Villaraigosa chastises Congress on financial crisis

Shortly after the House of Representatives voted down the $700 billion Wall Street recovery plan and stock values tumbled, Mayor Antonio Villaraigosa issued his own challenge to Congress: Get back to work.

"As mayor of one of the cities hardest hit by our nation's foreclosure crisis, I implore our Congress to put politics aside and get back to work for the American people. This is not the time for partisan bickering. Too much is at stake. Too many families and employers are at risk," Villaraigosa said.

The mayor warned that if the credit market collapses and the economy worsens, Los Angeles would see tax revenue plummet, construction projects stop and taxpayer contributions to city-employee pensions would go through the roof.

"This crisis is no longer about Wall Street or Washington politics," Villaraigosa continued. "It's about families and small businesses in small towns and big cities across the nation. It's time for Congress to get back to work."