MONTGOMERY, AL (WSFA) - Talks are back on between the Bush administration and congressional leaders over the 700 billion dollar bailout plan. House Republicans are not happy with what is being proposed. They are demanding a different approach.
The bailout plans that are backed by the White House and some Democrats will put taxpayers on the hook for millions of dollars or the country will have to go into deficit spending. That is why the Republicans say they are against them.
Instead, House Republicans proposed that financial institutions with those bad mortgages, and other distressed securities pay the treasury to insure them. They say that is better than having the government pour money on the problem that may not go away. But, the Democrats say the House GOP alternative includes tax cuts and insurance provisions that they will not accept.
WSFA 12 News spoke to both Alabama Congressioanl District 2 candidates. Here is what they told us about the issue.
Democrat candidate, Bobby Bright said, "I am not in favor of any 750-billion dollar bailout until many more questions are answered. The American people when they invest in their small businesses out there, they don't have the federal government to bail them out if they fail. Neither should these wall street companies have that type of bail out."
Republican candidate, Jay Love said, "Obviously, something needs to be done. We all recognize that. But, I want to look at after, main street Alabama and small and midsize business owners. To make sure, whatever is done is not going benefit a few but benefit everyone."
District 3 congressional candidates expressed the same concern about taxpayers. Republican Representative Mike Rogers said, "I agree that Congress needs to act, but will not support a proposal that Congress has not yet debated in detail." Rogers' Democratic challenger, Josh Segal said corporate handouts are not the solution.
To hear more from the candidates join WSFA 12 News on October 7th at 10:00am for a special edition of Alabama Live. WSFA 12 News along with WVAS Radio, The Montgomery Advertiser, Leadership Montgomery and the Montgomery Election Center will bring you "Election 2008: A Town Hall Meeting." It will be a live newscast from from the Alabama Shakespeare Festival.