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McKeon Issues Statement On Bailout's Latest Obstacle

Our congressman voted for the failed bill.

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Rep. Howard P. “Buck” McKeon today made the following statement regarding the failure by the House to pass the bipartisan Emergency Economic Stabilization Act of 2008, a measure to help the troubled financial markets recover and prevent further destabilization in the economic system.

“On Friday, I joined my House Republican colleagues in calling for fundamental reforms to the economic rescue proposal.  While we were able to secure critical changes, including the creation of a Wall Street-funded insurance policy rather than simply a taxpayer-funded purchase plan, it was not enough to garner the support of the entire Republican caucus.

“I supported the revised plan because I believe America is facing an unprecedented set of circumstances in which the credit market has essentially frozen and the entire financial system has weakened to a point that decisive Congressional action is necessary.  My primary concern is the everyday American and the small business owners trying to get credit.  While I understand how difficult today’s vote was for the House, I have serious concerns about what today’s failure to pass the economic rescue plan means for the financial markets.  In fact, the Dow Jones Industrial Average plummeted to a loss of over 700 points, the greatest loss in history.  This is a clear indication of how sensitive the market is to congressional action and why the economic rescue plan is vital to protect taxpayers.

“There is a core, wide-scale misunderstanding about the significance of the economic rescue plan and how gravely inaction on our current situation affects individual Americans.  Our economy runs on credit and confidence and if we destroy those, everyone’s jobs, homes, and retirement savings are put in jeopardy.”