February 11, 2008

Washington, DC—Nevada Senator Harry Reid made the following statement today in response to President Bush's economic report released today:

"I am pleased that Democrats and Republicans have worked together to reach agreement on a short-term economic stimulus bill. Economists believe that this legislation will make a real difference in mitigating our current downturn. However, it is far from a panacea, and much more should be done to address our economy's longer-term problems.

"The President's report today argues that the economy retains a solid foundation, but it fails to adequately reflect pressures on middle-class families that have been mounting for many years. The middle class is facing declining incomes, coupled with rising prices for everything from health care to gasoline to college tuition. It now takes two incomes for most families to make ends meet, and many are just a lost paycheck away from financial disaster.

"It is long past time for Washington to make it a priority to strengthen the middle class. President Bush seems unable to understand this, but our next President must."