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Salazar: ‘The bill before the House today was not acceptable to me’
One of the $700 billion bailout package’s opponents, Congressman John Salazar, D-Colo., sent out this statement about his “nay” vote and the Congress’ rejection of the bill:
“Our economic situation is serious. The greed and ‘anything goes’ attitude exhibited by both Wall Street and Washington regulators have led us to a point where action by Congress is necessary.
“The Bush Administration came to Congress with a $700 billion taxpayer bailout plan that not only failed to protect the American taxpayer, but also demanded complete discretion on any actions taken by the Treasury Secretary. It further demanded that those actions would not be reviewable by Congress or the Courts. This proposal was quickly discarded, as it should have been.
“Congress next began negotiations with the Administration to determine if a bill could be developed that provided a boost of confidence to the markets without exposing the American taxpayer to billions of dollars of losses. Some progress and improvements were achieved over the original Bush Administration proposal.
“Unfortunately, the bill before the House today was not acceptable to me. Rather than including a mandatory way to repay the taxpayer, the bill provides only discretionary authority to a future Treasury Secretary. The bill is also deficient in that it provides no relief to homeowners who desperately want to remain in their homes but need direct assistance.
“Congress must act, but it must not rush to judgment as it has in this case. Rather than adopting this bill, Congress should remain in Washington as long as it takes to craft legislation that restores confidence in the markets and helps Main Street, but doesn’t leave the American taxpayer holding the bag for the excesses of an out-of-control Wall Street.”
* * *
Salazar always had reservations about the president’s preferred bailout package, as we detailed in a story Political Notebook broke nearly a week ago. It seems he made good on his promised opposition.
*Salazar photo shot by Political Notebook.
Comments
By jones
September 29, 2008 4:44 PM | Link to this
The media has been in error calling this a wall street bailout.
It should be called a national economic crisis, because that is exactly what it is.
Look around in your own area, & wake up, the economy is in trouble.
Don’t make Cantor take the heat. Make the blue dogs vote for the accord.
By rockman
September 29, 2008 6:48 PM | Link to this
Dear Congressman Salazar
Your vote cost me a ton of money today.
Kiss your sorry a— goodbye.
By it's only a matter of time
September 29, 2008 10:39 PM | Link to this
It’s only a matter of time before this credit crisis is going to personally touch your life. Maybe then, the people who voted against it will wish they would have only had a back bone to do what was best for the country….even though it may not currently be the “popular vote”.