Congresswoman Says New Bill Has Minor Improvements, But is Fundamentally the Same Bill She Opposed Monday

Press Release

Rep. Shelley Moore Capito (R-WV) released the following statement today after voting once again to oppose legislation that would have put West Virginia taxpayer dollars at risk, without serious consideration of the other available options:

"While we've seen some key adjustments around the edges, this is fundamentally the same bill we considered on Monday," said Capito. "We're still talking about $700 billion dollars, and we're still talking about a process that lacks sufficient oversight and taxpayer protections for West Virginia families who pay their bills and play by the rules. It's not even clear why $700 billion was the chosen number.

"Clearly we're all concerned about ensuring the flow of credit, shoring up small businesses, preserving West Virginia jobs and protecting retirement accounts, but there were other options available that weren't even allowed to be considered. Instead of a serious look at how to reduce the cost to the taxpayer, we saw the add-on of various provisions designed to convince us to switch our votes that has actually made this bill $110 billion more expensive.

"That's not how we should be addressing this problem, and that's not how West Virginians want to see us address this issue."

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Key Facts on Bailout

Not Clear Why $700 Billion Was the Number

* Department of Treasury Officials note that the $700 billion figure was randomly selected: Forbes 9/23 - "It's not based on any particular data point," a Treasury spokeswoman told Forbes.com Tuesday. "We just wanted to choose a really large number."

Other Options Available

* The House Rules Committee yesterday rejected a plan that would have decreased the cost to West Virginia taxpayers.
* The rejected plan would have limited the outlay to $250 billion and required congressional action to release additional funds.

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