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Governor Schwarzenegger Calls For Another Economic Stimulus Package

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

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

Washington has taken some good steps recently to help stimulate our struggling economy and bolster our financial system.

But it´s clear that much more needs to be done.

The credit markets have not returned to normal and we still are seeing record home foreclosures and unemployment continues to rise.

That´s why last week I sent a letter to the leaders in Congress repeating my very strong support for a second economic stimulus package.

I have been encouraged to hear that both President Bush and Federal Reserve Chairman Bernanke have indicated their support for such a package and Congress should move as quickly as possible.

As I said in my letter, a new stimulus package must include aid to the states through a temporary increase in the federal Medicaid matching rate and direct grants.

I have also urged another extension of unemployment benefits.

Economists and other experts agree this type of targeted and temporary federal spending will give us the most bang for the buck in stimulating the economy and protecting the people during this downturn.

I have also urged the federal government to follow California´s lead and boost infrastructure investment.

This will create desperately needed jobs and provide a foundation for future economic growth.

We must also take whatever steps we can to avoid foreclosures and help people stay in their homes.

Families and our economy would benefit tremendously from widespread loan modifications.

Some of the financial rescue plan President Bush signed three weeks ago should be used for this and I am working with our state legislative leaders in California to see what else we can do right here at home.

29 governors joined me last month in asking Congress for a second stimulus package and I look forward to working with California´s Congressional delegation to get this done as quickly as possible.

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