House Proceeding on Jul 31st, 2009 :: 3:49:35 to 3:52:10
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3:49:31 to 3:49:52( Edit History Discussion )

David R. Obey: like this, i'll a little concerned about my health insurance. one more time in saying, amen and i yield back the balance of my time. the speaker pro tempore: the gentleman from california yields back the balance of his time. the gentleman from wisconsin. mr. obey: mr. speaker, i yield myself the remainder of the time. the speaker pro tempore: the gentleman is recognized. mr. obey: mr. speaker, the

3:49:35 to 3:52:10( Edit History Discussion )
Speech By: David R. Obey

3:49:53 to 3:50:15( Edit History Discussion )

David R. Obey: commerce department tod just issued figures which have indicated that the depth of the recess last year was much more severe than anyone had estimated. they also estimate that, and this ised good news part of the day, they also tell us that in

3:50:16 to 3:50:37( Edit History Discussion )

David R. Obey: the last quarter of the year -- in the first quarter of this year that the economy, the shrinkage of the economy has now slowed considerably, which is very hopeful sign because the economy evidently performed significantly better than most of the economic experts had thought it would perform.

3:50:38 to 3:50:58( Edit History Discussion )

David R. Obey: we all welcome that news but as you know, that is not good enough. we need to see more progress. our dilemma is this, ordinarily in a recession, wh is losing jobs, the federal reserve others will interest rates and that helps -- lowers the interest rates and tt

3:50:59 to 3:51:19( Edit History Discussion )

David R. Obey: helps the housing industry and the auto industry and our economy is normally led out of the recession by the housing industry and the auto industry. this time around the situation is very different because those two sectors have been a basket case for the past year and a half. the first glimmer of hope we've

3:51:20 to 3:51:40( Edit History Discussion )

David R. Obey: seen in the auto industry is the news that we received yesterday from the secretary of transportation, mr. lahood, who informs us that in just three day's time, when this program was started, as far as they can tell it's already oversubscribed. that means the consumers like

3:51:41 to 3:52:02( Edit History Discussion )

David R. Obey: this program, it means they are reacting to it and it means that it would be irresponsible of us not to try to prevent the shutdown of this program just three days after it began.

3:52:03 to 3:52:10( Edit History Discussion )

David R. Obey: so we're here trying to take advantage of one of the few bright spots in the economy to help move the economy forward. we still have a long way to go before the good news shows up on the unemployment side of the ledger.