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Gov. Schwarzenegger Congratulates Congress For $700 Billion Rescue Plan

Governor Schwarzenegger was KVML radio´s Tuesday morning newsmaker. Here are his words:

“Hi, this is Governor Arnold Schwarzenegger with another California Report.

Americans have been hit with a lot of tough economic news recently but we got a big boost this week when Congress approved the $700 billion rescue plan.

A similar plan was defeated earlier but it was explained to the people as a bailout of Wall Street, when really it was about helping ordinary Americans.

Once that message was understood, the plan made it through both houses of Congress and President Bush quickly signed it into law.

This plan was always designed to help people like the restaurant owner that I met who had trouble getting a loan to meet his payroll

Or the small business owner who could not borrow funds to replace old equipment or keep up with inventory.

Or parents who needed to borrow money for their children´s college education.

This rescue plan affects ordinary, everyday people on Main Street, not Wall Street and that´s why it was absolutely essential that it got approved.

But as welcome as this news was, California is still not out of the woods.

Even in good years, we always take out short-term loans for routine cash flow

Other states and local governments do the same thing but with the credit markets freezing up, financing has been hard to come by.

In California´s case, if those routine cash flow loans were not available, important state services would be jeopardized

The legislation the President signed will unfreeze the credit markets but no one can say how quickly.

That´s why I sent U.S. Treasury Secretary Henry Paulson a letter this week that California might need to ask the federal government for a short-term loan.

I have also called for a meeting next week with our state legislative leaders to make sure we are all on the same page about how we move California forward in these difficult times.

I want to congratulate Democrats and Republicans in Congress for working together to do what´s best for America and I look forward to seeing more of that kind of cooperation in the future

Thank you for listening.”

The Newsmaker of the Day can be heard each weekday morning at 6:47, 7:47 and 8:47 on AM-1450 KVML.

Written by Mark Truppner