Pelosi: U.S. Needs Stimulus Package

House Speaker Nancy Pelosi reacted to the news today from the National Bureau of Economic Research -- that the U.S. economy has been in recession since December 2007 -- to call on President Bush and Senate Republicans to join in supporting an economic recovery package.

Here is Pelosi's full statement:

"Today's report from the National Bureau of Economic Research comes as no surprise to America's families and underscores the need for immediate, bipartisan action to create jobs and get America moving again.

"The report is a clear signal to President Bush and Senate Republicans to drop their opposition to the House-passed economic recovery package that will help lift our economy and begin creating jobs again.

"Congress will continue our commitment to new jobs and opportunity by working with President-elect Obama to enact bold economic recovery and job creation legislation in January that will cut taxes, invest in a cleaner and independent energy future, rebuild and modernize schools, roads, and bridges, and expand 21st century communications and energy infrastructure across the nation."

*UPDATE: House Minority Leader John Boehner issued a statement on the news as well:

"The economic scorekeepers at the National Bureau of Economic Research have now confirmed what working families and small businesses have known for quite a while: the United States is in a recession. Clearly, we need to respond, but the American people know that the answer to this challenge is not out-dated policies that do nothing but increase Washington spending. We need a real plan that puts the American people -- not bureaucrats -- first. Congress should enact an economic growth plan that would double the child tax credit, suspend the capital gains tax to help people rebuild their 401(k)s, reduce tax rates that drive businesses overseas, stop unnecessary lawsuits that destroy jobs, and create a million new jobs by developing America's energy resources. I look forward to working with the new President and his economic team as we confront this serious situation."



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