North Platte Telegraph - Fortenberry, Smith, 225 Other House Members Say 'No' to Bailout Plan

News Article

North Platte Telegraph - Fortenberry, Smith, 225 Other House Members Say 'No' to Bailout Plan

Reps. Jeff Fortenberry and Adrian Smith voted against the Emergency Economic Stabilization Act of 2008 -- the $700 billion federal financial rescue plan.

The initial House vote was 227 against and 207 in favor, but leaders held the vote open a while longer to allow time for members to change their minds. Two members then decided to switch their votes to "nay."

Smith said he would stay in Washington and work with colleagues on both sides of the aisle to find a solution.

"However, nationalizing every bad mortgage in America - in what some have called the largest corporate bailout in American history - is not the answer," he said.

The final vote was 228-205.

Fortenberry said the government is "falling into the trap of sequential decision-making."

"Adopting this construct shuts the door on alternatives that may be less costly, easier to implement - and may provide a way through this crisis," he said. "The choice between action and inaction today is a false one."

"The government exists to protect consumers, to set boundaries around the marketplace," Smith said. "It does not exist to ensure businesses succeed, nor to actively participate in our markets. Hundreds and hundreds of Nebraskans have contacted my office opposed to this bill, and I agree with them."

"Nebraskans and most other Americans have made responsible financial decisions," Fortenberry said. "Now we are forcing them to foot the bill for the financial industrialists of Wall Street who created this problem for Main Street. And perhaps we have not addressed the underlying fundamental problems."

One hundred-forty Democrats and 65 Republicans voted "Aye".

Ninety-five Democrats and 133 Republicans voted "Nay", according to C-SPAN television.

Source