Following is the text of Congressman Perriello’s first floor speech on the economic crisis as prepared:

“I rise today to support an economic recovery based on investing in America's competitive advantage. Voters in Virginia’s 5th district sent me here because they recognize two things: first, we need fundamental change to revitalize this country's economy and second, there are no shortcuts to get there.

Somewhere along the way the world changed, but government responses stayed the same. The result, in my district, has been years of declining jobs and rising health care costs. These economic woes are now confronting the entire nation and we face an urgent moment, losing 500,000 jobs each month. We need a recovery package immediately.

This package must be based on investment, not just throwing money at the problem. This crisis reflects a failure of confidence and will only be solved by its restoration. You restore confidence by fixing problems, not pretending they aren't there. The distinction between stimulus and recovery means more to economists than to our actual economy.

I believe our nation's economy will recover only through a visionary strategy for rebuilding America's competitive advantage. That means real, committed investment in our workforce, investment in our infrastructure, and investment in innovation and energy independence. This investment will be the guidance that our constituents need.”

(January 14, 2009)