OFFICE OF THE MAJORITY LEADER

TRANSCRIPT

Speaking about the Senate Vote on the Financial Recovery Bill on NBC
October 1, 2008

... APPEAL TO REPUBLICANS ARE OR APPEAL, RATHER, TO DEMOCRATS. THE QUESTION IS WILL THIS PLAN IF IT PASSES TONIGHT, PRESSURE THE HOUSE AND GET THEM TO MOVE AND PERHAPS AS SOON AS BY THURSDAY OR FRIDAY? ANN, BACK TO YOU. >> A GOOD QUESTION, TOM, THANKS. TWO MEN WHO WANTED THE HOUSE BAILOUT BILL TO PASS AND WILL WATCH TONIGHT'S SENATE VOTE CLOSELY DEMOCRATIC CONGRESSMAN STENY HOYER HOUSE MAJORITY LEADER AND ALSO CONGRESSMAN ROY BLUNT, HOUSE REPUBLICAN WHIP. GENTLEMEN GOOD MORNING. >> GOOD TO BE WITH YOU. >> THE NATION IN CRISIS AND THE LONGER WE WAIT THE WORSE IT GET. THE FIRST QUESTION, ANY DOUBT THIS REVISED BILL WILL PASS THE SENATE TONIGHT, CONGRESSMAN. >> WELL, I THINK THE SENATE THINKS IT HAS THE VOTES AND PEOPLE ARE COMING BACK FOR IT AND I THINK IT PROBABLY WILL PASS. >> IF IT PASSES, THERE IS EXPECTATION AS YOU SAY THAT IT WILL, HOW QUICKLY COULD IT BE BEFORE THE HOUSE? >> WELL, THE HOUSE AND SENATE HAVE BEEN IN DISCUSSIONS BUT THE HOUSE HAS BEEN IN DISCUSSIONS, CONGRESSMAN BLUNT AND I HAVE BEEN TALKING I'VE BEEN TALKING TO THE SPEAKER, WE HAD A CONFERENCE CALL -- >> BEFORE TONIGHT, TOMORROW MORNING. >> NO. NO. YESTERDAY WHEN HE DISCUSSIONS. I'M IN TOWN, OBVIOUSLY. MR. BLUNT AND I WILL BE MEETING AGAIN TODAY TO SEE WHAT WE CAN PUT TOGETHER THAT WILL ENJOY THE MAJORITY SUPPORT IN THE HOUSE OF REPRESENTATIVES. >> LET ME ASK YOU, THEN, CONGRESSMAN, HOW QUICK KOOL THIS BE BEFORE THE HOUSE? >> WELL, IT SHOULD BE BEFORE THE HOUSE AS QUICKLY AS WE CAN GET IT DONE. >> YOU DON'T THINK YOU CAN GET IT BEFORE THE HOUSE BEFORE THE END OF THE WEEK? >> I DO THINK WE CAN BUT WE SHOULDN'T SET ANY ARTIFICIAL TIMELINE HERE ONE OF OUR PROBLEMS EVEN ON MONDAY. ANN, I THINK THREE THINGS HAVE HAPPENED SINCE MONDAY THAT HELP US. ONE IS THAT CALLS TO MEMBERS' OFFICES HAVE CHANGED FROM BEING 90% DON'T DO THIS, THEY'RE AT LEAST 50-50, IN SOME OFFICES 90%, YOU HAVE TO DO SOMETHING, THIS MAY BE THE BEST THING OUT THERE. THE FDIC CHANGE, I THINK IS HELPFUL FOR MANY OF OUR MEMBERS ON BOTH SIDES OF THE AISLE AND, FRANKLY, THIS ACCOUNTING RULE WE'VE BEEN URGING FOR WEEKS NOW THAT THE SEC CHAIRMAN MOVED FORWARD ON YESTERDAY, ALL THREE OF THOSE THINGS MAKE A DIFFERENCE AND MAKE A DIFFERENCE IN A HELPFUL WAY. >> YOU ARE SAYING WHILE -- TOIMPLTS MEMBERS. >> -- WHILE TWO-THIRDS OF REPUBLICANS WERE AGAINST THE BILL MONDAY, YOU'RE SAYING THEY'RE -- MORE AND MORE REPUBLICANS WILL PROBABLY SUPPORT THIS BILL NOW? >> THAT'S WHAT I'M GOING TO CHECK ON TODAY, NOW THAT WE HAVE THESE THREE THINGS DONE THEN WE'LL HAVE TO EVALUATE, MR. HOYER AND I BOTH, WILL HAVE TO EVALUATE THE IMPACT OF THIS TAX PACKAGE THAT'S ALWAYS BEEN OUT