A day following failure by the U.S. House of Representatives to pass an economic recovery bill, Senator Collins has released the following statement on ongoing negotiations:
“Our nation is facing a dire economic crisis. I am disappointed that a day following the U.S. House’s failure to pass legislation to address this issue, an agreement has yet to be reached on compromise legislation that will pass the House.
“While the Administration’s earlier proposal was flawed, the compromise agreement that failed to pass yesterday included principles for which I have pushed, including strong protections for taxpayers, curbs on excessive executive compensation, and tough oversight and accountability.
“I support legislation to help put our nation on a path to economic recovery. The implications of our current crisis go far beyond Wall Street and are now causing concern among seniors who are worried about their pensions, as well as homebuyers, car dealers, and small businesses that are finding credit increasingly difficult and expensive to obtain.
“I have discussed this matter with Senate leaders who are in Washington exploring various options for how to proceed. And it is my hope that an agreement will soon be reached on legislation that will pass Congress and be quickly signed by the President. Congress must stay in Washington until this happens.”