ARTICLE TOOLS
Text Size: A
A
A
A
Tennessee: Showdown in the House
Included in this article
WASHINGTON — Rep. Zach Wamp, R-Tenn., said his likely vote today in favor of the Wall Street rescue package — a reversal after voting against it Monday — stems from his growing but painful conviction that inaction could rock the economy.
“We fought as hard as we can to make this bill better,” Rep. Wamp said. “Time is of the essence. Monday’s vote was a vote for the people that shouted out to Wall Street we’re going to hold them more accountable. (Today’s) is going to be a gut check to see if we allow the anxiety to cause some kind of market crash.”
But other Chat: tanooga-area House members who voted against the bill still require some convincing.
HOUSE VOTE
House leaders are expected to bring up the bailout package for a vote midday today but have said they will only do so if they are sure it has the votes to pass. The bill failed in the House on Monday, 228-205.
Proponents of the package need at least 12 House members to switch their “no” votes from Monday’s 228-205 defeat, which resulted in the Dow dropping a record 777 points that day. The Senate passed a revised version Wednesday night, 74-25.
Rep. Lincoln Davis, D-Tenn., the lone Democrat in the Tennessee delegation to vote against the House bill Monday, is still undecided, a spokesman said.
Rep. Nathan Deal, R-Ga., who also opposed the bill, “is reviewing the additions now to the Senate-passed edition, but he is inclined to vote against it,” said his chief of staff, Chris Riley.
The bill would allow the government to purchase up to $700 billion in impaired debt from tottering financial firms to stabilize the credit markets.
Ironically, some sweeteners the Senate added to garner more support from Republicans — a bundle of tax relief measures — may now alienate conservative Blue Dog Democrats, who insist on pay-as-you-go rules that require spending reductions to offset any tax cuts to keep the federal debt from growing.
Rep. John Tanner, D-Tenn., who supported the bill Monday, is now uncommitted, spokesman Randy Ford said.
“The Blue Dogs have been adamant on pay-as-you-go rules,” he said. “For that reason, he’s undecided on the Senate bill.”
Sen. Bob Corker, R-Tenn., one of the negotiators on the package, spent much of Thursday on the phone with House members, urging them to support the bill. Despite his efforts, he said the vote likely will be tight.
He called it a “career-defining vote” and said that, even though constituents have flooded lawmakers’ phone lines and e-mail in-boxes protesting the bailout, the bill includes significant taxpayer protections and may even result in profits for the government, which would then be used to pay down the federal debt.
“If they do it in a prudent manner, there’s no way taxpayers won’t get all of their money back, but it’s going to take time for people to see that,” Sen. Corker said. “Hopefully, people will see that those of us who voted for it did it because we felt it was the right thing to do for our country.”
Rep. Wamp, who called the vote the toughest of his 14-year career in Congress, said he discussed the bill with presidential candidate Sen. John McCain, R-Ariz., who voted for the bill.
“If some people don’t change their position, next week could be one of the worst economic weeks our country has seen in decades,” Rep. Wamp said. “That’s the fear I have if some of us don’t have the courage to step up on this.”
Share This...
These icons link to social bookmarking sites where readers can share and discover new web pages.
del.icio.us
digg
Furl
YahooMyWeb
co.mments
Ma.gnolia
blogmarks
BlinkList
NewsVine
scuttle
Fark
This document may not be reprinted without the express written permission of Chattanooga Publishing Company, Inc.
Comments
Open letter and questions to Sen Corker:
Do you actually think we [the American voters] believe anything Congress says? Why do you think your [plural] approval rating is below 10 percent? You evidently take us for complete idiots.
Get our money back? That is rich! Since when has Congress let us get anything back? Social Security is a prime example of that one...Congress will spend the payback money on anything...like a "Bridge to Nowhere".
Profits from this bailout will pay down the "loan"? What profits? [Got a chuckle out of that one.] Anything like "profits" will go to pay "Miscellaneous Expenses" or something like an executive's "bonus" or a golden parachute.
I am rather sorry I voted for you, Bob. But then I voted for Bush, too...twice. If Gov Palin hadn't joined the team, I wouldn't be voting for McAmnesty, either.
2 of 2 people found this comment useful.
The very idea that Senator Corker thinks the people do not understand. He insults his constituents and yet it is Congress that has the low approval rating for some terrible decision making. In fact, it is Congress that is in part responsible for this situation. Congress, Fannie and Freddie, Groups like ACORN, all have been part of legislation from Congress that led to subprime mortgages and risky lending. Wall Street and the Chamber of Commerce gave Senator Corker his orders and he complied. The voices of the American people were ignored. So, Secretary Paulson gives Congress 4 hours before he goes public with the sky is falling news, scares the public into removing money from banks and financial institutions, and then he wants control of 850 billion dollars. Makes you wonder who needs the situation explained. A band aid of billions of our tax dollars into a market of fear and the looming prospect of recession/depression. People will not be in the mood to help restart the economy. They have been burned and lied to by Congress, Wall Street, Banks, and they will guard their dollars more. Paulson should have never put fear out into the public, Senator Corker and Congressman Wamp should have never said that people could not get credit, and now they will have to deal with their words. The American people have it right, and time will tell.
0 of 0 people found this comment useful.
Post a comment
Commenting requires registration.