Excerpts from House speaker Pelosi's speech

Quotes from US House speaker Nancy Pelosi's speech in the final hours of a debate to finalise the bail-out plan

Republicans in the US House of Representatives blamed Democratic speaker Nancy Pelosi for the failed bail-out vote, claiming she made a partisan speech near the end of a debate on the rescue plan. Below are quotes from the speech:

"[W]hen was the last time someone asked you for $700bn? It is a number that is staggering, but tells us only the costs of the Bush administration's failed economic policies — policies built on budgetary recklessness, on an anything-goes mentality, with no regulation, no supervision, and no discipline in the system."

"Democrats believe in the free market, which can and does create jobs, wealth, and capital, but left to its own devices it has created chaos."

"Democrats insisted that legislation responding to this crisis must protect the American people and Main Street from the meltdown on Wall Street. The American people did not decide to dangerously weaken our regulatory and oversight policies. They did not make unwise and risky financial deals. They did not jeopardise the economic security of the nation. And they must not pay the cost of this emergency recovery and stabilisation bill."

"Today we will act to avert this crisis, but informed by our experience of the past eight years with the failed economic leadership … We choose a different path. In the new year, with a new Congress and a new president, we will break free with a failed past and take America in a new direction to a better future."

Contributor

Elana Schor in Washington

The GuardianTramp

Related Content

Republicans accuse speaker of shattering fragile bail-out deal

Nancy Pelosi blamed for crushing mood of bipartisan cooperation and destroying government's $700bn bail-out package

Andrew Clark in New York

29, Sep, 2008 @11:01 PM

Article image
Nancy Pelosi's speech on the financial bail-out bill

Republicans blamed the failure of the financial rescue bill partly on remarks by the Democratic speaker of the House of Representatives, Nancy Pelosi. Here is the full text of her speech

30, Sep, 2008 @8:45 AM

House Democrats propose $825bn economic stimulus package

Working closely with Barack Obama, Democrats in the House of Representatives today called for $825bn in federal spending and tax cuts to revive the moribund US economy, with strong emphasis on energy, education, healthcare and jobs-producing highway construction

15, Jan, 2009 @10:57 PM

Article image
Bail-out plan fails in US House of Representatives

A $700bn rescue plan for the sagging US financial market was defeated in its first congressional vote

Elana Schor in Washington

29, Sep, 2008 @6:11 PM

House speaker Nancy Pelosi predicts job losses for babies

Deadline USA: Democratic congresswoman tells reporters that all Americans will be unemployed if stimulus fails to pass

Rahsheeda Ali

04, Feb, 2009 @10:56 PM

Article image
Panic grips world's markets

Shock as American rescue plan rejected on day of nationalisations and bail-outs

Andrew Clark in New York

29, Sep, 2008 @11:01 PM

US economy: Ben Bernanke describes economic woes at congressional hearing

Appearing before the US Senate banking committee, Bernanke faced a tough examination over the administration's handling of recent financial flare-ups

Andrew Clark in New York

15, Jul, 2008 @6:29 PM

Article image
Markets rebound as bid to salvage bail-out package continues

Hopes rise for speedy solution after Bush assures law will be passed despite rebellion in Congress

Andrew Clark in New York

30, Sep, 2008 @11:01 PM

George Monbiot: The free market preachers have long practised state welfare for the rich

George Monbiot: Bailing out banks seems unprecedented, but the US government's form in subsidising big business is well established

George Monbiot

29, Sep, 2008 @11:01 PM

'Americans will not tolerate those who stood by and let this calamity happen'

US Chamber of Commerce says vote has caused 'uncertainty and turmoil' in the markets

Jill Treanor and David Teather, Andrew Clark in New York

29, Sep, 2008 @11:01 PM