OFFICE OF THE MAJORITY LEADER

TRANSCRIPT

Overview of White House Meeting on $700 Billion Economic Recovery Plan with Wolf Blitzer
September 25, 2008

... IN THIS. ONE OF WHOM HAS PROMISED TO GET THIS DONE. IT'S INCREDIBLE TENSION IN THAT MEETING I WOULD THINK, WOLF. >> ALL RIGHT. I WANT EVERYBODY TO STAND BY BECAUSE THE HOUSE MAJORITY LEADER STEN I HOYER IS JOINING US NOW LIVE. YOU WERE INSIDE, MR. LEADER, INSIDE THAT ROOM. TAKE US INSIDE AND TELL US FIRST OF ALL, DEAL OR NO DEAL? >> WELL, I THINK THERE WAS NOT A NEGOTIATING SESSION. I THINK IT WAS A REITERATION OF HOW SERIOUS THIS PROBLEM IS. I THINK IT WAS BRINGING EVERYBODY UP TO DATE ON WHERE PEOPLE WERE. I THINK CHAIRMAN DODD AND FRANK CLEARLY INDICATED THAT THEY FELT WE WERE VERY CLOSE ON PRINCIPLES. CLEARLY EVERYBODY IN THE ROOM WAS NOT NECESSARILY IN AGREEMENT. BUT THE PRESIDENT MADE IT VERY CLEAR AND THE SPEAKER AND HARRY REID BOTH MADE IT VERY CLEAR WE'RE WORKING VERY HARD TO COME TO AGREEMENT AND WORK VERY CLOSELY WITH PAULSON AND BERNANKE. WE REALIZE THAT DOING THIS CORRECTLY IS CRITICAL. BUT ALSO DOING IT SOON IS CRITICAL. >> ABOUT 15 MINUTES OR SO AGO, WE HEARD FROM SENATOR RICHARD SHELBY OF ALABAMA, THE RANKING MINORITY MEMBER ON THE SENATE BANKING COMMITTEE SAY THERE WAS NO AGREEMENT AND HE'S DEEPLY CONCERNED AS YOU KNOW ABOUT THE POSSIBILITY OF AN AGREEMENT, BUT GO AHEAD AND TELL US WHAT THE STUMBLING BLOCKS ARE RIGHT NOW AND WHEN YOU THINK THEY MIGHT BE RESOLVED. >> I'M NOT GOING TO GO INTO SPECIFIC STUMBLING BLOCKS BUT I THINK THERE'S NOT FULL AGREEMENT. SENATOR SHELBY DID NOT FULLY AGREE AS YOU POINTED OUT AND HEARD I SUPPOSE. BUT THERE WERE OTHER SEGMENTS IN THE HOUSE, OBVIOUSLY, THERE IS CONCERN ON BOTH SIDES OF THE AISLE. SO THAT'S BEING WORKED ON. BUT I WAS -- WE'RE VERY CONCERNED ABOUT SOME PLANS THAT HAVE BEEN PUT FORWARD VERY RECENTLY. SECRETARY PAULSON HAS NOT REVIEWED THOSE PLANS AND NOT PART OF HIS PLAN. WE'VE MODIFIED HIS PLAN VERY SUBSTANTIALLY. PRESIDENT LAST NIGHT SAID HE ACCEPTED OUR MODIFICATIONS WHICH WERE DESIGNED TO PROTECT STOCKHOLDERS PROVIDE FOR EQUITY INVOLVEMENT AND PROVIDE FOR PROTECTION OF MORTGAGE HOLDERS AND PROVIDE FOR PROTECTION FOR TAXPAYERS ULTIMATELY, AS WELL. SO THAT WE THINK CERTAINLY FROM OUR SIDE THAT THERE IS A CONSENSUS ON HOW TO GO FORWARD. WE'LL HAVE TO SEE WHETHER THAT CONSENSUS CAN GROW. THE PRESIDENT HOPEFULLY IS GOING TO BE WORKING ON THAT. >> AS YOU