Jay Rockefeller: “I rise today with my esteemed colleagues--Senator Olympia Snowe of Maine and Senator Edward Kennedy of Massachusetts--to…”

“I rise today with my esteemed colleagues--Senator Olympia Snowe of Maine and Senator Edward Kennedy of Massachusetts--to introduce a timely and vital piece of legislation, the Economic Recovery in Health Care Act of 2008. This bill will preserve access to health care for our most vulnerable citizens during this time of economic uncertainty. Earlier this week, Federal Reserve Chairman Ben Bernanke confirmed what we have all long-suspected--that the U.S. economy could be headed for a protracted recession. The tell-tale warning signs of recession have been visible in the states for at least a full quarter now. According to the National Governors Association, the recent economic downturn has left 18 States with budget shortfalls totaling $14 million in 2008, and 21 States project shortfalls totaling more than $32 million in 2009. If the current downturn follows the path of most recessions, between 35 and 40 States will face severe budget shortfalls in 2009. As a former Governor, who survived the tough times of the 1980s, I can attest to the enormous budget pressures States face when the economy slows.”