WASHINGTON – U.S. Rep. Diana DeGette, Vice Chair of the Committee on Energy and Commerce, today offered the following statement on the bipartisan Emergency Economic Stabilization Act of 2008, which failed to pass the House of Representatives on a vote of 205-228:

“Despite my hesitations, I supported this bill -- not because I wanted to, not because it was the politically easy thing to do, but because it was the right thing to do. Sadly, only one-third of my Republican colleagues supported the bill despite the urging of the President, Senator McCain, and their Congressional leadership.

“Our nation faces serious economic challenges that require serious action. Doing nothing risks a freeze in our financial markets, further exacerbating the economic meltdown while everyday Americans suffer. After the vote today, about a trillion dollars of wealth in our economy evaporated in just a few hours.

“But this is not an abstract concept about Wall Street. Without this legislation, it will be harder for consumers to get basic car or home loans, small businesses will have trouble making payroll, pensions could deteriorate, and credit card rates will soar.

“I will work with the leadership of Congress on both sides of the aisle to bring a new bill to the floor as soon as possible to inject liquidity into the market, allow small businesses and consumers to continue to obtain credit, and begin the long process of restoring confidence in the American financial system.”