White House: Job Losses Mean Congress Must Pass Wall Street Bill

The White House said this morning pressed the House of Represenatives to pass a Wall Street assistance package in light of the Bureau of Labor Statistics' September jobs report, which today showed the U.S. economy losing 159,000 jobs.

The employment numbers prove that the subprime mortage crisis has spread throughout the U.S. financial system to cause a widespread financial crisis, the White House said, pressing the House to pass the Wall Street package currently under consideration to address the crisis.

"The House of Representatives must pass the Senate financial rescue package immediately," the White House said in a press release this morning. "We are in the midst of a serious financial crisis--the financial system is clogged, and credit is not available to many families and business owners who need it."

"Problems that originated in the credit markets--and first showed up in the area of subprime mortgages--have spread throughout our financial system and are threatening Main Street.