THERE. THIS IS NOT A NEW PACKAGE BUT CERTAINLY OUR MEMBERS HAVEN'T LOOKED AT IT AS PART OF THIS AGREEMENT. >> CONGRESSMAN, HOYER, LET ME ASK ABOUT THAT. THE TAX BREAKS WILL BE AN ISSUE. YOU HAVE CONSERVATIVE DEMOCRATS AGAINST IT. >> NO DOUBT THE TAX PACKAGE IS VERY CONTROVERSIAL. THE SENATE, IN MY OPINION, IS ADDING THAT ON BECAUSE THEY THINK THAT'S THE ONLY WAY TO GET IT PASSED. >> IT CAUSE YOU TO LOSE DEMOCRATS? >> IT MAY, IT MAY. WE'LL HAVE TO BE TALKING TO THEM. I'M NOT PARTICULARLY PLEASED WITH THAT ADDITION MYSELF, VERY FRANKLY. BUT LET ME SAY THE OTHER THING THAT'S HAPPENED IS THAT THE AMERICAN PUBLIC, I THINK, IN THE LAST 48 HOURS HAS COME TO VIEW THIS AS SOMETHING THAT AFFECTS THEM PERSONALLY. THEY SAW THEIR 401(K) PLAN, FOR INSTANCE, VERY SUBSTANTIALLY REDUCED IN VALUE ON MONDAY. NOW, IT CAME BACK A LITTLE BIT YESTERDAY BECAUSE -- AND I THINK THE REASON IT CAME BACK IS BECAUSE WE HAVE ALL INDICATED THIS CRISIS IS NOT GOING AWAY AND WE'RE NOT GOING TO GO AWAY BUT WORK ON THIS UNTIL WE ADDRESS IT. WE SHARE THE VIEW THAT THERE IS A CRISIS. WE NEED TO ACT AND WE NEED TO ACT IN A VERY SUBSTANTIVE WAY TO STABILIZE OUR MARKETS. >> THERE IS A VIEW THIS MORNING AND IT'S ALL OVER THE EDITORIAL PAGES OF OUR NEWSPAPERS IN THIS COUNTRY THAT THERE HAS BEEN -- THIS WAS AN OPPORTUNITY, THIS NATION TO COME TOGETHER AND RESOLVE A NATIONAL CRISIS. AND THAT WASHINGTON FAILED MISERABLY. WHAT DO YOU SAY TO THOSE WHO ARE WRITING THIS MORNING OR THINKING THIS MORNING THAT WHAT WE HAVE SEEN SO FAR IN WASHINGTON HAS BEEN A FAILURE IN LEADERSHIP. >> WELL, YOU KNOW, IN THE AGREEMENT WE NEGOTIATED, I THINK ACTUALLY THAT WAS A TIME WHEN WASHINGTON DID COME TOGETHER. UNFORTUNATELY, WE GOT STARTED OFF TALKING ABOUT THIS IN A TERRIBLE WAY. WHEN YOU ARE TALKING BAILOUT, ILL LIQUID ASSETS, WALL STREET, AND PEOPLE GET FOCUSED ON THAT, THAT'S WHAT THIS IS ALL ABOUT. WE DIDN'T HAVE TIME TO TURN THIS AROUND TO WHAT THE FINAL PRODUCT REALLY WAS, GUARANTEES FOR TAXPAYERS, A WORK-OUT, THERE'S NO REASON FOR TAXPAYERS TO LOSE A DIME HERE AT THE FEDERAL LEVEL AND CERTAINLY AS STENY SAID, THEY LOST A LOT MONDAY AND STAND AN CHANCE OF LOSING A LOT MORE OF THEIR PERSONAL RESOURCES. >> I'M OUT OF TIME A. COUPLE SECONDS LEFT -- >> THERE IS DEEP DIVISION ON THE ECONOMIC POLICIES OF THE ADMINISTRATION BUT WASHINGTON DID COME TOGETHER. LEADERS IN BOTH HOUSES SAID TO THE AMERICAN PUBLIC, WE NEED TO DO THIS TO STABILIZE THE ECONOMY. >> LET'S SEE WHAT HAPPENS BY THE END OF THE WEEK. CON CONGRESSMAN BLUNT AND HOYER THANK YOU SO MUCH FOR JOINING US AT THIS EARLY HOUR. MATT BACK TO YOU IN NEW YORK. >> THANK YOU VERY MUCH. THE VIEW FROM WALL STREET. JIM CRAMER HOST OF ""MAD MONEY"" ON CNBC. JIM, GOOD MORNING TO YOU. >> GOOD MORNING, MATT. >> STRUCK BY THE FACT ...