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Newark Advocate - Most Ohio Lawmakers Oppose Bailout Bill

News Article

Date: Sept. 29, 2008
Location: Washington, DC
Issues: Government Budget and Spending


Newark Advocate - Most Ohio Lawmakers Oppose Bailout Bill

Most Ohio lawmakers voted against the $700 billion emergency rescue plan for Wall Street that failed Monday to win approval in the U.S. House.

The stunning 228-205 vote against the bill, which included opposition from both Democrats and Republicans, sent stock prices sharply lower, and the Dow Jones industrial average finished the day down nearly 778 points.

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Rep. Jean Schmidt, a Republican from Miami Township, said she voted against the bill because taxpayers need a better deal in which "every penny of their investment" is returned. Also, she said, the bill would have done nothing to prevent the underlying problems "that caused this mess."

"If you have a flat tire, you can't just fill it with air, you have to fix the hole first," Schmdit said.

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