McMahon on the House Economic Stabilization vote
Council Member Michael McMahon today released the following statement on the failure of the Emergency Economic Stabilization Act of 2008 in the House of Representatives:
"When Americans across the country receive their 401k statements at the end of the month, the gravity of today's vote will be clear. Over the past week, Republicans and Democrats came together to create an imperfect but necessary answer to the financial crisis, and it failed. Now tens of thousands of jobs in the district are in danger on Wall Street, and Main Street will feel the pressure as student loans, mortgages, small business loans and credit freeze up. I applaud Rep. Fossella for his vote today, and wish that more had joined him. I urge Congress to continue negotiations, and bring a new solution to the table by the end of the week."
-- Council Member Michael McMahon