Pete Domenici: “the economy remains weak and the unemployment rate released last Friday for the month of November topped 5.7 percent.…”

“the economy remains weak and the unemployment rate released last Friday for the month of November topped 5.7 percent. This is the highest level in over 6 years, and many economists expect it to exceed 6 percent in the coming months. Recently the economy officially was put in the category of ``recession'' beginning last March by the National Bureau of Economic Research. The economy measured by its gross national product, declined at a 1.1 percent rate in the third quarter of this year. Corporate profits are down nearly 22 percent compared to last year, and consumer confidence is down 51 points in three months, the steepest drop since 1980. While there are a couple of ``not so bad'' economic factors out there, low consumer prices, low interest rates, low oil prices for consumers, and record high auto sales, these all could be temporary phenomena related to a broader weak economy and low consumer demand. For all these reasons, I believe Congress needs to act on a stimulus bill before it adjourns this first session of the 107th congress.”