Sali: President's speech did not answer key questions

Sali: President's speech did not answer key questions

(Eds: Congressman Sali is scheduled to appear on the "Money for Breakfast" program on the Fox Business Network on Thursday morning.)

WASHINGTON, D.C. -- Congressman Bill Sali released this statement after President Bush’s speech to the nation on the current financial crisis:

"Over the past eight years President Bush has succeeded in enacting substantial tax reduction policies that have helped generate tremendous economic growth. While there have been naysayers, our experience has proven him correct. Unfortunately, this time, the naysayers are not his political opponents, but a nearly unanimous American public. Their essential question is legitimate: If the 'troubled investments' are not good for the markets, how can they be good for taxpayers? I don't believe the President said anything tonight that addressed that fundamental question.

"To complicate matters, Congress is deeply divided on what to do and perhaps even whether anything even needs to be done. Every member of Congress has received the full spectrum of opinion from banks, CEO's and other experts. The President said nothing tonight that was different from - or any more persuasive than - what Secretary Paulson and Chairman Bernanke have been saying for the last week. The President's speech may have the unintended effect of actually further dividing Congress.

"What is now fairly the President's plan would give unprecedented reach to the reach of the federal government into the private sector. It would cost the taxpayers untold hundreds of billions of dollars. As has been expressed by the Treasury department the $700 billion dollar figure is more conjectural than firm.

"At a time when our national debt is well over $9 trillion, Americans are right to resist encumbering their families and companies they work for with vast new debt. In my view the President had already lost this battle for public sentiment long before he went on the air tonight.

"If Chairman Bernanke, Secretary Paulson and now the President are ultimately proven right by the collapse of our financial markets, the public will hold them all to blame for their failure to lead in a manner and in a timeframe that could have headed off that collapse. May God spare us from that tragedy. In the mean time I will continue to work with other members of Congrees to find creative, market-oriented solutions that will stabilize our financial system and encourage investor confidence."

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