Max Baucus: “Last week, we learned that domestic product shrank by 3.8 percent in the fourth quarter of 2008, the largest decline in…”

“Last week, we learned that domestic product shrank by 3.8 percent in the fourth quarter of 2008, the largest decline in 26 years. . . . more jobs were lost last year than were lost in any calendar year since 1945. . . . The American Recovery and Reinvestment Act is a well-crafted response to our economic difficulties. . . . it is critical that we jumpstart job creation with a direct fiscal boost that will help to lift the nation out of this deep recession. The plan should bolster economic activity sufficiently to save or create three to four million jobs by the end of 2010. The plan you are considering is estimated to meet this standard. . . . this is not the perfect solution. By definition, it is not. All 535 Members of Congress have a different idea on how to do it, but this is a good solution. The alternative is much worse. If this legislation is not passed, more jobs, millions more, will be lost. Congress is going--the economy is going to be closer to the Great Depression of the 1930s. For that basic reason, let's get this legislation passed at the appropriate time.”