Madam Speaker, I would like to discuss one of the most critical issues facing American families – the state of our national economy.  This Congress understands the struggles facing millions of people, and we have been taking steps to provide assistance to those in need.

Just last week we heard the troubling news that our unemployment rate jumped from 5 percent in April to 5.5 pecent in May.  In Rhode Island, the problem is even worse, with an unemployment rate of 6.1 percent  I strongly support an extension of unemployment insurance to those who have exhausted their benefits, and I am disappointed that Republicans blocked its passage in the House earlier today. 

Unfortunately, our economic woes are not limited to high unemployment.  As health care costs and food prices rise, families find themselves forced to decide between buying groceries and medicine – a choice no person should ever have to make.  Compounding the problem, skyrocketing energy costs have made it tougher for people to fill their tanks, while affordable housing has become increasingly rare. 

We know what Americans are facing and we’re taking steps to help.  One important priority for me is to address the housing crisis.  Homeownership has become an unreachable dream for many Rhode Islanders, who face typical monthly housing payments upwards of $2,200.  The situation for renters is not much better, as the average two-bedroom apartment rents for nearly $1,200 a month.  Meanwhile, our state’s foreclosure rate has risen 20 percent in the last few months. 

I have worked to help Rhode Islanders facing foreclosure, but we need to do more at the national level.  I have been proud to support Chairman Frank’s efforts to pass comprehensive housing legislation, which would significantly increase the availability of affordable housing nationwide and help those facing foreclosure keep their homes.  I’m hopeful the Senate will act soon and that we can bring swift relief to Americans. 

Our constituents also face skyrocketing energy costs, which are eating up an ever larger portion of disposable income.  The average U.S. household spends approximately $1,000 more per year on gasoline than it did five years ago.  Meanwhile, oil and gas companies are reaping record profits while doing nothing to lower prices for consumers.

I have strongly advocated a comprehensive energy plan to lower the costs, create jobs and improve our environment.  As a short-term strategy, this Congress has suspended shipments to the Strategic Petroleum Reserve to provide more oil to the market, cracked down on price fixing among energy companies and passed legislation to repeal massive tax breaks for oil and gas companies. 

In the longer term, we must invest in conservation and domestic production of clean and renewable fuels.  This will reduce our reliance on foreign energy sources while creating new jobs in the green energy sector.  Unfortunately, the President’s stubborn opposition to common-sense initiatives has blocked any real progress.  I will keep fighting to move our nation toward a more responsible energy policy. 

Finally, I am concerned about the state of our nation’s health care system. Approximately 47 million Americans lack health insurance, while the rest watch coverage costs continue their steep climb.  That is why I introduced the American Health Benefits Program (AHBP) Act, which will provide every American with access to the same quality, affordable coverage as members of Congress.  My bipartisan proposal offers a practical model to begin reining in costs, improving quality and delivering the level of health care this country deserves.

American prosperity depends on individual economic security.  Only when Americans no longer have to choose between groceries, gas and health care will our economy truly flourish.
 
I am committed to improving the economic outlook for the millions who are struggling, and I will continue working with my colleagues in Congress on this vital and urgent goal.

Thank you Madam Speaker, I yield back.