KNOW, THE CONGRESS IS SUPPOSED TO GO INTO RECESS TOMORROW NIGHT. IS THAT HAPPENING? DO YOU THINK THEY'LL BE A DEAL THAT WILL ALLOW MEMBERS OF THE SENATE AND HOUSE TO VOTE BEFORE TOMORROW NIGHT. >> LET ME REITERATE WHAT I'VE SAID TO MY CAUCUS. I MAKE UP THE SCHEDULE AND WHAT I'VE TOLD THEM IS THAT THIS IS A VERY SERIOUS MATTER. MEMBERS OF CONGRESS GOING TO BE PREPARED TO STAY HERE SATURDAY, SUNDAY, NEXT WEEK, THE WEEK AFTER. IF THAT'S NECESSARY. HOPEFULLY THAT WILL NOT BE NECESSARY. WE BELIEVE THAT ACTING WITH DISPATCH IS NECESSARY TO STABILIZE MARKETS, STABILIZE OUR ECONOMY AND WE HOPE TO DO THAT, BUT WE HAVE NO ARBITRARY DEADLINE WHEN WE'RE GOING HOME. >> IF YOU CAN, TAKE US INSIDE THAT CABINET ROOM. WE KNOW THAT SENATOR MCCAIN WAS THERE AND SENATOR OBAMA WAS INSIDE. DID THEY PARTICIPATE IN THE DISCUSSION OR WAS MOSTLY THE PRESIDENT TALKING AND OTHERS SORT OF ASKING QUESTIONS? GIVE US A LITTLE FLAVOR, IF YOU CAN, MR. LEADER WHAT WAS GOING ON. >> IT WAS LIKE MOST MEETINGS. EVERYBODY PARTICIPATED INCLUDING SENATOR OBAMA AND SENATOR MCCAIN. I THINK OBAMA FRANKLY WAS MORE SPECIFIC AND BROADER IN HIS DISCUSSION WITH THE PRESIDENT, WITH SECRETARY PAULSON, HAD SOME VERY GOOD CONTRIBUTIONS TO MAKE. SENATOR MCCAIN WAS MUCH BRIEFER. MUCH LESS SPECIFIC AND INDICATED OBVIOUSLY THAT THERE WAS A CRISIS WITH WHICH WE ALL AGREED. >> WHAT ABOUT SENATOR MCCAIN? DID HE INDICATE ONE WAY OR ANOTHER WHICH WAY HE WAS LEANING? >> HE DID NOT. >> DID YOU GET A SENSE THAT THERE MIGHT BE AN AGREEMENT BY TOMORROW THAT WOULD AN LOU HIM TO PARTICIPATE IN THE FIRST PRESIDENTIAL DEBATE IN MISSISSIPPI TOMORROW NIGHT? >> I WOULD HOPE THAT WILL SENATOR MCCAIN WOULD RATE IN THE DEBATE. GO FORWARD. THE PRESIDENT MADE A WRY OBSERVATION AND OTHERS MADE THE OBSERVATIONS ABOUT SENATOR MCCAIN AND SENATOR OBAMA HAVE BEEN OTHERWISE FOCUSED AS WE WOULD EXPECT THEM TO BE. HAVING SAID THAT, BOTH REPUBLICANS AND DEMOCRATS SINCE LAST THURSDAY NIGHT HAVE BEEN WORKING ROUND THE CLOCK TO TRY TO COME TO AN AGREEMENT TO TRY TO ACT ON A CONSENSUS DOCUMENT THAT CAN GET THE VOTES FOR PASSAGE AND STABILIZE THE ECONOMIC MARKETS. SO IL THINK THAT THEY WILL CONTINUE TO DO THAT. AND HOPEFULLY, WE WILL ACCOMPLISH THAT OBJECTIVE. >> ARE YOU CLOSE TO WORKING OUT THE LANGUAGE ON EXECUTIVE COMPENSATION FOR WALL STREET CEOS AND TOP EXECUTIVES ON WALL STREET THAT THEIR SALARIES ARE NOT GOING TO BE IN THE MILLIONS AND MILLIONS OF DOLLARS BUT ...