Last week, the President acknowledged that these are indeed “tough times” for our economy, but his response to the economic downturn continues to offer little relief for American families struggling to make ends meet. Prices for gas, home heating oil, groceries, and health care are climbing, and oil prices and mortgage foreclosures have hit record highs.

The New Direction Congress understands the hardships facing hardworking Americans and has worked hard to pass real reforms that will help get our economy back on track. The bipartisan stimulus measure was an important first step, but there is more we can do to blunt the effects of the economic downturn for struggling families.

For starters, we can and should extend unemployment benefits because at least 1.3 million workers will likely exhaust theirs in the first half of this year. I also hope that the Senate acts quickly to pass the additional mortgage reforms the House passed back in December. And, I look forward to moving my Credit Cardholders’ Bill of Rights (H.R. 5244), which contains important consumer protections that would help America’s credit cardholders steer clear of unfair interest rate hikes.

It is most likely too late to avoid the second economic downturn of President Bush’s Administration, but it is not too late for the Administration to step up the plate and work with Congress to prevent families from losing their homes, put people back to work, and restore confidence in our economy.

Rep. Maloney is vice chair of the Joint Economic Committee.

This entry was posted on Tuesday, March 18th, 2008 at 12:00 pm and is filed under Politics, Economy/Budget .