Review-Journal - "Porter Skeptical About Bailout Plan"

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Review-Journal - "Porter Skeptical About Bailout Plan"

Nevada lawmakers are proving to be a tough sell for the Bush administration as it tries to persuade Congress to pass a $700 billion financial bailout plan.

Like many in the rank-and-file, Nevada's representatives were balking Tuesday over the rescue plan the administration wants passed by the end of this week.

Even several Republicans said the administration has lost credibility in responding to the financial crisis, which was rooted in the subprime mortgage meltdown but has spread into a global calamity.

"I think the administration should have known" of the fragile state of financial houses whose portfolios were filled with risky investments, said Rep. Jon Porter, R-Nev.

Porter was reluctant to discuss specifics of the Bush plan for the government to buy bad loans and clear them off the books of struggling institutions. He said he thought that Congress will end up voting on something different after talks.

"I think we are going to see multiple solutions," he said. "What is key is that we take decisive action. I am not opposed to doing what we can to help out, but I am not convinced that (a $700 billion cost) is an accurate number."

In Las Vegas, state Sen. Dina Titus, Porter's Democratic opponent in his re-election bid, said the bailout plan is too broad. "We need to have more checks and balances in there," she said.

Titus said if she were in Congress, she would not support the package unless it included limits on CEO salaries, transparency provisions for the financial institutions involved and some way of ensuring that help goes to regular people who are suffering.

"We have to act fast; we can't wait six months," she said. "But I think we can take six days" to make sure it's done right.

Porter said he supports limiting CEO salaries as part of any rescue and relief for families in foreclosure.

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