House Proceeding 02-25-09 on Feb 25th, 2009 :: 0:33:15 to 0:36:10
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0:33:11 to 0:33:32( Edit History Discussion )

John W. Olver: and make no less sacrifice than every other american family is making in these difficult days. i urge a no vote. the speaker pro tempore: the gentleman's time has expired. the gentleman from california reserves the balance of his time. th mr. obey: sorry, mr. speaker. i need to pay better attention.

0:33:15 to 0:36:10( Edit History Discussion )
Speech By: John W. Olver

0:33:33 to 0:33:53( Edit History Discussion )

John W. Olver: i yield one minute to the distinguished gentleman from massachusetts. the speaker pro tempore: the gentleman fr massachusetts is recognized for one minute. mr. olver: i thank the gentleman for yielding. i think i heard the immediate previous speaker say that he -- we should freeze all expenditure at the 2008 level. well, speaker after speaker from

0:33:54 to 0:34:15( Edit History Discussion )

John W. Olver: the other side of the aisle have said, from what they have said it would seem to me that they are in complete denial, utter denial of where we are and why we got here. the fact that we have had a recession, we have been in a recession for at least now into the fifth quarter.

0:34:16 to 0:34:37( Edit History Discussion )

John W. Olver: all of that being in the budget year of 2008, fiscal 2008 and part of 2009 when we did part of our budget under the previous president. we in that period of time have ended up losing more than three million jobs in the 2008

0:34:38 to 0:34:59( Edit History Discussion )

John W. Olver: calendar year. we are still going tos lose more jobs. we are still -- going to lose more jobs. we are still clearly in recession. and we have also been suffering from a foreclosure crisis where we have lost more tn three million homes to foreclosure. the speaker pro tempore: the gentleman is recognized for an additional minute.

0:35:00 to 0:35:22( Edit History Discussion )

John W. Olver: mr. olver: what that totals to is of course there is more expenditure when you are talking about trying to get out of a recession an foreclosure crisis which every economist, reputable economisat least that we have heard from on either side of the aisle says that the kind of

0:35:23 to 0:35:44( Edit History Discussion )

John W. Olver: recovery package that we have passed only two weeks ago was important to be able to make -- put a bottom under this recession, under the foreclosure crisis, and such. the foreclosure crisis caused by simpletotal lack of any kind of regulation of the financial

0:35:45 to 0:36:06( Edit History Discussion )

John W. Olver: industry has occurred under their watch. under their watch. . so here we have a recovery package that actually does increase the expenditure over what would be the normal our regular budget that we're passing is only the regular budget.

0:36:07 to 0:36:10( Edit History Discussion )

John W. Olver: the stimulus package is above that and it needs to be above that.