WASHINGTON – House Speaker Nancy Pelosi on Wednesday praised the Federal Reserve's decision to cut a key interest rate by a half percentage point but said more must be done to bring relief to Americans affected by the worsening economy.
"Last month, the House passed an economic recovery and stimulus package that creates jobs by rebuilding our roads, bridges and highways, prevents cuts to health care coverage resulting from state budget crises, extends unemployment benefits and helps families afford rising food costs," Pelosi said in a written statement.
"While Senate Republicans blocked our plan, the growing evidence of the spreading harm of the current economic crisis on Americans should persuade the president and those members of Congress who have opposed our efforts of the need for immediate, bipartisan action," she continued.
Pelosi said Congress may need to go back into session to pass a stimulus package worth about $150 billion.
Pelosi, who was in Denver Wednesday to tour a hospital, said Bush recently vetoed a $60 billion package, but because the economy is weakening, a $150 billion package is probably needed now.
The Associated Press contributed to this report.