DOMENICI: Now is the Time To Rescue the Economy.

Sen. Pete Domenici
He's preparing to retire, but for now he's working hard to keep the economy afloat. Before he took the podium on the senate floor this afternoon, the former Senate Budget Chairman told 770KKOB News Director Pat Allen he will for for the Senate Financial Rescue Package. He says it's an economic recovery plan not a Wall Street bailout. He says there will be a huge ripple affect throughout the economy if it's not passed.

Listen to Domenici's analogy of a six-car pile up if the measure fails.



Domenici, the former Senate Budget Committee chairman, today said he is confident the Senate will pass a modified Emergency Economic Stabilization Act and stressed the importance of the measure for limiting further damage to the U.S. economy.

Domenici signaled his intention to vote for the financial rescue plan when the Senate takes up the package Wednesday evening.

“I will vote for this plan because it is what our nation needs now. We must take action to restore confidence not just in the U.S. financial markets, but on every Main Street and in every home.

“I am certain the Senate will pass this financial rescue plan, which includes strong taxpayer protections, stronger regulatory oversight and reduction in executive compensation.

“This is not a ‘bailout.’ It is a ‘buyout’ plan to allow the government over the next two years to buy the toxic assets that today are drying up credit to virtually all aspects of American life. Without a freer flow of credit, banks and lending institutions won’t have the money to lend to small businesses, home buyers, college students or car buyers. Job creation will stop all over the country.

“This bill can’t cure all America’s economic problems, but if we don’t act things will get much worse. We cannot risk the consequences of doing nothing. It’s just that simple.”

The Senate bill builds in new regulatory oversight and expands the FDIC ability to cover accounts up to $250,000.

The Senate economic recovery plan has been paired with the tax extenders bill that includes Alternative Minimum Tax relief, renewable energy tax credit extensions, small business and individual tax breaks. It also contains the bipartisan Mental Health Parity legislation that Domenici authored with Senator Edward M. Kennedy and others.

Photo Credit: MG Bralley