Senate Majority Leader Harry Reid, Nevada Democrat, and House Speaker Nancy Pelosi, California Democrat, are meeting with President Bush this afternoon to talk about the faltering economy.

Last night, they sent Bush a letter outlining what they hoped to see happen to fix the situation, including some sort of remedy to the rash of home foreclosures and an expansion of unemployment insurance. The full text of the letter is below:

Dear Mr. President:

We are writing in anticipation of tomorrow's meeting of the bicameral, bipartisan congressional leadership with you and other Administration leaders. There can be little doubt that the current economic slowdown combined with the rising costs of everything from gas to health care are putting tremendous pressure on America's working families. Last week's disturbing unemployment numbers and Chairman Bernanke's recession warning are further evidence of the need for swift and decisive bipartisan action.

While your Administration actively supported the Federal Reserve's swift responses to address Wall Street's problems during the ongoing economic crisis, millions of families across America continue to face the prospect of losing their homes and their jobs. We believe that Congress and your Administration must now turn their attention to Main Street and help families in crisis. We can do this by developing a financially prudent package of housing policy reforms that can avert a wider foreclosure crisis, expanding unemployment insurance at a time of significant job losses, helping ensure that critical government services are available for struggling families, and making investments in infrastructure and alternative energy to serve our national interests and create good paying jobs. We can do this by once again making American veterans a part of an American economic recovery, with a guaranteed college education.

We hope tomorrow's meeting will launch a bipartisan process to address the short-term housing crisis and bring relief to families struggling to make ends meet, including creating high-paying jobs here at home.

Thank you, Mr. President, for scheduling this meeting at such a critical time for our economy and the American people. We look forward to working with you.

Respectfully,

Speaker Nancy Pelosi
Senate Majority Leader Harry Reid

— Carrie Sheffield, Web editor, The Washington Times