WASHINGTON (AP) - The House on Monday defeated a $700 billion emergency rescue package, ignoring urgent pleas from President Bush and bipartisan congressional leaders to quickly bail out the staggeringMore >>
Alabama U.S. Representatives vote on $700 billion bailout bill
Jo Bonner (R) - Yea
Terry Everett (R)- Yea
Mike Rogers (R) - Yea
Robert Aderholt (R) - Nea
Bud Cramer (D) - Yea
Spencer Bachus (R) - Yea
Artur Davis (D) - Yea
Statement from Congressman Terry Everett:
"I hate that our country is in this situation. My distaste for the greedy people who put us in this crisis is beyond words. But, we are a nation of credit and that credit will collapse if nothing is done. People buy homes, automobiles and most things in our economy on credit. Many even buy next week's groceries by using a credit card. Agriculture is Alabama's largest industry and farmers could be unable to secure credit to plant next year's crops.
"The compromise is also much better than the original bill. Slush funds have been eliminated, oversight to protect the taxpayer is included, total taxpayer investment may be closer to $350 billion rather than $700 billion, and the program sunsets in two years. This federal intervention into our free enterprise system runs against every conservative grain in my body, but I will reluctantly support this compromise measure."
Statement from Congressman Artur Davis:
"I voted for the financial recovery package today for one primary reason: my concern that the credit markets and capital markets could be devastated if we did nothing. Like five of my colleagues in the Alabama delegation, I worried that the effect of such a collapse could cost Alabamians jobs, could threaten businesses all over the state, and could jeopardize the pension funds of numerous workers.
"Like all other Americans, I am troubled by the astonishing drop in the stock market in the aftermath of the bill's failure. I fear that the outcome of the vote today was a huge gamble with our economy. We are now reduced to hoping for the best as we navigate these very difficult challenges."
Statement from Congressman Mike Rogers:
"I made a vote of conscience today to help protect East Alabama's Main Street - our jobs, our home values, and our economy. It was an imperfect bill, but I believed it was the right thing to do despite my serious reservations about it. I can only hope my concerns about serious economic peril will be proven wrong, and hope Congress will soon return to work to create another bipartisan solution to address our economic challenges.
"Such a bill should work in tandem with the separate economic stimulus legislation I supported this week, which would provide important economic benefits for everyday Americans like an extension of unemployment insurance and additional funding for Medicaid."