=20

The Speaker gave some, = as she=20 said, and Republicans gave some. But I think it's a good = compromise that=20 will benefit the American people.

=20

I'm going to thank Ms. = Pelosi for=20 all of her work. This was not easy, as most of you know, for the = two of us=20 and our respective caucuses and the differences that the two caucuses = have to=20 come together and to work in a bipartisan way and to reach a compromise = that I=20 think is in the best interest of the American people. =20

=20

I also want to thank = Secretary=20 Paulson for his work in this process, keeping the process moving and = bringing=20 the many details that we needed in order to come together to put this = package=20 together.

=20

You know, many Americans = believe=20 that Washington=20 is broken. But I think this agreement and I hope that = this=20 agreement will show the American people that we can fix it to move along = other=20 bipartisan agreements that we can have in the future. =20

I'm looking for quick = action in=20 the House. I hope that the Senate will follow quickly so that we = can put=20 this money in the hands of middle-income Americans as soon as = possible. =20

=20

Ms. = Pelosi. =20 Secretary Paulson.

=20

Secretary=20 Paulson. Thank you very = much,=20 John.

=20

Let me, first of all, = thank the=20 President for his leadership, thank the Speaker for her leadership, and = the=20 Leader for his leadership. The right tone was set last Thursday = when we=20 had a very good conference call with the President; and we had there the = leaders=20 of the Senate, also. We had Leader Reid and Mitch McConnell, in = addition=20 to the Speaker and John Boehner and Steny Hoyer. And we had a good = call. And there a spirit of bipartisan participation was set = working=20 together with one objective in mind and one objective only: to help the = U.S.=20 economy as soon as possible and the American people. =20

=20

And so, again, I know = the work=20 isn't done yet. As the Speaker said, we've got more to do. = And I'm=20 looking forward to working with the Senate and working with the House to = get a=20 package as soon as possible. Because, again, speed is of the=20 essence.

=20

And, again, thank you = very much=20 for your leadership, Madam Speaker, and thank you. =

=20

Q =20 Madam Speaker, what displeases you about the package? =20

=20

Ms. = Pelosi. =20 Well, what I always say about these packages is let us praise it for = what it=20 does, not disrespect it for what it does not. =20

=20

I think this is a = remarkable=20 package because it is about putting money in the hands of America = 's working families. It is there to strengthen the = middle=20 class, to create jobs and to turn this economy around. And that is = what is=20 important about it. It is timely, it is targeted, and it is = temporary, and=20 it was done in record time since our conversation with the President = and, again,=20 in a bipartisan way.

=20

Q =20 Madam Speaker, the Senate is composing its own bill here. What if = the=20 Senate says: =93We're going to do this bill,=94 picks it apart, sends it = back and=20 says, =93Take it or leave it?=94 What's going to be the = problem? =20

=20

Ms. = Pelosi. =20 Well, here's the thing: a couple of days ago, some of you were present = in the=20 room when we met with Secretary Paulson. We met with Secretary = Paulson,=20 Leader Boehner and I and Leader Hoyer, as well as Leader McConnell and=20 Democratic Leader Harry Reid. At that meeting, in your presence, = they both=20 said, Mitch McConnell and Harry Reid said: =93We defer to the = House.=94 Well,=20 of course the Constitution does as well. But, nonetheless, the = recognition=20 that this bill had to begin in the House. =

=20

But their point was, = instead of=20 the four of us trying to find agreement, let's see what bipartisanship = you can=20 come up with in the House to send us something that we can act = upon. This=20 is the beginning of a legislation process. They will certainly act = upon=20 it, and we will act upon that.

=20

But I hope that the = commitment=20 that we are showing here today in a bipartisan way and the fact that = there had=20 to be some give on either side doesn't mean that we've exhausted all the = remedies that we think will help the economy. It just means that = in this=20 package at this time the approach that we are taking: help for the = middle class,=20 assistance to business for job creation, and helping those who are = concerned=20 about the subprime crisis - the mortgage crisis in our country. =20

=20

So they will most likely = act upon=20 it. But I think the strength of our bipartisanship in this = announcement=20 today will mean a lot to them. But far be it for me to ever = predict what=20 the Senate may produce with their very Senatorial rules. =20

=20

Mr.=20 Boehner. Let me just add = to=20 that.

=20

The Speaker and I could = stand here=20 for an hour and talk about the things that are not in this = package. We had=20 Members from both sides of the aisle that had an endless list of items = that they=20 wanted to include in this. And the beauty of this package is that = it is=20 simple, it is clean, it is neat, and it will get the money back out into = the=20 American economy as quickly as possible. =

=20

And I believe that if we = can have=20 broad bipartisan support for this bill on the floor of the House, which = I do in=20 fact believe we will get, that it will simplify the process. Not = that it's=20 going to preclude the Senate from being the Senate and doing what they = do. =20 But I think that the fact there's three sections to this bill, two big = sections=20 and a comma.

=20

And so I think that = we've done our=20 job as best we can do it. I hope that the Members of the House on = both=20 caucuses will support this in a broad bipartisan way; and, hopefully, = we've made=20 the job for the rest of the Congress easier. =

=20

Q =20 Who will get a check in the mail and who will not?=20

=20

Secretary=20 Paulson. Let me explain = this very=20 simply. I think the easiest way to think about it is, if you are a = taxpaying unit, the filer, and you've got earned income of at least = $3,000 and=20 then you file, you are entitled to a check of at least = $300 =20 I'm going to get to the children in a minute. $300. And if = there is,=20 obviously, joint filers, it will be $600. =

=20

And then everyone who = has earned=20 income above $3,000, right up until you pay at least $300 in income tax, = is=20 going to get their $300. When you pay $300 in income tax, then the = check=20 will increase by the amount of tax you pay up to $600 for a single = filer, $1,200=20 for a joint filer.

=20

And then, on top of = that, everyone=20 who gets one of those checks and has a child will get another check, = $300 for=20 each child.

=20

I hope that's clear.=20

=20

Ms. = Pelosi. =20 What's important to know is that tens of millions of Americans will have = a check=20 in the mail; they really will.

=20

Secretary=20 Paulson. One hundred and = sixteen=20 million.

=20

Ms. = Pelosi. =20 One hundred and sixteen million. Well, that's tens of millions but = over=20 100 million. And then over 35 million who never would have been = part of=20 any rebate and haven't been in the past or any tax credit.=20

=20

Q =20 What's the top end?

=20

Secretary=20 Paulson. What's the top = end? =20 The cap on it is, for a single filer, $75,000 of income; you know, = joint,=20 $150,000; and then a phase out after that phasing out 5 percent of the = benefit=20 for each thousand dollar increment in earnings as you move up. =20

=20

Q =20 Will the IRS issue the checks?

=20

Ms. = Pelosi. =20 The technical information will be all available to everyone. But = we do=20 believe that there's some speed in this approach that we are taking, and = this is=20 the fastest way to get this money into the hands of the American = people. =20

=20

Mr.=20 Boehner. Thank you. = Thank you=20 all very much.