NBC's Meredith Vieira asked Speaker of the House Nancy Pelosi if Congress was responsible for the downturn in the economy.

Pelosi said, "The fact is, the President of the United States, it's on his watch that this economy is going in this direction. We have bad fiscal policy where the president has taken us deeply into debt in terms of our budget. We have had a focus on giving tax cuts to the wealthiest Americans in the country. But the very idea that the Republicans would say, but for offshore drilling, our economy would be great, it's really a hoax. It's really a hoax on the American people. First of all, it will not bring down the price of the pump for 10 years and only two cents at that. Second of all, the jobs numbers, the fragility of our financial institutions, the down turn in the capital markets, all these things, the energy prices, all these things contributing to that and these are the economic policies of the Bush administration which have failed and we have to take the country in a new direction.

This video is from NBC's Today Show, broadcast July 28, 2008.

Download video