Pete Sessions: “I thought it was a good idea when he first brought it up. It would have pleased me if that had been included at the time…”

“I thought it was a good idea when he first brought it up. It would have pleased me if that had been included at the time President Bush sent out those checks a year ago that had no real permanent benefit, and I thought it should have been included then. I was very much supportive of it when he brought it forward later, last week, and I thought we had adopted it. But it looks like it is going to be taken out or so reduced it will not have the same effect. The advantage of that was it would target the real problem we have; which is the housing supply that is growing. The growing supply of unoccupied housing causes the price of everyone's home to decline. We know it had to decline some because we had a bubble in housing. But there is a danger when home prices fall below what the real market value is. When they fall too low, it does begin to have serious ramifications in the economy.”