Monday, September 29, 2008

Bailout Defeated In US House; Senate Contenders Steve Pearce And Tom Udall Vote No; Heather Wilson Votes Yes 

Democrat Tom Udall Joined Republican Steve Pearce in voting against the $700 billion bailout plan that was defeated by the US House today.

Pearce said: 

New Mexico taxpayers were not protected under this legislation. I strongly disapprove of putting taxpayers on the hook in order to bailout the Wall Street firms that got us in to this crisis. Those who made risky decisions should own up to them. We still need solutions. This bill was not our only option. We now need to rewrite the bill to incorporate real taxpayer protections...

Udall released this statement:

I believe we must take action to protect middle class families and to make our economy produce jobs again. But I cannot vote for a Wall Street bailout that does not solve the underlying problems with our economy. I will continue working with my colleagues to reform America's financial markets, so Wall Street is not allowed to make the same mistakes over and over again.

Pearce had earlier voiced his opposition. Udall had earlier said he was supportive of a bailout package if it had significant changes.

Wilson said:

I felt it was important for Congress to act to stabilize our financial markets. Today’s bill was a “work out” not a “bail out” and had protections for taxpayers and homeowners. The bill would have given needed liquidity to the financial industry and let taxpayers share in the profits as mortgage markets recover.

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