Had the Republicans taken control of Congress in 2008, the country would have sunk into a depression, House Speaker Nancy Pelosi (D-Calif.), told CNBC Thursday.
“If we had not won re-election and intervened, we would be in a depression,” said Pelosi.
She cited tax cutsfor the wealthy, two wars and a prescription drug bill that “gave away the store to the pharmaceutical industry,” under George W. Bush, as partially to blame for the current state of the economy.
Under Democratic leadership of both houses of Congress, Pelosi believes the country is heading in the right direction.