Speaker Pelosi: "No more just here's the money, sit on it so that your capitalization is improved."

by Christina Lovato, University of New Mexico-Talk Radio News Service


Today in Speaker Nancy Pelosi’s weekly press conference the economy was still a big issue. Pelosi started off the conference by speaking about the deterioration of the economy and how President Obama is putting forth initiatives in just the four weeks he has been in office. “Yesterday the President put forth the details and guidelines for a housing initiative that he announced earlier. Under it 79 million of Americans over the next couple of years will be able to modify their loans, they will have the opportunity to modify or re-finance their homes, stay in their homes. Today Congress will pass legislation on housing and bankruptcy which will help some more.” she said.

Pelosi addressed the housing, regulatory reform recovery package, stating that she is very positive about it. “A package that cuts taxes for the middle class, 95% of the American people. A package that will create or save 3-4 million jobs over the next few years and a package that strives to bring stability to our economy.” she said. 

Today, President Obama is holding a health care summit and Pelosi said that healthcare costs are the biggest problem of the American people. “It’s about a healthier America, it’s about recognizing that health care reform is regulatory reform and it recognizes that health care is an economic issue.” 

The Speaker also said that she agreed with President Obama stating that we need to have fewer earmarks. “This whole thing about the Republican side about earmarks is so disingenuous...The idea is lower number, more transparency, total accountability.” she said. 

When it came down to talking about money, Pelosi said that distribution of the TARP funds must fulfill the purpose of why the money is given to them. “No more just here’s the money, sit on it so that your capitalization is improved.” When it came down to talk about the auto industry Pelosi concluded by saying, “Any money that we give to the auto industry must be considered a lifeline, not life support. This all has to be about viability of the auto industry to survive.”

Secretary Spellings Discusses the Availability of Federal Student Loans

“Ensuring the Availability of Federal Student Loans” was the topic of debate for House members during the Education and Labor Committee’s interrogation of Secretary of Department of Education Margaret Spellings.

Secretary Spellings assured the Committee that Federal student aid will continue to be provided for students in need. Her testimony stated that many of the problems associated with lenders not providing enough money for students was the result of the problems our economy faces as a whole.

Spellings remained optimistic about the future of loan distribution. The Secretary explained that the Department of Education was monitoring the regression in loan lender participation, was working to “engage” students, families, and institutions in understanding their options concerning loans, and was prepared to confront a “crisis” in loan distribution.

Spellings noted that, “Times of economic uncertainty are all the more reason that Americans will look to higher education to acquire new skills and knowledge.” Although many members of Congress were critical of the current lack of money available to college students, Spellings was confident that students and families will be able to withstand the hard times and finance their educations.