Arlen Specter: “I begin with the enormously serious economic problems facing the United States: an unemployment rate which is rising…”

“I begin with the enormously serious economic problems facing the United States: an unemployment rate which is rising, 4,100,000 jobs lost last year, thousands of people losing their jobs every day; recognizing the very heavy psychological factor which is at work, cited for the destruction of consumer confidence; and the eyes and the ears of the world are on the United States, on the U.S. Government, and on the Senate tonight to see whether we will be able to respond to the magnitude of the problem. The psychological impact, if we were to reject some activist approach, I think would be devastating, not only on Wall Street and on Main Street but all across the face of the globe. Based on the telephone calls which I have gotten in my office, this is a very unpopular vote. Perhaps the tide will turn. But the calls are mounting from one end of the political spectrum saying there are too many expenditures, and the calls are mounting on the other end of the political spectrum saying there is not enough money being spent on the proposal which we are advancing tonight.”