February 01, 2008

DODD ON JANUARY’S JOB LOSS:

STIMULUS MUST PUT MONEY IN POCKETS OF WORKING CLASS

WASHINGTON, DC – Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today issued the following statement in reaction to the Bureau of Labor Statistics announcement that 18,000 jobs were lost in January: “I support a short-term stimulus package that puts more money in the pockets of working families, and that stimulates the housing sector. I’m pleased that that there seems to be broad agreement in Washington – among the President and the Congress – to do that, including by raising conforming loan limits for FHA and GSE loans. But if these numbers tell us anything, it is that more action is needed, both in the short term and in the longer term. This action includes extending unemployment benefits to those who are out of work due to no fault of their own. It includes helping seniors and disabled veterans, who are left out of the stimulus plan conceived by the President and the House. And, in the longer run, it means taking concerted action to reduce foreclosures because the foreclosure crisis is at the epicenter of the current economic downturn. I have proposed several measures to achieve this objective, including the establishment of a temporary initiative to buy and refinance mortgages at risk of foreclosure. I will continue to work to create positive change for Americans worried about their economic future.”