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US's Pelosi: U.S. Won't Abandon Greece;No Specific Guarantees

By John Shaw

WASHINGTON (MNI) - House Speaker Nancy Pelosi extended warm greetings and broad support to Greek Prime Minister George Papandreou Tuesday, but did not specify how the U.S. might help Greece.

At a photo opportunity outside of her office in the Capitol, Pelosi praised Panandreou for his "courage" in navigating Greece through the current economic crisis.

Greece, she said, "will not be left alone" as it works through the current economic crisis. The Speaker did expand on how the U.S. would help Greece deal with its current economic struggles.

Papandreou made only a glancing reference to this nation's current economic struggles, saying his government is "transforming" the Greek economy.

In the brief, largely ceremonial encounter, there was no mention of an issue that Greek officials are discussing in Washington: taking steps to reign in speculators.

"We need clear rules on shorts, naked shorts, and credit default swaps," Papandreou said Monday at a speech at the Brookings Institution.

Speaking earlier in the day at a briefing, House Majority Leader Steny Hoyer said that congressional Democrats hope to craft and pass a final health care bill soon.

"We want to get this done as quickly as possible," Hoyer said.

"We want to pass the bill," he added.

He declined to say that Congress would pass a health care bill before President Obama leaves for Asia on March 18. Other Democrats have called March 26 an important deadline for health care reform--just before Congress begins a two week Easter recess.

Hoyer said that the "principal" focus for Democrats is job creation measures, adding that steps to control deficits is the other top tier objective.

"Jobs and fiscal balance," are the key elements of the Democratic agenda, Hoyer said.

The House Majority said he hopes the Senate will pass this week a $17.5 billion package that was modified last week by the House. The bill includes payroll tax credits, a small business expensing provision, bond financing for state and local infrastructure projects, and an extension of surface transportation projects.

He also said that he hopes the Senate can complete work on a $140 billion package of measures that include the extension of a host of expired tax provisions, farm disaster assistance, an extension of unemployment insurance benefits, and a renewal of COBRA subsides for laid off workers.

** Market News International Washington Bureau: (202) 371-2121 **