DeGette: Congress can’t let bailout plan fail
9/30/2008 - 12:03pm
Congresswoman Diana DeGette said this morning that elected leaders must make the case for how the financial crisis could hurt average Americans in order to pass a Wall Street bailout package that she says is too important to fail.
If Congress fails to pass some type of boost for Wall Street – a plan for the federal government to use $700 billion to buy up bad debt failed dramatically on Monday – regular Americans could see home, car and student loans disappear, jobs vanish and their credit card limits reduced, DeGette said. American stock markets plummeted on the news Monday.
“I’m not sure politicians have adequately explained the seriousness of the issue and the consequences for average Americans,” she said.
DeGette, a Democrat from Denver, is the House’s chief deputy whip, and she said she spent much of Monday trying to round up votes for the measure, which had the support from leaders in both parties but failed as rank-and-file Democrats and especially Republicans turned against it.
DeGette said she understands how many representatives felt pressure from their constituents to vote against the plan. She said her office before Monday was flooded with calls from people urging her to vote no. But she said representatives should think about what is best for the nation.
“A lot of people wanted to vote no but wanted it to pass,” she said. “And that’s not leadership.”
DeGette said after Monday’s vote, her office was again flooded with calls from people in support of the bailout.
DeGette was one of three members of Colorado’s Congressional delegation to vote for the plan, along with Rep. Tom Tancredo, a Littleton Republican, and Rep. Ed Perlmutter, a Democrat from Golden.
Rep. Mark Udall, an Eldorado Springs Democrat who is running for U.S. Senate, Rep. John Salazar, a Democrat from Manassa, Rep. Doug Lamborn, a Colorado Springs Republican, and Rep. Marilyn Musgrave, a Republican from Fort Morgan in a tight re-election campaign, voted no.
DeGette declined to comment on Udall’s and Salazar’s no votes, instead saying that she is talking with all members of Colorado’s delegation to garner support.
“We improved the plan a lot,” DeGette said of the lengthy negotiations that preceded Monday’s vote. “Do I like it? Do I like we have to do it? No. Do I think we have to do it? Yes. ... I decided on behalf of my constituents and the taxpayers that the risk of doing nothing was too great.”
Congress is in a short break for the Jewish holidays today and tomorrow, but DeGette said she expects leaders in Washington to go back to work and reach a compromise quickly.
“I’m sure there are a lot of people who voted no and were sorry they did that when they saw the market fall,” she said.
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We need a plan, but don't rush into a train wreck ...
This plan is a train wreck waiting to happen, and pretty much every economist agrees.
Yes, we need a plan, but not one that wastes 700B of tax payer dollars.
This plan is a waste, a few things that would improve it:
1) Buy into banks; if it's good enough for Buffet, it's good enough for taxpayers. Buffet didn't go in and buy Goldman Sachs toxic debt; be gave them liquidity by getting a piece of their company. Tax payers deserve the same.
2) Eliminate the root of the problem, include a provision that breaks up and sells off Fannie and Freddie.
I know, Dems love the first and hate the second; Reps hate the first and love the second. It's called compromise ... and it's a good compromise. It fixes the problem now (in a responsible way to tax payers) and stops it from happening again.
Ms. DeGette: Congress can’t let bailout plan fail
Ms. DeGette: I would be interested in hearing the case that you spoke of. We should engage each other in thoughtful discussion. First, you should clearly state the position you feel would provide a solution to addresses this problem. Unfortunately, you have not contributed to this discussion. It is not helpful to "report" on events and issue warnings. It seems it is more Intellectual Capital that is needed in Washington.
Degette gets it wrong again.
gwats
I'm a lifelong Democrat and this woman is the ONLY Democrat I have ever voted against.(twice) She always finds a a way to not get it right on every single issue. This bailout is just plain wrong, but she drinks the Kool-Aid and parrots nonsense. It's a damn shame no one will be able to unseat her silly butt from her seat in Congress. Diana, you've got your retirement package and free medical until you die. Will you PLEASE RESIGN AND GO AWAY? We can find someone with a working brain to represent the Dems in your district. lady, you make me sick. You're not even a tenth of the lady you replaced.